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Discover Growth Opportunities in the Metal Recycling Equipment Market || Hitachi Construction Machinery Co. Ltd., Metso Corporation, Nucor Corporation
Metal Recycling Equipment Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the metal recycling equipment industry. This report on metal recycling equipment market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The metal recycling equipment market size has grown strongly in recent years. It will grow from $6.73 billion in 2023 to $7.26 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased global demand for recycled metals, growth in environmental concerns and sustainability initiatives, escalate costs of primary metal production, need for resource conservation and energy savings, expansion of industrial manufacturing and construction activities.
The metal recycling equipment market size is expected to see strong growth in the next few years. It will grow to $9.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. Major trends in the forecast period include advancements in sensor-based sorting technologies, mobile metal shredders and fragmentizers, non-ferrous metal recovery from electronic waste, hydraulic shears and balers for metal compaction, innovations in metal melting and refining furnaces.
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Key Market Players:
Hitachi Construction Machinery Co. Ltd., Metso Corporation, Nucor Corporation, CP Manufacturing Inc., JMC Recycling Systems Ltd are prominent players in the metal recycling equipment industry.
Market Drivers:
According to the Metal Recycling Equipment Market Report 2023 by The Business Research Company, growing demand for construction. Construction refers to the activity of building something, typically a large structure. Metal recycling equipment is utilized in construction to repurpose salvaged metal materials, reducing waste and promoting sustainable building practices. For instance, according to Rethinking The Future, an India-based platform for architecture & design, by 2024, the Canadian construction industry will grow at an 8.5% compound annual growth rate (CAGR). This will increase the value of Canada's construction industry to $354.9 billion (USD). Furthermore, in February 2023, according to the Office for National Statistics, a UK-based Government department, reported that the yearly construction output of the UK for 2022 saw a rise of 5.6% compared to 2021.
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Market segments for metal recycling equipment include:
1) By Machine Type: Shredders, Briquetting Machines, Shears, Granulating Machines
2) By Material Type: Metal, Ferrous, Non-Ferrous, Alloys And Composites
3) By Application: Automotive, Building And Construction, Ship Building, Equipment Manufacturing, Packaging, Consumer Appliances
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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Browse More Reports:
Waste Recycling Services Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/waste-recycling-services-global-market-report
Recycled Plastics Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/recycled-plastics-global-market-report
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