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Metal recycling is one of the industrially and environmentally important process. It involves recycling of the scrap metals to used it again. The metal recycling industry encompasses a broad range of metals but most frequently recycled metals are stainless steel, copper, iron, lead, aluminum, and zinc. They are primarily categorized on the basis of ferrous content. Increasing usage of metals in various end-use industries is expected to drive the market.
Increasing prominence of metal recycling due to the increasing awareness regarding the depleting metal reserves is expected to drive the market. Additionally, the recycling does not affect and alter the properties of the original metals. The stringent regulations imposed by government regarding metal mining is expected to positively impact the market growth.
However, there are substitute materials like plastics, polymers, composites and other are preferred due to their lower cost. This is expected to hinder the market growth.
Key Market Driver -
Increasing awareness regrading depletion of metal reserves
Key Market Restraint -
Availability of cost-effective substitutes.
Based on metal, the global metal recycling market is segmented into ferrous and non-ferrous. Based on end-user, is segmented into building & construction, automotive, ship-building, equipment manufacturing, consumer appliances, and other.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global metal recycling market consists of global & regional players operating. Some of the key players in the market include, ArcelorMittal, Commercial Metals Company, Aurubis AG, Sims Metal Management Limited, Nucor Corporation, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to be the largest and fastest growing market attributed to the increasing economic growth. Increasing demand for metal from emerging nations like India and China is expected to boost the regional market. Europe is expected to show substantial growth attributed to the presence of large metal recycling company base. North America is expected to show considerable growth due to the stringent rules imposed by government authorities to stop illegal and exploitation of mines and metal reserves. Latin America shall exhibit moderate growth due to mining activities. Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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