Pune, India, Nov. 10, 2022 (GLOBE NEWSWIRE) -- According to a report by Fortune Business Insights, titled, “The global Metal Recycling Market Size, Share & Industry Analysis, and Regional Forecast, 2022-2029” The global metal recycling market size is expected to gain momentum owing to the increasing awareness regarding the depletion of metal reserves during the forecast period. The market for metal recycling is being driven by a high rate of depreciation, an improvement in energy efficiency with lower emissions of greenhouse gases, accelerated industrial development in emerging countries, and more consumer awareness.
The growing shortage of rare earth metals presents an opportunity for the worldwide market. However, the uncontrolled flow of waste metals and a lack of scrap collecting zones are expected to limit market expansion. Nucor Corporation, for example, recycles scrap steel into hot-rolled steel, bars, and rods that are then utilized in the automobile, building, industrial, and shipping industries.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Historical Data | 2018-2020 |
| Region Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the Rest of the World |
| Segments Covered | By Type, End-user and Regional Insights |
| Metal Recycling Industry Growth Drivers | Increasing Awareness Regarding Depletion of Metal Reserves to Foster Growth |
| Rising Economic Condition to Promote Growth in Asia Pacific |
Competitive Landscape-
Manufacturers Focus on R&D Investments to Strengthen their Position
Several strategic methods, including collaboration, mergers and acquisitions, growth, and new launches, are being implemented in the industry. Many significant players are actively involved in the development initiatives. Established industry companies are making substantial expenditures in R&D activities and accelerating their growth strategies.
What does the Report Offer?
The report forecasts revenue growth at the global, regional, and national levels, as well as an analysis of the most recent market trends and prospects in each of the sub-segments.
Current and future trends are discussed to assess general attractiveness and identify profitable trends to obtain a better market footing. The study includes data on major drivers, constraints, and opportunities.
List of Key Players Profiled in the Global Metal Recycling Industry:
- ArcelorMittal S.A.
- Nucor Corporation.
- Commercial Metals Company.
- Sims Metal Management Limited.
- Aurubis AG.
- Norsk Hydro ASA.
- Tata Steel Limited.
- Kimmel Scrap Iron & Metal Co.Ltd.
- Schnitzer Steel Industries Inc.
- Dowa Holdings Co. Ltd.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/metal-recycling-market-104562
Segments-
By metal, the market is segmented into ferrous and non-ferrous. On the basis of end-user, the market is segregated into building & construction, automotive, ship-building, equipment manufacturing, consumer appliances, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints-
Increasing Stringent Regulation for Metal Recycling to Stimulate Growth
The growth of global metal recycling market is expected to grow due to the growing focus on non-ferrous metal during the forecast period. The prognosis for the business seems positive, owing mostly to the fast-growing knowledge of the benefits of metal scraps.
Furthermore, important market trends include worries about rare earth metal depletion and strict government laws and environmental protection standards. The technology is expected to provide substantial market possibilities. The implementation of Circular Economy Policy Recommendations as a priority for governments to decrease environmental issues strengthens the market income. Emerging areas across the world provide unexplored potential for the industry and international companies due to favorable policy decisions.
REGIONAL INSIGHTS
Rising Economic Condition to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global metal recycling market share during the forecast period. The biggest market share may be attributed to the growing urban population, which drives the automobile and construction industries. The rising awareness of metal recycling and government programs for infrastructural development have an impact on the expansion of the region's industry.
Europe is expected to have a sizable share of the market. The region's significant expansion in the automobile and construction management sectors is one of the most important elements promoting the region's industry growth.
COVID-19 Impact-
Detrimental Impact of Covid-19 on the Construction Industry
The COVID-19 pandemic in 2020 disrupted the supply chain, resulting in a substantial drop in metal output. Furthermore, there was a significant decrease in demand due to the downturn of major end-use sectors like construction and automotive. This is anticipated to have an impact on the recycling sector in 2020. However, a strong comeback in industrial operations is predicted in the coming years.
Industry Development-
- October 2020: ArcelorMittal and Triple M teamed together to establish integrated metal recycling Inc. to provide consumer and supplier support, services, and options.
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