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Pune, June 14, 2021 (Global News Agency) – Metal recycling market It is expected to grow from US$54.1 billion in 2019 to US$88.5 billion in 2027, with a compound annual growth rate of 8.1% from 2020 to 2027.
Metal recycling is critical to achieving the global goals of reducing greenhouse gas emissions and improving air quality in urban areas. Non-ferrous metals are essential for a low-carbon future involving electric vehicles, solar energy, and increasingly digitalization. Scrap metals can benefit by processing and melting scrap to produce these metals.
The availability and consistency of the supply of raw materials triggered more manufacturing activities, completely banning the trade of stainless steel, brass, and cast iron alloys. In addition, the production of recycled metals does help reduce emissions and promote a circular economy.
Therefore, governments are increasingly adopting measures aimed at restricting the export of scrap metal materials as part of efforts to increase recycling within the group to maintain a strong green infrastructure that relies on unimpeded access to global end markets. In addition, the increasing adoption of legislative proposals regarding waste management, complex environments and new products, and changing consumer preferences are all part of the challenge. Metal recycling market trends.
As more recycling efforts tend to focus on more easily recycled high-volume and relatively low-value metals, such as iron, aluminum, and copper, the market is expected to see significant growth in the next few years.
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The impact of COVID-19 on the metal recycling industry
The COVID-19 pandemic has had a positive impact on the revenue of the metal recycling market. On the one hand, recyclers face a variety of problems, including attracting workers to collect metal scraps, separate and recycle them during the lockdown to provide recycled products. On the other hand, the pandemic helps the metal recycling industry survive changes in supply and demand. The pandemic has prompted the world to pay more attention to sanitation and disinfection, and has accelerated metal scrap recycling programs.
Considering the rapid spread of the coronavirus, people are paying more and more attention to healthy and sustainable lifestyles, which is expected to increase opportunities in the metal recycling market. In addition, various public and private organizations from all over the world prioritize metal production, separation and recycling initiatives that are expected to promote market growth.
Industry Trends
The prospects for the metal recycling market are promising, mainly due to the rapid spread of people’s awareness of the advantages of metal scrap. In addition, the main metal recycling market trends include concerns about the consumption of rare earth metals and strict government regulations and environmental protection guidelines. Metal recycling technology is expected to provide important opportunities for market participants and the economy.
The introduction of a circular economy action plan as a priority for countries to reduce environmental problems has confirmed the revenue of the metal recycling market. With favorable government policies, emerging regions around the world provide untapped opportunities for markets and international participants. Industry participants strive to improve their capabilities through increased cost efficiency and leaner organizations supported by the new possibilities provided by digitalization.
On the other hand, the ineffective recycling process is the main market limiting factor. For example, the recycling of ferrous metals only accounts for 40% of the total output. Inefficient machinery and recycling processes are unable to extract ferrous metal scrap from the complete waste generated, affecting market growth. In addition, the volatility of steel prices poses a challenge to market growth.
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segmentation
The analysis of the metal recycling market is divided into metal types, scrap types, end users and regions. The metal market segment is subdivided into non-ferrous metals and ferrous metals. Among them, the ferrous metal part occupies a key market share, witnessing the high consumption and recycling rate of this metal.
The scrap type segment is subdivided into new scrap and old scrap. The old scrap part occupies the largest market share. The end-user market segment is segmented into automobiles, shipbuilding, construction, packaging, etc. Among them, due to the continuous increase in population, the acceleration of urbanization and the increase in government funds, the construction sector has occupied the largest market share.
Regional breakdown
The Asia-Pacific region dominates the global metal recycling market. The largest market share is attributed to the growth of the urban population that drives the development of the automotive and construction industries. The increased awareness of metal recycling and the government’s measures on infrastructure construction have affected the growth of the metal recycling market in the region.
In addition, in countries such as China, Japan, Southeast Asian countries, and India, the availability of low-cost recycling processes and increasing environmental regulations have promoted the size of the metal recycling market. The metal recycling market in the Asia-Pacific region is also expected to maintain its market position in the next few years.
In terms of metal recycling market value, North America ranks second in the global market. Factors such as advances in recycling technology and increased awareness of the benefits of the recycling process in the public and private sectors, as well as attention to the recycling process, have increased the metal recycling market share.
huge The government supports the strengthening of environmental services, mainly for the sustainable and effective use of natural resources, and measures and policies related to environmental subsidies are the main trends in the metal recycling market. The United States has a large amount of metal collection and recycling, and has the largest market share in the region.
Revenue from the European metal recycling market is growing rapidly. Regional market growth is mainly supported by EU initiatives to achieve high metal recovery rates to reduce environmental pollution, and to combine circular economy with the goal of zero pollution.
Germany has a key market share and is expected to grow faster during the forecast period. In addition, R&D programs and initiatives aimed at profitably occupying the largest share of metal recycling have driven market growth.
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competition analysis
The metal recycling market is implementing a variety of strategic approaches, such as collaboration, mergers and acquisitions, expansion, and product launches. Many major players are actively participating in metal recycling development projects. Sophisticated industry players are making strategic investments in R&D activities and developing expansion plans.
For example, recently, on June 1, 2021, KULR Technology Group announced that it had received a contract from the U.S. Department of Transportation for the transportation of lithium-ion and metal batteries for recycling.
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