Metal recycle market size will exceed $950 billion by 2026
An insight into the market scenario and regional situations of the Metal Recycle Market
According to the forecasts of Acumen Research and Consulting, the global metal recycle market value is expected to reach nearly USD 950 billion by 2026, and the growth can be at a CAGR of above 3.8% during the predicted time frame. For the forecast 2018 was taken as the base year and 2019-26 as the forecast period.
Raw materials utilised for metal recycling are the scrap metals found from different sources. The scrap metals get removed and processed for producing recycled metals several times. These are largely gathered from building, automotive, electrical, and electronic parts. Scrap metals are offered by brokerage companies, businesses, industrial producers, retailers and municipal organisations that are operational in the recycled metal market.
The market insight
The nature of goods being utilised in the recycled metals industry plays an important role. A couple of processing steps are needed for the scrap metal industry to utilise recycled metal. The collection and choice of scrap thus offers a huge challenge for the recycled metal industry. The lack of strict rules and legislation on waste flow in developing countries hampers the recycled steel sector.
Absence of customer consciousness regarding product recycling hinders the process of scrap collection. In developing nations, the scrap collectors get a huge proportion of discarded home equipment and electronic products. One of the major limiting factors for the metal recycle market is the absence of policies that aim at the distribution of finished goods to the collectors.
Furthermore, issues like consumer consciousness and metal robbery in the next couple of years are expected to affect the world recycling metal industry adversely. In prediction, the poor quality secondary metals are also likely to affect the need of recycled metals.
A segmented overview
Recycled materials are generally used in sectors such as home appliances, marine engineering, design & construction, electronics, and industrial equipment. The awareness regarding dwindling natural resources and energy preservation play a critical role in the increased recycling of metals by companies. Besides this, the financial benefits of recycled metals increases its demands ever further.
Steel is the metal that is recycled the most in various sectors like cars, construction and packaging, equipment, and so on. About 40% of iron and steel products are made by ferrous metal scrap. Aluminum is another steel product, which is highly recycled all over the world. In fact, in 2018 about 630 million tons of recycled steel was generated. Examples of non-ferrous metals frequently recycled are aluminum, plum, copper, zinc, titanium, nickel, chromium, and cobalt.
The regional situation
Asia-Pacific countries have had a major share of the recycled steel industry in 2017, in terms of quantity and income. In this particular region, the development potential of India and China are the highest in this regard. However Japan, Australia, South Korea, and New Zealand are the major key players for the recycled metal market.
In the year 2018, Europe followed Asia Pacific in terms of volumes and sales. The trend is expected to continue during the prediction era. The recycling rates for metals in the European Union nations are higher than the rest of the Europe.
In North America, a significant market share is held by the United States. A majority of the requirement for recycled metal comes from ship building, cars, and industrial machinery. North America is also one of leading manufacturers of recycled metal. With the metal recycle market predicted to soar now is the best time to get involved!