The Global Metal Recycling market is expected to grow from USD 54.1 billion in 2019 to around USD 88.5 billion by 2030 end. Securing an 8.1% CAGR between 2022 and 2030, MRFR anticipates the market to perform exceedingly well as industrialization and urbanization rates endure to increase in emerging countries.
The rise in the global population, connected with changes in consumer lifestyles, has resulted in progressive demand for metals, which is one of the key drivers of this market’s growth.
Metal recycling provides expressive economic and environmental benefits by recovering discarded metal. The first and most necessary reason is that metal recycling helps to protect natural resources by minimizing the necessity to harvest virgin raw materials, which helps to battle climate change. We can use lesser energy by recycling waste metal, which equals lower greenhouse gas emissions. Recycling materials is an affordable and easier source for manufacturers and producers, according to the Business Innovation Observatory. Since creating items from recycled sources is lesser energy-intensive, utilizing recycled material in the production of metal goods lowers both the cost of mining for virgin raw materials and the cost of production
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The global Metal Recycling market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The Asia- Pacific region is anticipated to generate the highest total amount of revenue for the market. The primary factor herding the need for metal recycling in the Asia- Pacific region is the growing demand for metals similar to iron, steel, and aluminum due to lightning industrialization and urbanization in developing markets like as China, India, Indonesia, Vietnam, and Malaysia.
North America will be the second largest market. The reason for its recycled technology upgrades. The boosting awareness about the recycling concept and most of the public and private sector companies targeting providing environmental services and coping with the government’s policy of sustainable environment are also steering to tremendous market growth.
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The global Metal Recycling market is segmented into;
By Metal Type
o Ferrous- Iron, Steel
o Non-Ferrous- Aluminum, Copper, Others
The word Ferrous refers to a metal that contains iron in its composition. When the expression Ferrous Metal is used, it generally means that iron makes up an expressive portion of the elemental composition. Ferrous Metals can hold chromium, nickel, manganese, molybdenum, and vanadium, as well as a variety of other alloying elements. These alloying elements give Ferrous Materials special qualities that enable them to be employed in a wide range of engineering and other applications, including tools, pipes, containers, cutlery, and bigger fabrications similar to towers.
By Scrap Type
o Old Scrap
o New Scrap
o Building & Construction
o Consumer Durables
o Industrial Machinery
The global Metal Recycling market’s major key players are Aurubis AG, Commercial Metals Company, Norton Aluminium Ltd., REAL ALLOY, ArcelorMittal S.A., DOWA HOLDINGS Co. Ltd., Kuusakoski Recycling, Sims Metal Management, Tom Martin & Co. Ltd., Nucor Corporation and European Metal Recycling, Novelis Inc.
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