Metal Recycling Market Size, Share & Trends Report, 2030

0
1K

Metal Recycling Market Growth & Trends

The global metal recycling market size projected to reach USD 1.4 trillion by 2027 registering a CAGR of 4.9%, according to a new report by Grand View Research, Inc. Increasing emphasis on circular economy and growing environmental awareness are the major factors that are likely to propel the market growth over the coming years.

International efforts to enhance global recycling capabilities and the increasing availability of obsolete scrap is likely to promote industry growth in the long term. In terms of volume, steel is the most recycled metal than other materials. This is owing to the abundant availability of steel scrap. However, the outbreak of the COVID-19 pandemic is likely to cause a severe decline in the demand for 2020.

Furthermore, the growing consumption of metal in end-use industries is also likely to play a major role in driving market growth. For instance, steel is largely consumed in the automotive, construction, industrial manufacturing, and consumer goods industries. Aluminum recycling is also gaining significant momentum as recycling aluminum saves over 90% energy compared to its primary production.

Metal manufacturers are increasingly promoting recycling as an effective way to address the problem of resource scarcity and mitigate environmental impact associated with the production process. The industry is garnering significant pace as economically viable recovery of metals from the sorted recyclates is now feasible.

Asia Pacific is predicted to be the largest as well as the fastest-growing regional market from 2020 to 2027. Proper waste management and rapid urbanization are the major factors that are likely to trigger industry growth in APAC. The growing manufacturing sector in India, China, Vietnam, Thailand, Myanmar, and Indonesia is leading to increased production activities, thereby boosting the demand for metal recycling.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market

Metal Recycling Market Report Highlights

  • Asia Pacific captured the largest revenue share of 67% in 2019, in terms of volume, as the region is the largest producer of metals in the world
  • Steel is expected to register the fastest CAGR of 6.4%, in terms of revenue, from 2020 to 2027 owing to abundant availability of steel scrap from automobiles
  • The construction application segment led the market with a volume share of approximately 47% in 2019, owing to high spending in the construction sector in emerging economies of Asia Pacific
  • Consumer goods is expected to register the fastest CAGR from 2020 to 2027 on account of rising demand for metal products in this sector
  • Aluminum was the second-largest recycled product in 2019 owing to the high demand for aluminum for the production of lightweight vehicles

Metal Recycling Market Segmentation

Grand View Research has segmented the global metal recycling market report on the basis of product, application, and region:

Metal Recycling Product Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)

  • Steel
  • Aluminum
  • Copper
  • Others

Metal Recycling Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)

  • Construction
  • Automotive
  • Consumer Goods
  • Industrial Goods

Metal Recycling Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 - 2027)

  • North America
    • The U.S.
  • Europe
    • Germany
    • Russia
    • Turkey
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa

List of Key Players of Metal Recycling Market

  • European Metal recycling
  • CMC
  • Utah Metal Works
  • GFG Alliance
  • Norsk Hydro ASA
  • Kimmel Scrap Iron & Metal Co., Inc.
  • Schnitzer Steel Industries, Inc.
  • Novelis
  • Tata Steel
  • Sims Metal Management Limited

Browse full Report: https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market

Search
Sponsored
Categories
Read More
Other/General
Digital Rights Management Market Size, Revenue Analysis, Industry Outlook, Forecast, 2021-2032
The global digital rights management market size reached USD 3.82 Billion in 2021 and is expected...
By vandanamanturgekar 2024-11-14 08:19:12 0 680
Health
Sports Medicine Market Size, Predicting Share and Scope for 2024-2031
The sports medicine market is gearing up for a significant leap, projected to reach a...
By wilsonbhosale 2024-05-27 16:20:54 0 3K
Shopping
Yeezy Shoes
Yeezy Official WebsiteYeezy ShoesYeezy SupplyYeezy ShoesYeezy ShoesAdidas YeezyYeezy SlidesAdidas...
By monclerjacket 2024-09-14 13:50:53 0 2K