High rate of obsolescence, increase in consumer awareness, and surge in energy savings with decreasing GHG levels have boosted the growth of the global metal recycling market.
PORTLAND, Ore., March 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Metal Recycling Market by Metal Type (Ferrous and Non-Ferrous Metals), Scrap Type (Old Scrap, and New Scrap), and End User (Building & Construction, Packaging, Automotive, Industrial Machinery, Electronics & Electrical Equipment, Shipbuilding & Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global metal recycling industry was pegged at $217.00 billion in 2020, and is estimated to generate $368.71 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
Major determinants of the market growth
High rate of obsolescence, increase in consumer awareness, accelerating industrialization and urbanization in developing nations, and surge in energy savings with decreasing GHG levels have boosted the growth of the global metal recycling market. However, less scrap collection zones and unorganized flow of waste metals hinder the market growth. On the contrary, scarcity of rare earth metals is expected to open new opportunities in the future.
Download Sample PDF (230 Pages with More Insight): https://www.alliedmarketresearch.com/request-sample/1732
- The manufacturing activities in industries were halted during the Covid-19 pandemic and prolonged lockdown. This affected the metal recycling industry.
- The lack of workforce and disrupted supply chain hampered the collection of metal scraps during the pandemic. However, as the world is slowly getting back on track, metal recycling would gain momentum.
The new scrap segment to portray the highest CAGR by 2030
By scrap type, the new scrap segment would register the highest CAGR of 6.1% during the forecast period, due to rise in new construction-related activities and surge in new manufacturing plants. However, the old scrap segment held the largest share in 2020, accounting for more than half of the global metal recycling market, due to rise in volume of waste scrap with rapid urbanization and industrialization.
Get detailed COVID-19 impact analysis on the Metal Recycling Market:
The automotive segment held the lion's share
By end user, the automotive segment dominated the market in terms of revenue in 2020, contributing to more than one-third of the global metal recycling market, as it benefits the environment by reducing volume of waste from end-of-life vehicles and GHG emission levels. However, the shipbuilding segment is projected to register the highest CAGR of 8.2% from 2021 to 2030, as steel scrap from demolished and broken ships is a prime raw material for rolling mills.
Asia-Pacific, followed by Europe and North America, dominated the market in terms of revenue
By region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in 2020, contributing to more than two-fifths of the market. In addition, the global metal recycling market across Asia-Pacific is anticipated to portray the highest CAGR of 7.4% during the forecast period, owing to rapid growth in metal recycling in China, Japan, India, and South Korea.
Key market players
- Commercial Metals Company
- Nucor Corporation
- Aurubis AG
- SIMS Metal Management Limited
- Tata Steel
- European Metal Recycling Limited
- OmniSource Corporation
- Dowa Holdings Co., Ltd.
- Schnitzer Steel Industries Inc.
Interested in Procure Data? Visit: https://www.alliedmarketresearch.com/purchase-enquiry/1732
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Similar Reports We Have:
Waste Management Market - Global waste management market is expected to reach $2,483.0 billion by 2030, registering a CAGR of 3.4% from 2021 to 2030.
Construction and Demolition Waste Recycling Market - Global construction & demolition waste recycling market is expected to reach $149,190.9 million by 2027, registering a CAGR of 2.7% from 2020 to 2027.
Indoor Flooring Market - The indoor flooring market is expected to reach $189,549.2 million by 2027, registering a CAGR of 5.7% from 2020 to 2027.
Stainless Steel Plumbing Pipes Market - Global stainless steel plumbing pipes market is expected to reach $4,924.2 million in 2030, growing at a CAGR of 4.8% from 2021 to 2030.
Pre-Book Now with 10% Discount:
Metal Pipe Market - Global Opportunity Analysis and Industry Forecast, 2021–2030
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free (USA/Canada): +1-800-792-5285,
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
SOURCE Allied Market Research