Metal Recycling Market to Perceive Robust Expansion by 2030

Transparency Market Research delivers key insights on the global metal recycling market. In terms of revenue, the global metal recycling market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global metal recycling market.

The metal recycling market is expected to improve with technological advancements in recycling. Development of recycling facilities in developed and developing regions, better waste collection systems, and promotion of metal recycling by manufacturers and governments are likely to help in business growth, and create new business opportunities and increase employment. The Canadian Association of Recycling Industries (CARI) states that the metal recycling industry in Canada employs 160,000 people directly and indirectly. The usage of rare metals in various products and their shortage is also expected to boost the metal recycling market.

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The U.S. exporters of metals, paper, and plastic witnessed increased demand in 2019, as growing shipments to Southeast Asia, the Indian subcontinent, and Northern Europe offset a 20.2 percent decline in volume to China, which remains the primary market for recyclables. However, export of recyclables came crashing down in early 2020, due to both supply and demand destruction caused by the COVID-19 pandemic. On the supply side, the global pandemic has idled key industries and services that generate paper and metals. Plunging oil prices have made recycled plastics uncompetitive with virgin plastics. These factors have created a huge slowdown in the metal recycling market in 2020. However, overall the metal recycling market is expected to witness huge growth in 2021 and 2022. The price of metal recycling products also decreased during the COVID-19 pandemic.

Steel is the most recycled metal in the world. The growing consumption of steel in construction, automotive, electronics, and consumer goods industries is projected to fuel the demand for metal recycling products during the forecast period.

Companies are increasing the usage of new recycled steel and old recycled steel, as it is available in good quality and low price. Moreover, small scale manufacturing units in automotive, oil & gas, construction, and other industries are increasing their overall budget for recycled steel procurement.

Factors, including the utilization of non-renewable resources, consumption of a large amount of energy, fluctuation in raw material prices, and regulations of mining ores have compelled manufacturers to adopt the Electric Arc Furnace (EAF) process over the Basic Oxygen Furnace (BOF) process for its utilization in crude steel production. This has led to increased demand for recycled steel across the world. The production of crude steel by the EAF process increased by 10.1% in 2018 in comparison to 2017, whereas the increase in total crude steel production was 7.04%.

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Metal Recycling Market: Prominent Regions

Asia Pacific accounted for a major share of the metal recycling market in 2019. Increasing expansion of the construction segment coupled with easy government rules and regulations are key factors expected to boost the growth of themetal recycling market. Europe is the second largest metal recycling market as a result of high consumer adoption rate.

Key Players

ArcelorMittal, Aurubis AG, Kuusakoski Oy, Nucor Corporation, AIM Recyclage, Inc., Sims Limited, Omnisource Corporation, Metallon Recycling Pte Ltd, DBW Metals Recycling, and TKC Metal Recycling Inc.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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This release was published on openPR.