Global Demand for Metal Recycling Market Size Will Surpass $91.1 Bn by 2028 at 7.5% CAGR

NEW YORK, United States, May 29, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled "Metal Recycling Market By Metal Type (Ferrous, And Non-Ferrous), By Equipment (Shears, Shredders, Briquette Machines, Granulating Machines, And Others), By End-User (Automotive, Building & Construction, Electronics & Electrical, Shipbuilding, Equipment Manufacturing, Packaging, Consumer Appliances, Furnishing, Aerospace, Residential & Commercial Utensils Sectors, And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028" in its research database.

"According to the latest research study, the demand of global Metal Recycling Market size & share in terms of revenue was valued at USD 52.8 billion in 2020 and it is expected to surpass around USD 91.1 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 7.5% during the forecast period 2021 to 2028."

What is Metal Recycling? How big is the Metal Recycling Industry?

Report Overview:

Recyclable metals, both old and new, can be processed into useful goods through a process known as metal recycling. This does not affect the physical characteristics of the recycled metals. In order to create a new product, the metals are categorized according to their properties and then mixed together. This method contributes to the alleviation of the energy crisis, the reduction of harmful emissions, and the protection of natural resources. The primary forces that drive the market are the quickening pace of industrialization, the growing prevalence of urbanization, and the intensifying emphasis placed on the preservation of natural resources.

Some of the ongoing trends include an increase in understanding about the importance of managing waste, lowering the levels of greenhouse gas emissions, and saving energy. The most important market participants are coordinating their efforts with those of smaller regional businesses in order to boost overall output of metals and broaden their influence in the industry.

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Global Metal Recycling Market: Growth Factors

Because the costs of the raw materials that are extracted from the ores are so high, the worldwide market for metal recycling produces a lot of demand. Because of how high the prices are, most manufacturers opt to recycle the metals rather than buy new ones. Recycling provides an answer to the problem of environmental degeneration while simultaneously lowering production costs for metals and reducing the amount of energy that is wasted in the process. During the time that is anticipated, the market will expand as a result of a rise in the rates of obsolescence in metal industries as well as increased savings from recycling.

The increased demand for metal in automobile sectors such as railways, vehicles, ships, and aircraft, among others, has strengthened the market for metal waste at a time when manufacturers are moving their focus towards more environmentally responsible consumption. The government intends to foster a formal and well-organized recycling ecosystem by implementing favourable restrictions on energy usage, which will greatly increase this market. This market will be significantly enhanced as a result of these regulations. The manufacturers would be able to more easily get the raw materials directly from recycled metal stations as a result of these regulations.

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Report Scope

Metal Recycling Market: Segmentation Analysis

Metal Type Analysis Preview

The recycling of ferrous metals held a share of 73% in 2020. This segment is estimated to be the fastest-growing metal type in the market in the forecasted years. This is accredited to rising concerns of air pollution and CO2 emissions, to which recycling ferrous metals helps reduce energy consumption. Ferrous metals include Iron and Steel. The market growth for these metals is accredited to rising needs in various industries due to consumption in end-use and recovery rate from end products. About 42% of steel production was made from scraps in 2020 and is expected to rise in the forecasted time.

Non-ferrous metals like aluminum, copper, lead, nickel, and zinc can retain their chemical properties after recycling and reprocessing. This ensures industries use non-ferrous metals and maintain sustainability in resource conservation. Recycling aluminum provides rise to various opportunities in the sectors owing to its better durability and recyclability. The rising focus on energy consumption will play a significant role in driving the non-ferrous segment over the forecasted years.

Equipment Analysis Preview

Shears segment held a maximum share in 2020. This is mainly attributed to its utility to shear all bulky scrap materials to a suitable size for processing. The minimum maintenance requirement and high productivity make shears acceptable across the market. Shears can process every type of metal scrap like railway hooks, tracks, steel works. Its ability to give high-density, low volume scrap drives the growth in the market. Similar to shears, shredders are used for light-melting chips. It is a highly efficient way to obtain a high value for a scrap. Briquette Machines, Granulating Machines, and others form the equipment segment.

End-User Analysis Preview

The building and construction segment held a share of over 46.21% in 2020 and is projected to grow at a CAGR of around 8.1% from 2021 to 2028. It is the highest revenue-producing segment with tons of metal waste been extracted. It is attributed to the rapid expansion of the construction industry and requirements for steel and aluminum for innovation purposes. Another reason to drive this segment is rising urbanization in the developing economies which will contribute to the construction industry.

The demolition waste consists of most turned out recycled metals used in the building and construction industry, which also drives the segment. The increase in demand for electronics and electrical items will boost the market as the non-ferrous metals recycled are 100% pure and durable. Electronics recycling is critical for diverting solid wastes and thereby supports zero landfill initiatives. Automotive, Shipbuilding, Equipment Manufacturing, Packaging, Consumer Appliances, Furnishing, Aerospace, Residential & Commercial Utensils Sectors, and others form the end-user segment.

The global Metal Recycling market is segmented as follows :

By Metal Type

By Equipment

By End-User

Browse the full "Metal Recycling Market By Metal Type (Ferrous, And Non-Ferrous), By Equipment (Shears, Shredders, Briquette Machines, Granulating Machines, And Others), By End-User (Automotive, Building & Construction, Electronics & Electrical, Shipbuilding, Equipment Manufacturing, Packaging, Consumer Appliances, Furnishing, Aerospace, Residential & Commercial Utensils Sectors, And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028" -Report At- https://www.zionmarketresearch.com/report/metal-recycling-market

Competitive Landscape

Some of the main competitors dominating the global Metal Recycling market include -

Key Insights from Primary Research :

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Regional Analysis :

Asia Pacific is projected to grow at a CAGR of 7.9% during the forecast period. Asia Pacific Metal recycling market is likely to witness a significant increase in demand because of the rise in industrialization and urbanization, especially in developing economies such as China and India. China holds the largest share in steel metal for the production of crude steel. The rising production of steel and awareness related to the need for waste management in APAC countries have paved an opportunity to grow in the metal recycling market.

Europe is expected to witness the fastest growth during the forecast period. The government regulations to support environmental protection and reduce the national footprint of carbon are some of the reasons to contribute heavily to the global market. European policy aims to improve the circular management of non-ferrous metals and establish ways to encourage more recycling within the EU and reduce the exports of scrap metals.

By Region

Recent Developments

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