Metal Recycling Market Latest Rising Trend & Forecast to 2023
APAC holds the foremost position in the global metal recycling market. In 2017, the market captured 35.6% share of the global market. The region is observing fast-track industrialization and economic growth, which is paving the way for the growth of the metal recycling market. Moreover, various policies aimed at curbing environmental pollution supports metal recycling activities. China, Indonesia, and India are the key contributors to the APAC market with China leading the pack. In 2017, China garnered a valuation of USD 45,209.7 Mn. Japan is the leading consumer of aluminum scrap.
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The trend of metal recycling is consolidating across the globe and Market Research Future (MRFR), has recently published a comprehensive report on the global metal recycling market, covering key trends and patterns that are likely to impact the growth of the market over the forecast period of 2018-2023. As per MRFR's analysis, the metal recycling market is expected to reach a valuation of USD 434,551 Mn at a CAGR of 8.04% by the end of 2023.
Metal recycling helps to significantly reduce greenhouse emissions and conserve natural resources. It involves reprocessing of used metals to convert them into usable metals. Doing so not only reduces energy consumption but also provides economic advantages as recycling involves lesser cost than procuring metals from virgin ores. The trend of metal recycling is gaining momentum due to augmenting need for energy conservation and mounting awareness regarding the advantages associated with it. Metal recycling typically involves passing used metals through the stages of sorting, melting, processing, purification, and solidification. Stainless steel, copper, zinc, l;ead, iron, and copper are among the most recycled metals.
By type, the metal recycling market has been segmented into ferrous and non-ferrous. The ferrous segment captured the largest share of 59.2% of the global market in 2017 which was equivalent to USD 164,667.4 Mn. Ferrous metal is widely used in motor and electrical appliances application due to which the segment is having burgeoning growth. The segment is also anticipated to capture a higher CAGR of 8.26% over the forecast period.
By scrap type, the metal recycling market has been segmented into old scrap and new scrap. The old scrap segment captured the largest share of 66.8% of the global market in 2017, which was equivalent to USD 185,793.5 Mn. The segment is likely to expand at a CAGR of 8.43% over the forecast period.
By end-user, the metal recycling market has been segmented into construction, shipbuilding, packaging, automotive, and others. In 2017, the construction segment accounted for the largest share of 32.4% of the global market and garnered a valuation of USD 90,037 Mn. The construction segment is expected to register a CAGR of 8.27% over the forecast period.
Europe captured the second position in the global metal recycling market with a 29% share in 2017. The UK, Germany, the Netherlands, France, and Belgium are the top importers and exporters of non-ferrous and ferrous scrap. The European Union (EU) has laid down stringent waste management policies to curb environmental pollution, which also encourage the growth of the market.
The Americas account for 19% share of the market and is anticipated to exhibit noteworthy growth in the coming years. Increasing awareness regarding the use of recycled metals across various end use industries is boosting the growth of the market.
REAL ALLOY, Tom Martin & Co. Ltd., Norton Aluminium Ltd., European Metal Recycling, Commercial Metals Company, ArcelorMittal S.A., Nucor Corporation, Sims Metal Management, Novelis Inc., Aurubis AG, DOWA HOLDINGS Co., Ltd., and Kuusakoski Recycling are the key players in the metal recycling market.
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