Metal Recycling Market Size Worth USD 88.3 billion by 2026

The recycling of metal involves various stages such as shredding, Shearing, Baling, identification, and classification of waste, and further processing. The Metal Recycling market is growing due to an increasing preference for Metal Recycling over on account of environmental concerns, depleting natural reserves and increasing prices of raw metal ores, and the emergence of new technologies. Other factors favoring the growth of this market include increasing urbanization and increasing the rate of industrialization in developing countries. The government support favoring the usage of Metal Recycling worldwide has also helped to propel the growth of the Metal Recycling market. The increasingly improving quality of Recycled Metal products has also favored the growth of the Metal Recycling market also referred to as the Recycled Metals Market.

According to ResearchCMFE “The Metal Recycling market also referred to as the Recycled Metals Market is projected to grow at a CAGR of 7.0% to reach USD 88.3 billion by 2026 from 55 billion in 2019.”

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Governments in various countries are also encouraging recycling to promote effective waste management. Other factors influencing the metal recycling rate is the price of recycled metal versus virgin metal. This report will analyze prices of Recycled Metal versus metals and the demand-supply scenario of crude metal ore. Metal recycling rates vary significantly across different countries and types of Metals. However, the recycling rates of metals are substantially higher as compared with plastics.

The research report analyses the ecosystem and value chain of the Metal Recycling market or Recycled Metals Market. The report categorizes the Metal Recycling Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.

Market Size by Type of Metal
• Ferrous Metals
• Steel
• Iron
• Non-ferrous
• Aluminum
• Copper
• Others

Market Size by Scrap Type
• Internal Scrap
• Prompt Scrap
• Obsolete Scrap

Market Size by Mode of Recycling
• Shredder
• Shearing
• Baling
• Others

Market Size by End-User
• Building & Construction
• Automotive
• Mode of Recycling Manufacturing
• Shipbuilding
• Packaging
• Consumer Appliances
• Others

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The Asia Pacific is expected to be the largest region in the forecast period
Asia Pacific region accounted for the largest share of the Metal Recycling market followed by the other regions. The North America metal recycling market is also projected to witness a higher product demand in the coming years on account of increasing consumption in end-user industries. The demand in the Asia Pacific region is primarily driven on account of demand from end-user industries. The Asia Pacific region is growing on account of rising urbanization, industrialization, the presence of a large number of steel mills that recycle metals, government initiatives, and a rise in residential and commercial construction projects.

Snapshot of Drivers, Restraints, Opportunities and Challenges of Metal Recycling Market:
Drivers:
• Improving quality of metal recycled
• Government initiatives supporting effective waste management.
• Increasing awareness among people regarding environmental sustainability, waste management, and recycling has turned out to be a driving force behind the fast-growing market of Metal Recycling.

Restraints:
• Regulations hampering free trade of scrap.

Opportunities:
• Demand from emerging economies
• Rising usage of advanced recycling technologies

Challenges:
• Poor segregation of waste at source
• The increasing complexity of products

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Company Profiles and Competitive Intelligence Covered in Metal Recycling Market Report are: Arcelormittal, Nucor Corporation, Commercial Metals Company, Sims Metal Management Limited, Aurubis Ag, Dowa Holdings Co.,Ltd., Tata Steel Limited, European Metal Recycling Limited, Totall Metal Recycling,inc., American Iron & Metal (Aim), Tom Martin & Company Ltd, Kuusakoski Recycling, Norton Aluminium, Remondis Se & Co. Kg, Other Notable Players

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This release was published on openPR.