LOS ANGELES, BEIJING and HAMBURG, Germany, June 12, 2019 /PRNewswire/ -- The global non-ferrous scrap market was worth US$102.88 bn in 2018 and the report suggests that the market will reach US$11899 bn by 2025, registering a sluggish CAGR of 2.10%. The global non-ferrous scrap market is growing due to the increasing demand for various metals in a different industries. QY Research analysts have published a detailed report of the market, titled "Global Non-Ferrous Scrap Market Size, Status, and Forecast 2019-2025."
Global Non-Ferrous Scrap Market: Drivers
The machinery and automobile industry have major role in the growing demand for the global non-ferrous scrap market. The construction and electrical industry are also dependent on the non-ferrous scrap market. Non-ferrous metals are extensively used in building and construction as they offer nonmagnetic properties, resistance to corrosion, and strength. Growth of related industries is expected to contribute to the rise of this market in the coming years. The report also states that extensive usage of aluminium in the packaging industry is also projected to bode well for the global non-ferrous scrap market during the forecast period.
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Global Non-Ferrous Scrap Market: Segment Analysis
The global non-ferrous scrap market is segmented on the basis of type and application. In terms of type, the market is segmented into copper, lead and zinc, aluminum, nickel, and others. In terms of application, the market is segmented as building and construction, equipment manufacturing, automotive, consumer appliances, shipbuilding, packaging, battery, and others. The copper segment is accounted for the largest segment in the market.
Global Non-Ferrous Scrap Market: Regional Analysis
On the basis of region, the non-ferrous scrap tools market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific holds the largest market share in the global market as there is a spike in the production in emerging economies. Furthermore, increasing infrastructural changes are also expected to keep Asia Pacific in the lead.
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Global Non-Ferrous Scrap Market: The Key Players
The key players studied in the global non-ferrous scrap market are OmniSource, Sims Metal Management, European Metal Recycling, Hanwa, Stena Metal International, Chiho Environmental Group, Cohen, Schnitzer Steel Industries, Commercial Metals, Yechiu Group, Nucor, and DOWA.
Sims Municipal Recycling, which is a division of Sims Metal Management is collaborating with Nespresso, a coffee manufacturer and the New York City Department of Sanitation to recover of its aluminium coffee capsules through New York City's curbside recycling program. The commitment will allow SMR to better sort and capture lightweight aluminium along with foil and other mixed metals. On the contrary, Nespresso has made $1.2 million through this recycling contract. Such initiatives are expected to give the global market a significant boost in the coming years.
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