Persistence Market Research
Recycled Metals Market: Introduction
Metals, being an indispensable part of fabrication and automotive industry, are available in abundant quantity. Supply of metals is ensured primarily by extraction from natural resources and secondarily by recycling of used metals. Recycling of metals not only supports sustainability but also provides environmental and industrial benefits, such as it saves energy, minimizes waste volume and reduces pollution. Above all, recycling of metals reduces cost.
With rapid urbanisation and industrialisation, coupled with increasing use of metals in consumer goods, for instance, in electronics products are leading to increasing demand for recycled metals. In the recent years, there have been a significant rise in metal waste volume. Since metals have a unique characteristic to intact its properties, it makes them ideal for recycling. There are different types of metals that can be recycled without changing their original properties, for instance, steel, aluminium, cobalt, lead, copper, etc. In some metals, recycling is considerably cheaper than extraction from natural resources such as in case of aluminium.
The recycling process generally comprises the following key steps: collection, sorting, processing, shredding, and melting followed by purification and solidification. Generally, recycled metals are categorised as ferrous and non-ferrous metals.
Recycled Metals Market: Dynamics
Government and industrial initiative to minimise metal waste and to support sustainable development is one of the vital reason that helps to increase production of recycled metals. According to the Bureau of International Recycling (BIR), there has been increase in recycling of non-ferrous metals by 6% Y-o-Y in 2016, whereas 0.8% of steel across the globe. Increasing production of recycled metal across the globe and growing demand from the manufacturing industries, coupled with intact properties, provide traction to boost the demand for recycled metals. Growing demand from automotive and industrial machinery applications in turn is expected to boost the demand for recycled metals. Increasing infrastructure investments in developing and developed countries provide necessary traction for the growth of the recycled metals market. Furthermore, excess production of steel has a significant effect on the recycled ferrous metal market. Besides, complexities involved while recycling of mixed metals also restrict the scope of recycling. In the next few years, technological advancement in recycling process will help reduce the cost of recycled metals creating opportunities for the growth of the recycle metals market.
Recycled Metals Market: Segmentation
On the basis of metal type, global recycled metal market is segmented into:
On the basis of application, global recycled metal market is segmented into:
Recycled Metals Market: Regional Outlook
The global recycled metals market is dominated by the Asia-Pacific region, with a significant share of China, in terms of production and consumption. Growing automotive, manufacturing and building and construction industries in APAC region resulted into increase in demand for recycled metals. The APAC recycled metals market is expected to register healthy CAGR over the forecast period. North America followed by Europe is the major market for recycled metals. Government and industrial initiatives are the major driving factors for the growth of the recycled metals market in these regions. In North America and Europe, the recycled metals market is expected to grow substantially over the forecast period. In Latin America, Middle East and African regions the recycled metals market is anticipated to register slow growth over the forecast period.
Recycled Metals Market: Key Players
Some of the major players identified in the Global Recycled Metals market are Schnitzer Steel Industries, Inc., Sims Metal Management Ltd, Nucor Corporation, OmniSource Corporation, ArcelorMittal S.A., DOWA HOLDINGS Co., Ltd, European Metal Recycling Limited, Commercial Metals Company, Baosteel Group Corporation, Tata Steel Limited, etc. Over the recent past, key players are focussing on capacity addition in order to cater the increasing demand for recycled metals in end-use industries.
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