September 15, 2022 16:33 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Scrap Metal Recycling Market Size, Share, Growth Analysis Report By Type (Ferrous Metals, and Non-ferrous Metals), By Application (Residential, Commercial, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Scrap Metal Recycling Market size & share was valued at approximately USD 55.20 million in 2021. The market is expected to grow above a CAGR of 7.20% and is anticipated to reach over USD 83.77 million by 2028.”
The report analyses the Scrap Metal Recycling market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Scrap Metal Recycling market.
Scrap metal recycling is recovering metals from objects that have outlived their usefulness. Then, new items are made using the recovered scrap metal as a raw material. The two categories of these metals are ferrous and nonferrous. Nonferrous scrap does not contain any iron, but ferrous scrap does. These contain a variety of metals, including copper, zinc, aluminum, lead, and others.
Nonferrous metals include, among others, copper, zinc, magnesium, brass, aluminum, tin, nickel, and lead. Nonferrous metals include rare and precious metals. In any form, precious metals like gold, silver, and platinum have a high market value. Exotic metals contain rare elements, including cobalt, mercury, and titanium. By recovering discarded metal, metal recycling brings considerable economic and environmental benefits. The first and most important argument is that metal recycling protects natural resources by reducing the need to extract virgin raw materials, which aids in the fight against climate change.
Recycling discarded metal allows us to consume less energy, resulting in lower greenhouse gas emissions. According to the Business Innovation Observatory, recycling materials is a less expensive and easier source for manufacturers and producers.
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The report contains qualitative and quantitative research on the global Scrap Metal Recycling Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Scrap Metal Recycling market include:
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Due to its advantages for the economy and environment, which help to reduce pollution, the increased demand for scrap in various industries, including steel, metal manufacturing, automotive, construction, and others, is a major factor fueling the growth of the global scrap metal recycling market. Additionally, government-enforced laws & regulations, growing urbanization & industrialization, and technical advancements that are assisting in the improved recovery rate of waste from products have fueled the growth of this industry.
Residential, commercial, and industrial sectors are increasingly using recovered scrap metal. Additionally, growing demand for these metals, which results in energy savings rather than mining for new materials, increased awareness programs for practicing sustainable waste management & effective use of natural resources, and rising environmental concerns have contributed to the market's growth. In addition, unrealized potential in developing nations, public-private partnerships, and metal recovery from slag residue is anticipated to create lucrative opportunities for this sector.
However, unregulated metal waste collection in developing countries and stringent regulations that forbid fair and open trade in scrap metal are two issues that can restrain the market's expansion. Additionally, as products become more complicated, recycling becomes a more challenging procedure.
In the year 2020, the pandemic caused by COVID-19 had a detrimental effect on the market. The lockdown procedures that governments established to ensure the protection of the general public caused recycling plants to be temporarily shut down during the first three months of the year 2020. The amount of scrap metal that was kept on hand much exceeded the requirements at any given time. The decrease in non-ferrous metal shipments in countries such as India, Malaysia, and Indonesia was also brought on by difficulties in the logistics of transporting these metals. In particular in the year 2020, these factors will have a deleterious impact on the growth of the market for recycling metal in the regional economy.
Browse the full “Scrap Metal Recycling Market Size, Share, Growth Analysis Report By Type (Ferrous Metals, and Non-ferrous Metals), By Application (Residential, Commercial, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/scrap-metal-recycling-market
The global scrap metal recycling market has been segmented into type, application, and region.
The scrap metal recycling market is segregated into ferrous and nonferrous metals based on the type. Among these, the ferrous metals segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the application, the scrap metal recycling market is segregated into residential, commercial, and industrial. Among these, the residential segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.
The global scrap metal recycling market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The Asia Pacific dominated the market for scrap metal recycling in 2021 due to the area being one of the world's main steel and aluminum producers.
In April 2020, China produced more than 85 Million metric tonnes of steel; in April 2021, that amount increased to more than 98 Million metric tonnes. It is also projected that increased demand for scrap goods and a focus on efficient waste management by governments will support market expansion in the region. The scrap metal recycling market is expanding fastest in Asia, and China is anticipated to lead during the projected period.
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The global Scrap Metal Recycling market is segmented as follows:
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