Recycled Metal Market - Construction-related Activities Push Sales of Market By 2024 | Research

Based on product, the global recycled metal market is segmented into ferrous and non-ferrous metals. The ferrous metal segment is known to account for a large market share in 2015 and is expected to continue dominating the market during the forecast period as well. Among ferrous metals, iron and steel are the most prominent product types and find application in the manufacturing of electrical devices, industrial machineries and equipment, construction materials, and vehicles. Recycled aluminum, among non-ferrous metals, is known to hold a significant share in the total demand for recycled metals.

In terms of end user, the building and construction sector is expected to grow over the said period owing to high rate of industrialization and urbanization. Construction-related activities are at their peak, especially in emerging economies, thereby driving the market segment. The automotive sector is another promising end-user segment that is projected to expand in future. Other end-user segments include electrical and electronics, industrial machinery, and shipbuilding.

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According to the report, the global recycled metal market is expected to rise from US$312,898.6 mn in 2015 to US$476,232.3 mn by 2024, expanding at a 4.8% CAGR from 2016 to 2024. By product, the ferrous segment is expected to lead, and account for 88.6% of the market by 2024. On the basis of end user, the building and construction segment is projected to lead and will account for 34.7% of the market by 2024, finds TMR. On the basis of geography, Asia Pacific will continue to remain dominant and is likely to account for 46.1% of the market by 2024.

Increasing awareness about energy conservation has led manufacturers to focus on the production of metals through recycling. As metal producers are concentrating on lowering the environmental footprint, players in the industry have started producing metals from scrap through recycling process. Recycled metals are in high demand from the electrical and electronics, building and construction, industrial machinery, shipbuilding, and automotive industries.

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Changing demands of consumers and constant improvements in technology are driving the electrical and electronic goods market. This is leading to a surge in the production of waste from discarded electrical and electronic goods, aiding the growth of the global metal recycling market. Moreover, the shorter lifespan of electronic and electrical equipment will also lead to a high production of electronic waste. The rate of metal recycling from e-waste is anticipated to increase substantially in the next few years in order to meet the growing demand for metals in several end-user industries. All these factors will drive the global recycled metal market in the future.

OmniSource Corporation, European Recycled Metal, Schnitzer Steel Industries, Inc., Nucor Corporation, and Sims Metal Management Ltd are some of the leading players operating in the global recycled metal market.

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