Pune, India, Aug. 21, 2018 (GLOBE NEWSWIRE) — Market Research Future (MRFR) has published its report on the Global Metal Recycling Market which reveals a CAGR of 8.04% during the forecast period of 2018 to 2023 and expected to reach a staggering evaluation of USD 434,551 Mn by the end of 2023.
Metal recycling reduces environmental impact and offers a method by which natural resources can be conserved, thus driving the demand for metal recycling. Moreover, metal recycling expends comparatively less energy than metals derived from ores. The growing need for metal due to a rising population and the resulting increased demand for metal from end-use industries is a significant factor propelling market growth. Another vital factor compelling market growth is the increasing consumption and demand for canned beverages. This has directly influenced demand from the metal recycling industry as it is a cheaper and more efficient method of procuring required metals such as aluminum. Americans recycle close to 120,000 aluminum cans on a minute by minute basis making metal recycling necessary due to mass consumption patterns.
Industrialization and the unfortunate lack of proper metal sorting across the globe have made the metal selection process difficult and time-consuming. Moreover, rapidly emerging markets, such as India do not have strict rules regarding recycling of metal which is likely to lead to hinderance for global growth of the metal recycling market. However, this is expected to change as these countries develop and industrialization, and a requirement for cost-effective metal is expected to offer market expansion opportunities.
Changing consumer behavior and the growing demand for metal is expected to compel market players to devise market propelling market strategies. These have been outlined and explained in MRFR’s competitive analysis of the global Metal Recycling Market. Prominent players included in the report are Real Alloy, Kuusakoski Recycling, Tom Martin & Co Ltd, ArcelorMittal S.A., DOWA Holdings Co. Ltd., Aurubis, Sims Metal Management, Novelis Inc., European Metal Recycling, Nucor Corporation, Norton Aluminium Ltd., and Commercial Metals Company. These players use various strategies including portfolio expansion via mergers & acquisitions and expansion of facilities to name a few.
Latest Industry News
- U.S based Alter Trading Corp, a metal recycler, has acquired Tenenbaum Recycling Group in Little Rock in an agreement. This acquisition is anticipated to add 10 more locations to Alter’s impressive portfolio.
- Metso, a leading manufacturer of waste management machinery, has announced its decision to relocate its waste recycling business to a new facility in Denmark.
MRFR’s Metal Recycling Market report includes segmentation analysis which reveals key details about the nuances of the market. Segmentation of the global metal recycling market has been done on the basis of type, scrap metal, and end-user. By type, the market is divided between ferrous and non-ferrous. The ferrous segment accounts for a market share of over 55%, and the segment valued USD 164,667.4 mn in 2017. The ferrous segments market share is primarily due to the widespread use of these metals in motor and electrical appliances. Moreover, the segment is set to grow at the highest CAGR of 8.26% during the assessment period.
Browse the market data and information spread across 111 pages with data tables and figures of the report “Metal Recycling Market Report – Forecast 2017-2023” in-depth alongside table of content (TOC)
On the basis of scrap metal, the market is segmented into old scrap and new scrap. Old scrap accounted for the largest market share of 66.8% and generated a revenue of USD 185,793.5 mn. The old scrap segment is due to grow at a CAGR of 8.43% during the review period.
By end-user, the market is categorized into automotive, shipbuilding, packaging, construction, and others. The construction segment accounted for nearly a third of the total market and is expected to register a CAGR of 8.27% over the forecast period.
The global metal recycling market has been analyzed and segmented into the Americas, Europe, Middle East & Africa, and the Asia Pacific.
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Large Metal Consuming Population Propels APAC into Leading Position.
The Asia Pacific (APAC) led the market with a share of 35.6%. The regions leading position is primarily owing to the presence of emerging economies who are witnessing rapid economic development. The region includes a truly vast population which contributes significantly to the growing consumption of metal items and the governments in these regions are increasing imposing strict regulations with regards to environmental protection and waste management. Countries such as India and China lead the market, with China boasting a valuation of USD 45,209.7 Mn in 2017. Meanwhile, Japan is the fastest growing country in the region and is a significant consumer of aluminum and ferrous scrap.
Europe represents the second largest region with a 29% market share. Germany, U.K, France, Belgium, and the Netherlands are the countries which lead the market due to their high import and export activities regarding metal scrap. Moreover, the E.U. has implemented stringent waste management policies which have contributed with great success toward the growth of the metal recycling market. Meanwhile, the Americas account for 19% of the market and is expected to witness growth due to the growing implementation of metal recycling regulations.
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