Newark, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global metal recycling market is expected to grow from USD 40.40 billion in 2020 to USD 88.18 billion by 2028, at a CAGR of 10.72% over the forecast period 2021-2028. Rapid industrialization also fuels the global metal recycling market growth. In addition, the imposition of stringent waste management and recycling laws is also boosting the growth of the global metal recycling industry.
The Brainy Insights launched a study titled Metal recycling Market by Type (Ferrous, Non-Ferrous), Equipment (Shredders, Shears, Granulating Machines and Briuetting Machines), End-Use Sector, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028.
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The ferrous segment held the largest market share of around 58.5% and a market value of around USD 23.63 billion in 2020
The type segment is divided into non-ferrous and ferrous. The ferrous segment held the largest market share of around 58.5% and a market value of around USD 23.63 billion in 2020. Iron and steel scraps are perhaps the world's most commonly recycled ferrous metals. This scrap comes from end-of-life items and the scrap generated by manufacturing processes. Also, the use of scrap in steel production has become an essential part of steelmaking.
The shredders segment held the largest market value of around USD 11.15 billion in 2020
The equipment type segment includes shredders, shears, granulating machines and briuetting machines. The shredders segment held the largest market share of about USD 11.15 billion in 2020. This was because of their enhanced handling ease by saving space and needing less manpower, improved remelting efficiency, removal of contaminants in metals to enhance metal quality and value.
The building & construction segment is anticipated to grow at the highest CAGR of around 11.5% over the forecast period
The end-user segment includes building & construction, automotive, equipment manufacturing, shipbuilding, packaging, consumer appliances and others. The building & construction segment is anticipated to grow at the highest CAGR of around 11.5% over the forecast period.The high metal waste produced by the sector is due to an increased demolition rate. Electronics, though, include heavy and highly valued metals such as lead, copper, gold, and aluminum and the recycling ensures conversation of natural resources. Therefore, during the forecast period the electronics & electrical equipment industry is anticipated to witness a substantial growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2021–2028 |
| Base Year | 2020 |
| Market Size in 2028 | USD 88.18 billion |
| CAGR | 10.72% |
| No. of Pages in Report | 234 |
| Segments Covered | Type, equipment, end-use sector and regions. |
| Drivers | Increased awareness about resource efficiency |
| Opportunities | Favorable regulations |
| Restrains | High cost for production |
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Regional Segmentation Analysis:
The regions evaluated for the metal recycling market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.The Asia Pacific region emerged as the largest market for the metal recycling, with a USD 12.28 billion market value in 2020 owing to growing awareness of the importance of waste management and resource utilization.
Competitive Analysis:
Major players in the global metal recycling market are ArcelorMittal, Aurubis AG, Commercial Metals Company, Gerdau S.A., Industrial Services of America, Inc., Nucor Corporation, Schnitzer Steel Industries, Inc., Sims Metal Management Limited and Steel Dynamics, Inc. among others.
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About the report:
The global pulse ingredients market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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