Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global metal recycling market is poised for significant growth in the coming years due to increasing awareness about the depletion of metal reserves. This insight comes from an upcoming report titled "Metal Recycling Market Size, Share, Growth and Forecast Report, 2023-2030," by Fortune Business Insights™. Several factors are propelling the metal recycling market forward, including a high depreciation rate, improved energy efficiency leading to reduced greenhouse gas emissions, accelerated industrial development in emerging economies, and heightened consumer awareness.
The growing shortage of rare earth metals presents an opportunity for the worldwide market. However, challenges such as the unregulated disposal of waste metals and the insufficient availability of scrap collection zones are expected to constrain market expansion. As an illustration, Nucor Corporation exemplifies metal recycling by converting scrap steel into hot-rolled steel, bars, and rods, which find applications in the automotive, construction, industrial, and shipping sectors.
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Leading Players Featured in the Metal Recycling Market Research Report:
- Arcelor Mittal
- Nucor Corporation
- Commercial Metals Company
- SIMS Metal Management Limited
- Aurubis AG
- European Metal Recycling Limited
- Tata Steel
- Dowa Holdings Co. Ltd.
- OmniSource Corporation
- Schnitzer Steel Industries Inc.
- Others key Players
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.
Market Overview:
The metal recycling sector is responsible for collecting, processing, and repurposing metal waste to create fresh products. This vital procedure serves to diminish the necessity for mining new ores, conserving precious natural resources, and simultaneously curbing the amount of waste destined for landfills. Commonly recycled metals encompass aluminum, copper, steel, and iron. The recycling process encompasses segregating metals from the waste stream, conducting purification to eliminate impurities, and melting the metal to facilitate its reuse in the production of new items.
Several factors propel the metal recycling market forward. These include the rising demand for sustainable practices, the surge in industrialization, and governmental initiatives designed to promote metal recycling. Furthermore, the market is sensitive to the fluctuating prices of metals and the demand for recycled metals across various sectors such as construction, automotive, and electronics. The metal recycling market is primed for substantial growth in the forthcoming years, spurred by the increasing appetite for recycled metals and the pressing need for sustainable practices aimed at safeguarding the environment.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2022 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Metal Recycling Market Growth Drivers | Increasing Stringent Regulation for Metal Recycling to Stimulate Growth |
| Manufacturers Focus on R&D Investments to Strengthen their Position |
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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.
Drivers & Restraints-
Increasing Stringent Regulation for Metal Recycling to Stimulate Growth
The global metal recycling market is poised for growth, primarily driven by the increasing emphasis on non-ferrous metals in the foreseeable future. The outlook for this industry appears promising, mainly thanks to the rapidly growing awareness of the advantages associated with metal scraps. Additionally, significant market trends encompass concerns regarding the depletion of rare earth metals and the enforcement of stringent government regulations and environmental protection standards.
Technological advancements are anticipated to unlock substantial market opportunities. Moreover, the prioritization of Circular Economy Policy Recommendations by governments, aimed at reducing environmental concerns, is reinforcing market revenue. Emerging regions worldwide offer untapped potential for the industry and international corporations, thanks to favorable policy decisions.
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Segmentation:
The metal recycling market can be segmented in various ways based on the type of metal being recycled, the end-use industry, geography, recycling method, and source of metal.
By Metal
- Ferrous
- Non-ferrous
By End-User
- Building & Construction
- Automotive
- Ship-Building
- Equipment Manufacturing
- Consumer Appliances
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, Italy, Spain, UK,)
- Asia-Pacific (China, India, Japan, South Korea, Australia)
- Middle East & Africa (Brazil, Saudi Arabia, South Africa)
Regional Insights:
North America:
The United States and Canada have well-established metal recycling industries. They have a strong focus on recycling ferrous (iron and steel) and non-ferrous metals (aluminum, copper, etc.). The region has stringent environmental regulations and a mature recycling infrastructure, which encourages recycling practices. Recycling rates are relatively high, driven by a combination of environmental awareness, economic incentives, and regulatory pressures.
Europe:
Europe has a well-developed and highly regulated metal recycling industry. The European Union (EU) has set ambitious recycling targets, which have led to increased recycling efforts. The recycling of automobiles and electronic waste is particularly significant in Europe. Many countries in Europe have advanced sorting and processing technologies, contributing to high recycling rates.
Asia:
Asia, especially China, has been a major player in the global metal recycling market. China was historically the world's largest importer of scrap metals. However, China implemented stricter import restrictions on scrap metals in 2018, leading to shifts in global recycling markets. Other Asian countries like India and Japan also have growing metal recycling industries due to increased industrialization and urbanization.
Middle East and Africa:
Metal recycling in these regions is growing but less developed compared to North America and Europe. The industry is often driven by economic factors, with a focus on the recycling of valuable metals like gold and copper. Regulatory frameworks for recycling may be less robust compared to other regions.
Latin America:
Recycling practices vary across countries in Latin America. Some countries have well-established recycling programs, while others are still developing their recycling infrastructure. Brazil and Mexico have growing metal recycling industries due to their large economies and manufacturing sectors.
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