Global Metal Recycling Market - Growth Drivers, Opportunities and Forecast Analysis to 2023

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Market Research Future (MRFR) experts have prepared an in-depth analysis report that the Global Metal Recycling Market is bound to touch a size worth USD 434,551 million at a healthy CAGR of 8.04% during the forecast period (2018-2023). Metal recycling involves reprocessing of metal waste into reusable metal. This process reduces greenhouse gas emission levels, preserves natural resources, and also manages energy consumption. On account of these advantages, many governments across the globe are taking measures to promote metal recycling, which triggers the market growth.

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Factors driving the market expansion include presence of scrap vehicles, growth in energy savings with reduced greenhouse gas emission levels, elevating industrialization and urbanization in developing economies, and growing consumer awareness. Moreover, the infrastructure development and construction related activities in developing economies have led to massive demand for metal recycling. Another factor positively influencing the market size is the growing demand in numerous end-use sectors such as metal fabrication, electronics, medical & healthcare equipment, and automotive which take active part in the recovery of metal from scrap. The global metal recycling market observes colossal growth due to presence of market players playing a vital role in generating high revenue for the market. Increasing number of research and development activities, partnerships, and collaborations by leading manufacturers attracts more customers.

However time-consuming nature of the metal recycling process can cause hindrance to the market growth. On the other hand, the global market for metal recycling shows immense promise as there has been an increased awareness regarding the importance of resource efficiency and waste management. This will certainly lead to more applications in several industries across the globe.

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Metal Recycling – Segmental Analysis

The metal recycling market has been segmented on the basis of metal type, scrap type, end-user, and region.

The metal type is sub-segmented into ferrous and non-ferrous. The ferrous segment held the largest market share of 59.2% in 2017, accruing value of USD 164,667.4 million. It is expected to grow at the highest CAGR of 8.26% during the forecast period. The growth can be attributed to the growing recycling rate and the high scrap consumption across the globe.

Based on scrap type, the market is segmented on the basis of old scrap and new scrap. The old scrap segment held the largest market share of 66.8% in 2017, garnering USD 185,793.5 million and will expand further noting the highest CAGR of 8.43% during the forecast period.

The various end-users in the market are packaging, construction, shipbuilding, automotive, and others. Among all end-users, construction segment held the largest market share of 32.4% in 2017, amassing revenue worth USD 90,037.0 million. It will continue to enjoy a good run at a CAGR of 8.27% during the forecast period. Increased government funding, rapid urbanization, and growing population can propel segment growth, in turn, shaping the global metal recycling market positively.

Regional Outlook

Global Metal Recycling, by region, has been segmented on the basis of Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

Among all regions, Asia Pacific currently holds the top position in terms of market size globally and will maintain its position in the coming years. The region observes rapid economic development, burgeoning population, and several policies and regulations that support environmental conservation. Moreover, increasing labor force also underpins the market growth in the region. Emerging economies such as China, India, and Indonesia contribute massively to the regional market and propel the market growth in Asia Pacific.

The region of Americas is also taking noteworthy strides in the global market due to advancements in recycling technology and growing awareness regarding recycling. Moreover, the market has expanded on account of increasing focus among private sector companies and public sectors to offer environmental services, mainly aimed at efficient and sustainable utilization of natural resources. The region also enjoys immense government support with regard to policies and initiatives regarding environment benefits of recycling metals.

Europe is expected to maintain its notable position in the global market for metal recycling during the forecast period. Europe occupies almost 29% share of the market, as countries such as Germany, the U.K, France, Belgium, and the Netherlands are major exporters and importers of ferrous and non-ferrous scrap metals.

The Middle East and Africa market is growing steadily due to the established mining industry and growing economy along with continuous industrialization. International players are penetrating the regional markets in a bid to expand their customer base and also gain access to localized markets. Furthermore, awareness regarding the benefits of metal recycling is increasing in the region, which catapults the market expansion.

Metal Recycling Market – Competitive Dashboard

Some of the key players profiled in the report are European Metal Recycling, DOWA HOLDINGS Co., Ltd., Aurubis, Sims Metal Management, ArcelorMittal S.A., Nucor Corporation, Commercial Metals Company, Novelis Inc., Norton Aluminium Ltd., Kuusakoski Recycling REAL ALLOY, Tom Martin & Co Ltd, and others.

 

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