The Metal Recycling market also referred to as the Recycled Metals Market is projected to grow at a CAGR of 7.0% to reach USD 88.3 billion by 2026 from 55 billion in 2019. The recycling of metal involves various stages such as shredding, Shearing, Baling, identification, and classification of waste, and further processing. The market is growing due to an increasing preference for Metal Recycling over on account of environmental concerns, depleting natural reserves and increasing prices of raw metal ores, and the emergence of new technologies. Other factors favoring the growth of this market include increasing urbanization and increasing the rate of industrialization in developing countries. The government support favoring the usage of Metal Recycling worldwide has also helped to propel the growth of the Metal Recycling market. The increasingly improving quality of Recycled Metal products has also favored the growth of the Metal Recycling market also referred to as the Recycled Metals Market.
Governments in various countries are also encouraging recycling to promote effective waste management. Other factors influencing the metal recycling rate is the price of recycled metal versus virgin metal. This report will analyze prices of Recycled Metal versus metals and the demand-supply scenario of crude metal ore. Metal recycling rates vary significantly across different countries and types of Metals. However, the recycling rates of metals are substantially higher as compared with plastics.
The research report analyses the ecosystem and value chain of the Metal Recycling market or Recycled Metals Market. The report categorizes the Metal Recycling Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
In terms of market by metal type, the ferrous metal segment is estimated to be the largest segment of the Metal Recycling market during the forecast period
The ferrous metal segment was the biggest segment of the Metal Recycling market during the forecast period. This can be attributed to the growing consumption of steel material in various end-user industries such as consumer goods, food & beverage, automobile, and various other industries. Recycled steel accounts for a substantial share of the global steel market.
By End Use the Building and Construction Segment is expected to be the largest segment of the Metal Recycling market
The Metal Recycling market is expected to grow at a healthy CAGR. Various organizations across the globe are increasingly adopting Metal Recycling. Building and Construction are estimated to be the largest and fastest-growing end-use industry of the Metal Recycling market in terms of market size and CAGR trend during the forecast period. A huge amount of metals are recycled from construction waste.
The Asia Pacific is expected to be the largest region in the forecast period
Asia Pacific region accounted for the largest share of the Metal Recycling market followed by the other regions. The North America metal recycling market is also projected to witness a higher product demand in the coming years on account of increasing consumption in end-user industries. The demand in the Asia Pacific region is primarily driven on account of demand from end-user industries. The Asia Pacific region is growing on account of rising urbanization, industrialization, the presence of a large number of steel mills that recycle metals, government initiatives, and a rise in residential and commercial construction projects.
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.