The global recycled metal market value to reach around USD 950 billion by 2026 and growth is estimated to rake at CAGR above 3.8 % over the forecast time frame.
LOS ANGELES, June 10, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Recycled Metal Market (By Metal: Non-ferrous Metals [Aluminum, Lead, Copper, Others], Ferrous Metals, Precious Metals; By End Use: Construction and Building, Electrical and Electronics, Shipbuilding, Automotive, Industrial Machinery) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
The rise in awareness of power savings by secondary metal manufacturing, i.e. metal recycling, drives mainly expansion in the recycled metal industry. Metal manufacturers have begun to adopt sophisticated power management technologies to reduce their environmental impact.
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Market Insights
For the extraction of metal from ores a big quantity of energy is needed. In steel manufacturing, electricity consumed accounts for about 8.3 percent of the world's energy consumption. In addition, the mining method contributes to greenhouse gas emissions. The main manufacturing of metals includes metal extraction from metal ores, whilst the secondary production includes the preparation of scrap metals.
Primary ferrous manufacturing involves iron oxide reduction to iron by decreasing coke, coal and natural gas agents. The decrease is achieved at a high temperature and involves elevated energy. In the secondary manufacturing of scrap metal, however, the electric arc furnace (EAF) method is used. The method is much less energy-consuming. Thus, the energy consumption is considerably greater for prime ferrous metal manufacturing than for secondary manufacturing. Consequently, secondary ferrous metal manufacturing via recycled metal reduces the costs.
The production of 100 kilograms of bauxite ore aluminum needs power from 4,700 terra joules. Furthermore, it also entails considerable amounts of energy to produce non-ferrous metals such as copper, lead, nickel and zinc. In addition, the extraction method leads to greenhouse gas emissions. Non-ferrous metals can, however, be generated from scrap metal sources via a cost-effective technique with a considerably low energy consumption. During secondary manufacturing of non-ferrous metals the emission of carbon dioxide is decreased.
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Metal manufacturers have begun adopting state-of - the-art power management technologies to reduce their environmental impact. Recycled metal will assist industry players in the near future attain their sustainable objectives. In turn, the recycled metal market is projected to be driven in the coming few years.
Increase in E-waste Production to Enhance Recycled Metal Market
Over the past few years, e-waste generation has risen considerably. The digital revolution has led to constant development in the electronics sector. The market for electric and electronic products is driving changes in consumer requirements and steady technological improvements. As a consequence, new phones with enhanced technology are replacing electronic products with standard technology. This in turn drives waste generation from electronic and electrical machinery discarded.
The use of electronic residues can be supported by a well designed and efficient recycling scheme. Electronic waste management systems discourage precious metal loss and reduce greenhouse gas emissions. Conducted by increasing environmental awareness, developing and government agencies focus on recycling electronic waste to promote the conservation of resources.
In order to satisfy the increased demand for metals within a number of end users sectors, the rate of metal recycling from e-waste is expected to significantly improve over the next few years. E-waste is therefore anticipated to be the most promising recycled metal source, with a considerable increase in e-waste generation and increased steel demand.
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Regional Outlook
In terms of income and quantity, Europe followed Asia Pacific in 2017. During the period of the prediction, this trend shall proceed. Compared to the rest of Europe, the general recycling rates in EU-28 nations for different metals are high. In Europe, domestic and imported scrap is used to contribute to the region's market share.
In North America, the United States has an important market share. Metal recycling is a well-established local industry. Large proportion of recycled metal demand is made up of automobile, ship-building and industrial machinery end-users. North America is also a leading recycled metal manufacturer.
Key Players & Strategies
The worldwide recycled metal market is used by players of various dimensions and stocks. Due to the integrated value chain, there is probably high intensity of rivalry between established players. Due to the high fixed costs and big investments made at the original phase exit barriers are high. In turn, this enhances business players ' rivalries.
Major Players in the market includes Nucor Corporation, Commercial Metal Company, European Metal Recycling, Aurubis Ag, Steel Dynamics, ELG HanielGmbh, Novelis, Sims Metal Management, and Schnitzer Steel.
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