Metal Recycling Market – Global Industry Analysis, Forecast 2016 – 2024
Metal recycling is the process of collecting scrap metal and redirecting it to a useful application. This helps reduce the amount of metal extracted from the earth, thus reducing mining activities and eliminating the various harmful effects it has on the environment. Since metals are an exhaustible resource, metal recycling has gained demand as a feasible method of reducing the need for new extraction. The increasing demand for various kinds of metals all around the world, due in large part to the rampant growth of urban infrastructure in developing economies, has played a major part in driving the metal recycling market.
The report on the global metal recycling market answers key questions about the global metal recycling market, shedding light on all aspects of the market to provide a complete coverage. The competitive dynamics of the global metal recycling market, its key segments, and the major trends observed in it are elucidated in the report, along with an analysis of the major driving and restraining factors acting on the market.
Global Metal Recycling Market: Drivers and Restraints
The major driver for the global metal recycling market is the rapid growth of various end users of metal products. The automotive industry and the construction industry are both experiencing booming sales figures at present, with the increasing spending power of consumers in developing economies helping these industries add to the steady demand they enjoy in developed regions. Asia Pacific, in particular, has witnessed urbanization at a rapid rate and on a massive scale, with countries such as China, India, and South Korea going all out to catch up with the leaders of the global economy. This is a major factor driving the global metal recycling market and is expected to remain influential in the years to come.
The electronics industry is also experiencing an unprecedented growth curve, with sales of smartphones and other consumer electronics exhibiting record figures in several countries across the world. Various metals are used in electronics due to their high endurance and mechanical strength and high electrical conductivity. As a result, the electronics industry has also emerged as a significant patron of the global metal recycling market.
The rapid industrialization observed in Asia Pacific, Latin America, the Middle East, and developed parts of Africa has also helped boost the demand for recycled metals. As the developing countries in these regions experience industrialization on a large scale, the demand for advanced urban infrastructure will also rise in the coming years, propelling the global metal recycling market.
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Global Metal Recycling Market: Segmentation
The major types of metals recycled for further usage are ferrous metals and non-ferrous metals. Of these, ferrous metals, such as iron and steel, dominate the global market for metal recycling. Ferrous metals are popular in construction and manufacturing applications in various industries due to their high endurance and mechanical strength. In fact, steel scrap has already become a major source of steel for the global steel industry.
Geographically, North America and Europe dominated the global metal recycling market in 2015. Widespread distribution of urban infrastructure, the early adoption and increasing usage of consumer electronics, and supportive government regulations to promote recycling have been the major drivers for the metal recycling market in the region.
Major companies in the global metal recycling market include ArcelorMittal, Commercial Metals Company, Nucor Corporation, Aurubis AG, and Sims Metal Management Limited.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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