Precedence Research, Recently Published Report on “Metal Recycling Market Size, Share, Growth Outlook, Trends, Revenue, Consumption and Forecast 2020 to 2027”.
OTTAWA, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The global metal recycling market size was valued at US$ 562.87 billion in 2019 and expected to reach US$ 806.61 billion by 2027, with at a compound annual growth rate (CAGR) of 4.6% during the forecast period 2020 to 2027.
Metal recycling refers to the reprocessing of waste metals into valuables in order to preserve natural resource, reduce greenhouse gas emission levels, and to manage the energy consumption level. This recycling process over metals can be repeated several times without altering their properties. As per the American Iron and Steel Institute (AISI), steel is the most recycled metal on earth. However, other significantly recycled metals include copper, aluminum, brass, silver, and gold. Presently, only 30% of the used metals are recycled; however, the percent expected to increase over the coming years because of stringent government norms for the conservation of natural resources.
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Rising urbanization and industrialization across the globe accounted as the major factor that propels the growth of metal recycling industry over the coming years. This trend has significantly prospered the growth numerous industries that include automotive, construction, consumer goods, packaging, ship building, equipment manufacturing, and many others that have notable usage of metals across different applications that further drives the overall market growth.
Apart from the application of recycled metals, growing emphasis of governments of various regions toward sustainable waste management along with conservation of natural resources expected to be the other main factors that fuel that market growth for metal recycling over the upcoming years.
The Asia Pacific emerged as the global leader and accounted for over 67% of total value in 2019 attributed to the high production of metal in the region
Europe follows the Asia Pacific in terms of metal production owing to growing emphasis on the circular economy together with stringent government regulations for energy usage
Steel emerged as a dominating product segment in 2019 with a volume share of over 79% in the same year owing to large-scale utilization of the product in automotive, construction, and consumer goods industries
Aluminum is however another product that offers tremendous benefits for recycling because of significant spending of the industry for recycled cans every year
The construction segment dominated the global metal recycling market accounting for over 46% of the total volume share in 2019 owing to flourishing growth in urbanization
The automotive industry is the other important segment that uses large amount of metal product in various applications such as body parts, engine components, and various other components
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The Asia Pacific captured the largest market share in terms of revenue accounting for approximately 70% of the total market in 2019. The prominent growth of the region is mainly attributed to the high production share of steel in the region. As per the World Steel Association, total crude steel produced in the region was 1,341.6 Million tons in 2019 that accounted for nearly 5.7% rise in the production rate compared to 2018. Furthermore, China alone occupied more than 50% of the global steel production that significantly contributes towards the growth of the metal recycling industry in the region. Apart from the production point of view, notable growth of construction, automotive, and industrial sectors in the region also drives the demand for recycled metals in the forthcoming years.
The Asia Pacific region is followed by Europe in terms of production. In 2019, Europe contributed nearly 8.5% of the global crude steel production. Significant growth of the automotive and building construction industries in the region are the prominent factors that promote the growth of the metal recycling industry in the region.
However, North America contributes around 5% of the global crude steel production, out of which roughly 42% contribution is of the steel produced with recycled materials. This depicts higher significance of metal recycling in the region. Furthermore, the region is a significant producer of secondary aluminum. The United States mainly produces steel using the EAF process that consumes larger quantity of scraped material that further propels the demand for scrap recycling in the region.
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Key Players & Strategies
The metal recycling industry is highly fragmented and unorganized in nature owing to presence of numerous market players. These market players are significantly focusing towards expanding their manufacturing facilities across the globe owing to supportive government policies. For instance, in June 2019, Tata Steel announced to open its first recycling plant in Haryana, India. This initiative by the company expected to help it to gain a significant foothold in the Indian market.
Some of the key players operating in the market are GFG Alliance, European Metal Recycling, CMC Recycling, Kimmel Scrap Iron & Metal Co. Inc., Norsk Hydro ASA, Schnitzer Steel Industries, Inc., Tata Steel, Novelis, Utah Metal Works, and Sims Metal Management Limited among others.
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