Pune, June 14, 2021 (GLOBE NEWSWIRE) — The metal recycling market is expected to grow from USD 54.1 billion in 2019 to USD 88.5 billion by 2027, at a CAGR of 8.1% from 2020 to 2027.
Metal recycling is imperative to meet global targets to reduce greenhouse gas emissions and improve air quality in urban areas. Nonferrous metals are essential for a low-carbon future involving electric vehicles, solar energy, and increased digitalization. Scrap metal can benefit by processing and melting scrap to produce those metals.
The availability and consistency in raw materials supply induce more manufacturing activity, completely prohibiting trade in stainless steel, brass and cast iron alloys. Besides, secondary metals production indeed helps reduce emission and foster the circular economy.
Therefore, governments increasingly take up initiatives aiming to restrict the export of waste metal materials as part of efforts to increase recycling within the bloc to maintain a strong green infrastructure that relies on unhampered access to end markets worldwide. Moreover, the growing adoption of legislative proposals on waste management, a complex environment and new products & changing consumer preferences are all part of the challenge of metal recycling market trends.
With increasing recycling efforts that have tended to concentrate on high-volume and relatively low-value metals that are easier to recycle, such as iron, aluminum, and copper, the market is projected to witness significant traction in the years to come.
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COVID-19 Impact on the Metal Recycling Industry
COVID-19 pandemic impacted the metal recycling market revenues positively. On one side, recyclers faced various problems, ranging from attracting workers during the lockdown to collect metal scarp, segregate and recycle them to deliver recycled products. On the other hand, the pandemic helped the metal recycling industry survive in supply and demand changes. The pandemic has prompted the world to focus more on hygiene and sanitization, accelerating metal scrap recycling initiatives.
Considering the rapid Coronavirus spread, people are becoming more concerned about a healthy and sustainable lifestyle, which is expected to increase metal recycling market opportunities. Furthermore, initiatives from various public and private organizations worldwide to prioritize the production, segregation, and recycling of metals are expected to foster market growth.
The metal recycling market outlook appears promising mainly due to the rapidly spreading awareness for the advantages of metal scarps. Moreover, key metal recycling market trends include concerns regarding depleting rare earth metals and stringent government regulations and environmental protection guidelines. Metal recycling technology is projected to offer significant opportunities for the market players and the economy.
The introduction of Circular Economy Action Plans as a priority for countries to reduce environmental concerns substantiates the metal recycling market revenue. With their favorable government policies, emerging regions worldwide present untapped opportunities for the market and international players. Industry players strive to increase their capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization.
On the other hand, ineffective recycling processes act as major market restraints. For instance, the recycling of ferrous metals comprises just 40% of the total production. Inefficient machinery and recycling processes that are incompetent to attain ferrous scrap from the complete waste generated, affect the market growth. Also, fluctuations in steel prices pose challenges to market growth.
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The metal recycling market analysis is segmented into metal type, scrap type, end-user, and regions. The metal type segment is sub-segmented into nonferrous and ferrous. Among these, the ferrous segment accounts for a key market share, witnessing the high consumption and recycling rate of this metal.
The scrap type segment is sub-segmented into new scrap and old scrap. The old scrap segment holds the largest market share. The end-user segment is sub-segmented into automotive, shipbuilding, construction, packaging, and others. Among these, the construction segment holds the largest market share due to the rising population, rapid urbanization, and increased government funding.
The Asia Pacific region dominates the global metal recycling market. The largest market share attributes to the rise in the urban population that drives the automotive and construction industry. The growing awareness of metal recycling and government initiatives for infrastructure construction influence the region’s metal recycling market growth.
Moreover, the availability of low-cost recycling processes and increasing environmental regulations in countries such as China, Japan, Southeast Asian countries, and India foster the metal recycling market size. The APAC metal recycling market is estimated to maintain its market position in the coming years as well.
North America stands second in the global market in terms of the metal recycling market value. Factors such as advances in recycling technology and increasing awareness about the benefits and focus on the recycling process among public and private sectors boost the metal recycling market share.
Immense government support to enhance environmental services aimed mainly at sustainable and efficient use of natural resources and initiatives and policies about the environmental perks are major metal recycling market trends. With its vast metal collection and recycled, the U.S. holds the largest share in the regional market.
Europe demonstrates a rapid growth in metal recycling market revenues. The regional market growth is majorly supported by the European Union initiatives to achieve a high metal recycling rate to reduce environmental pollution and combining circular economy with the zero-pollution ambition.
Germany holds the key market share and is expected to grow faster during the forecast period. Besides, R&D programs and initiatives to profitably capture the largest share of metal recycling push the market growth.
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The metal recycling market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Many major players are actively participating in metal recycling development projects. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Jun.01, 2021, KULR Technology Group announced receiving a contract from the U.S. Department of Transportation to transport lithium-ion and metal batteries for recycling.
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