February 20, 2020
As per the report titled ‘Recycled Metal Market Size By Metal (Ferrous, Non-ferrous [Aluminum, Copper, Lead, Precious Metals]), By End-user (Building & Construction, Transport, Industrial Machinery, Electrical & Electronics, Defense, Packaging, Consumer Goods, Nuclear, Military, Jewellery, Coins, Chemical), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report LLC, the global recycled metal market is projected to cross USD 125 billion by the year 2025.
Rapid infrastructure development and thriving construction industry in the Middle East, coupled with increasing investments attributable to stable crude oil prices are propelling the growth of recycled metal market. Several government projects such a Lusail city in Qatar, King Abdulla Economic city in Saudi Arabia, Oman rail network, and Al Zour refinery in Kuwait will boost the demand for recycled metals primarily steel, iron, copper, and aluminum over the forecast timeline. Moreover, booming transportation and electronics & electrical industries across the United States will impel the expansion of recycled metal market in the ensuing years.
Rising inclination towards sustainable practices, coupled with environmental benefits of recycled metals will foster the market growth. However, lack of proficient recycling processes to recover the maximum amount of metal from scrap will hamper the market growth in the coming years.
Based on the metal type, ferrous segment generated about USD 550 million in 2017 and is expected to see a considerable growth in the coming years, on account its extensive application across electronics, transport, industrial machinery, defense, and construction sectors. Ferrous materials such as iron and steel are widely in the construction sector owing to properties such as high tensile strength, superior resistance to wear & tear, and extended lifespan.
Speaking of the end-user spectrum, electrical & electronics segment is projected to witness a growth of 4% by 2024, owing to magnetic properties of metal which is are favorable in various electronic applications. Non-ferrous metals are utilized in computer chips, printed circuit, electrical switches, and keyboard membranes owing to their thermal and electrical conductivity. Increasing demand for both ferrous and non-ferrous metals on account of their varied applications in this industry vertical will augment the business outlook in the years to come.
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Considering the geographical outlook, North America recycled metal market was worth USD 8.5 billion in 2017 and is expected to see a substantial growth during the study period. Well-established transportation, electrical & electronics, and defense sectors across the region are contributing towards the product demand. Stringent regulations to reduce carbon footprint is another major factor stimulating the recycled metal market growth in North America.
Major players of recycled metal market include Nucor, Schnitzer Steel, Steel Dynamics, Sims Metal, ELG Haniel, Novelis, and European Metal Recycling among others.
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