Press release
How will recycled metal market size increase with rising demand from the construction sector? Sims Metal Management, Steel Dynamics, Inc, Novelis, Triple M Metal LP, Schnitzer Steel
Recycled Metal Market
Why will demands for ferrous metal outweigh non-ferrous metal demands in coming future?
Ferrous metals such as iron and steel top the list of world’s most recycled metals. Additionally, they boast of excellent properties, which enables them to find applications in several different industrial sectors such as construction, transport, electrical & electronics, industrial machinery and defense among others.
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Non-ferrous metals, on the other hand, include copper, aluminum, silver, gold and brass. Attributing to the nature of applications they fulfil; they do not witness the same quantitative demands as their counterparts, owing to which recycled ferrous metal market size will depict appreciable CAGR over 2019-2025.
How will two of the world’s most lucrative industrial sectors influence market growth?
The transportation and construction industries are classified as two of the world’s leading consumers of recycled metal market. Transportation sector utilizes both ferrous as well as non-ferrous metals with a majority of the demands coming from automotive, marine and aerospace industries where both metals are used to manufacture different components such as body panels, batteries and electronics.
Meanwhile, the construction sector predominantly uses ferrous metals in assembling architectural frameworks. Growing demands faced by these sectors due to population growth and urban migration are projected to fuel recycled metal market size.
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What does Asia Pacific’s rapid economic development mean for the recycled metal market?
The stellar economic growth of several industries in the Asia Pacific region, primarily across India and China, is expected to drive infrastructure investments and automobile sales throughout the continent, establishing it as one of the largest consumers of recycled metals globally.
Housing developed nations such as Australia, New Zealand, South Korea and Japan, the APAC recycled metal market size will register a CAGR of 4% over 2019-2025.
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Overall, since recycled metals are utilized throughout a number of high-revenue industries that are witnessing exponential growth across several regions, the global recycled metal market is slated to experience significant business growth over the coming years.
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