By the end of 2024, revenues from recycled metal will a remarkable US$476.2 bn. This growth, for the most part, will be brought about by the deepening emphasis on sustainability across various industries. Using recycled metal has also proven to be an effective measure in reducing the carbon footprint of an industrial or commercial facility, furthering the demand for metal recycling services. According to a report published on Market Research Reports Search Engine (MRRSE), the valuation of the global recycled metal market will rise at a compounded annual growth rate (CAGR) of 4.8% between 2016 and 2024. The growing demand for recycled materials and the ‘upcycling’ trend are collectively aiding the overall growth of the global recycled metal market.
Building and Construction Industry Leading Application Segment of Recycled Metal
While the use of recycled metal is seen across industries such as electronics, shipbuilding, automotive, and industrial machinery, it is the building and construction sector that currently uses the most recycled metal worldwide. The use for recycled iron and steel in the construction sector has contributed substantially to the revenues of companies in the global recycled metal market.
While this trend is not expected to change in the short-term, the automotive industry is fast emerging as a very promising application segment for companies in the recycled metal market. The need to cut both costs and carbon emissions has forced automotive companies to look toward recycled materials. As a result of these aspects, the CAGR posted by the automotive application segment of the global recycled metal market will be very high between 2016 and 2024.
APAC Economies Demanding more Recycled Metals in their Race Toward Urbanization
From the geographical perspective, the global recycled metal market can be segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Nearly 70% of all revenue of the global recycled metal market is dominated by Asia Pacific and Europe, with China being a key country. Although India’s shares in the APAC recycled metal market are currently not as high as China, the country is expanding at a high CAGR, causing the gap between India and China to close to a noticeable degree by 2024.
Browse Full Global Recycled Metal Market Report with TOC:http://www.mrrse.com/metal-recycling-market
The vibrant economies of various other Asian countries have led to a consistent increase in the demand for recycled metals here. Giving this aspect a further boost is the firm government support for the recycling and resource recovery sector. As a result of these factors, the volume and value growth of the recycled metal market in Asia Pacific will be positive in the near future. At the same time, the recycled metal market in countries in North America and Europe will also post steady gains.
The three leading companies in the global recycled metal market are European Recycled Metal, Sims Metal Management Ltd., and OmniSource Corporation.