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Scrap metals recovered from multiple sources and further processed to produce recycled metals. Scrap metals are mainly gathered from disposed vehicles, retailers, industrial producers, buildings, electronics, consumer goods and other commercial and domestic sectors. Recycled metals are highly employed attributed to the energy and water savings advantages over the extraction process. It also helps in reduction of pollution and mining waste.
Increasing demand for recycled metal from multiple end-sector shall drive the market growth. Growing infrastructural investments of various countries to uplift its socio-economic position is prime factor boosting the demand for recycled metals. For instance, Indian government allocated USD 1.4 trillion under the NIP got FY2019-25 for sectors like roads, energy, urban and railway of the projected infrastructures.
However, there is lack of awareness in consumers regarding the advantages of recycling of metals over extraction which include energy and water savings. This is likely to act as limiting factor.
Key Market Driver -
Growing demand from construction sector.
Key Market Restraint -
Lack of awareness in consumers.
Based on metal, market is segmented into ferrous, non-ferrous, and precious metals. Based on end-user, market is segmented into building & construction, electronics & electrical, automotive, military, jewelry, defense, packaging, chemical, consumer goods, transport, machinery, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global recycled metal market consists of global & regional players operating. Some of the key players in the market include Novelis, Sims Metal Management, Nucor Corporation, European Metal Recycling, Aurubis AG, ELG Haniel Gmbh, Steel Dynamics, Commercial Metal Company, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2018 attributed to the growing construction, electronics and transportation industries. Additionally, increasing government initiatives in countries such as India and China, to support mega infrastructural projects shall foster regional growth. North America is expected to hold significant share attributed to the increasing demand for metals coupled with restrictions imposed by government on exploitation of minerals and metals. Europe is anticipated to show significant rise in demand from automotive and electronic sector. Latin America and Middle East & Africa shall exhibit slow growth by the end of forecast period.
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