Recycled Metal Market Future Innovation Strategies 2026 | OmniSource Corporation, Sims Metal Management Ltd.

Recycled Metal Market: Overview
Metals, an essential component of the fabrication and automotive industry, are abundantly available. Metals are primarily obtained by extraction from natural resources and, secondarily, by recycling used metals. Recycling metals not only promote sustainability but also have environmental and industrial benefits, such as saving energy, reducing waste volume, and lowering pollutants. Above all, recycling the metals saves money.
Rapid urbanization and industrialization and an increase in the usage of metals in consumer goods, such as electronics, are boosting the recycled metal market. Metal waste volume has increased dramatically in recent years.

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Metals produced from recycling are widely employed in a variety of sectors, including automotive, building and construction, shipbuilding, electrical and electronics, household appliances, and industrial machinery. The global increase in awareness about the conservation of energy and natural resources plays an important role in motivating industries to recycle metals. Furthermore, secondary metal manufacturing using recycled metal is less expensive due to the process's high energy efficiency. As a result, the economic benefits of recycled metals are increasing the demand for these metals.

Since metals have a unique ability to retain their qualities, they are suitable for recycling. Steel, aluminum, cobalt, lead, copper, and other metals, for example, can all be recycled without losing their original qualities. Recycling is significantly less expensive than extraction from natural resources in some metals, such as aluminum.

The recycling process normally consists of the following major steps: collecting, sorting, processing, shredding and melting, concluded by purification and solidification. In general, recycled metals are classified as ferrous or non-ferrous metals. Ferrous metals (iron and steel) are widely employed in a variety of sectors, including appliances, automobiles, packaging, and construction.

The global recycled metal market is expected to post 2.9% CAGR from 2018 to 2026 (forecast period).

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Increasing Use of Recycled Metal in Various Application to Boost Market Growth

Metals do not lose their functionality and strength when recycled, which is one of the major factors responsible for the growth of the recycled metal market. As a result, more and more industries are beginning to use recycled iron, steel, and other ferrous metals for a variety of applications such as construction, appliance manufacturing, industrial machinery manufacturing, and so on. The electronic industry has a high need for recycled metal. Due to urbanization, rising population, and higher disposable income, an increasing number of people are purchasing vehicles and homes, increasing the demand for recycled metal in the automobile and construction industries.

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Increasing Government Initiatives to Lower Carbon Footprint Propels Recycled Metal Market

Due to increased public awareness about minimizing carbon footprints, sustainable development, and environmental preservation, businesses are recalibrating their strategies. Now, businesses are more environmentally conscious and choose recycled metal over unused metal. More and more government regulations promoting the use of recycled metal have been established, and many nations are attempting to utilize more recycled metal. These have presented a new opportunity for the global recycled metal market to expand.

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Automotive Segment to Witness Massive Growth in Recycled Metal Market

Automotive is expected to be a very profitable application segment of the recycled metal market during the forecast period (2018-2026). The segment is expected to develop at an incredible rate in the next years. The use of recycled metal in the automotive sector is expected to increase dramatically due to the low cost and low energy required in secondary metal manufacturing.

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