Dallas, Texas, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Scrap metal recycling is a vital process observing the exponentially increasing demand for metals used in various products and massive amount of metal usage across a large industry base. The surging metal demand along with the growing awareness and attention on conservation of natural resources is encouraging adoption of scarp metal recycling. Massive growth in industrial activities in last few years resulting in excessive utilization of natural resources ultimately reducing the levels of resources available in natural reservoirs thus shifting the focus on reusing and recycling product available rather than constantly digging for new batch of resources.
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Metal recycling has transformed the dynamics across various steps of value chain. For instance, manufacturers can leverage recycling capabilities to procure desired raw materials for the extensively expanding production capacities without hampering their properties. Metal recycling effectively addresses one of the biggest concerns of metal and metal product consumers that is the costs associated.
Scrap Metal Recycling Market by Players
Tata Steel
CMC
Schnitzer Steel Industries
European Metal Recycling
Norsk Hydro ASA
Novelis
GFG Alliance
Kimmel Scrap Iron & Metal
ArcelorMittal
Commercia Metals Company
Aurubis AG
Nucor Corporation
SIMS Metal Management
Scrap Metal Recycling Market by Types
Ferrous
Non-ferrous
Scrap Metal Recycling Market by Applications
Automotive
Construction and Building
Consumer Goods
Industrial Goods
With increasing demand for metals and a shortage of inventory, the primary production costs of metal are expected to skyrocket over time ultimately driving the prices of metal-based products available in the market. metal recycling effectively troubleshoots the problem eliminating the need for consistent production by establishing a consistent flow of raw materials derived via recycling.
Environmental aspects are playing a crucial role in the advancements of the global scrap metal recycling market. increasing pollution, eco-hazard, community hazard, global warming and growing prevalence health conditions caused and catalysed by environmental conditions such as lower respiratory infections, chronic obstructive pulmonary disease, lung cancers and others are drastically escalating the focus of governments and private as well as public organizations worldwide on practical and eco-friendly disposal, recycling and reusing methods of toxic waste. The global scrap metal recycling market is gaining encouraging response from entities worldwide with its capability to eliminate the toxic disposal processes.
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Rapidly modernizing and expanding rate of urbanization along with extensively progressing industrialization is enormously scaling up the demand for steel as a result driving the steel providers and manufacturers to expand production facilities and capacities. Steel providers are increasingly preferring adoption of metal recycling methods to cater to the burgeoning demand for industrial steel. Growing inclination of energy conservation and consumption reflects upon the conventionally adopted processing and production procedures adopted by manufacturers. Also, increasing awareness of the recycled products is encouraging buyers to opt for recycled and environmentally friendly commodities supporting manufacturers to switch from investing in primary production to recycled metal.
Developed as well as developing countries with enormous technological evolution and industrialization and the aggressive goals established by multiple governments focusing on efficient energy usage and waste management are driving the growth of the global scrap metal recycling market. furthermore, increasing focus on circular economy promoted by governments worldwide is fuelling the awareness and implementation of circular economy across various industrial sectors advertising the significance of recycling, reusing and reducing thus enhancing the growth opportunities for the global scrap metal recycling. With a robust refurbishing market, the demand for metal recycling is expected to soar over the coming decades.
The type of metals involved in scrap metal recycling include ferrous and non-ferrous differentiating the recycling technologies based on the composition of material meaning if the metal is iron-based such as steel or titanium alloys whereas non-ferrous metal components typically involve zinc, brass, coppers, lead and others. Scrap metal recycling market serves to a vast ranging consumer base across diverse industries. Industries adopt scrap metal recycling to culminate a practical and eco-friendly way of resourcing metals which includes automotive industry with a constant demand to produce metal-based automotive parts, consumer goods and industrial goods.
TOC Highlights:
1. Introduction
1.1. Introduction
1.2. Market Definition and Scope
1.3. Units, Currency, Conversions, and Years Considered
1.4. Key Stakeholders
1.5. Key Questions Answered
2. Research Methodology
2.1. Introduction
2.2. Data Capture Sources
2.3. Market Size Estimation
2.4. Market Forecast
2.5. Data Triangulation
2.6. Assumptions and Limitations
3. Market Outlook
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. Porter’s Five Forces Analysis
3.4. PEST Analysis
4. Scrap Metal Recycling Market by Type, 2018-2028 (USD Billion)
4.1. Ferrous
4.2. Non-ferrous
5. Scrap Metal Recycling Market by Application, 2018-2028 (USD Billion)
5.1. Construction & Building
5.2. Automotive
5.3. Consumer Goods
5.4. Industrial Goods…….continued
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