The Global Scrap Metal Recycling market is poised to amplify at a CAGR of 6% over 2022-2030, thereby amassing a valuation of USD 516.4 billion by end of the assessment timeline.
Global Scrap Metal Recycling Market: Overview
Metal recycling is referred to as the reprocessing of scrap metal into valuable products. The process is generally carried out to reduce greenhouse gas emission, manage energy consumption, and also to conserve natural resources.
The metal recycling is defined as the process of taking waste metal, processing it and creating a new material from it. The recycled metal can then be used to make products that includes, bar, ropes, and poles. The metals are used in various industry verticals including building and construction, packaging, automotive, industrial machinery, and also shipbuilding industry.
The rising urbanization and rising industrialization has resulted in rapid development of the economies that has boosted the demand for global metal recycling market over the forecast period.
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Key Market Trends:
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rise in urbanization and industrialization.
Also, the high acceptance of the process by manufactures in order to procure raw materials to manufacture finished goods without affecting their properties have also boosted the market growth.
Additionally, the presence of laws and regulations that are enforced by governments have also accelerated the market growth over the forecast period.
On the flip side, unorganized flow of waste metals and presence of less scrap collection zones have restricted the market growth over the forecast period.
Segmental analysis of the Market:
Based on Metal Type
The ferrous metal segment has dominated the market growth over the forecast period.
Based on Scrap Type
The new scrap segment has dominated the market growth over the forecast period.
Based on End Users
The automotive segment has dominated the market growth over the forecast period.
Asia Pacific is anticipated to amplify at a considerable CAGR
The global scrap metal recycling market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because it has the largest revenue share of the market.
Competitive Landscape:
Some of the prominent companies operating in the market are ArcelorMittal, Nucor Corporation, Commercial Metals Company, SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., OmniSource Corporation, and Schnitzer Steel Industries Inc.
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Provide market dynamic analysis, including market driving factors, market development constraints.
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Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
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