Metal recycling from scrap yards is gaining importance due to the growing pressure on mining activities and a serious need for preserving the environment. Metal scrap is generated from discarded construction materials, automobiles, machinery, mechanical equipment, and electrical and electronic components. Companies such as European Recycled Metal, Sims Metal Management Ltd., and OmniSource Corporation are making heavy investments to upgrade and expand their recycling facilities to ensure optimum and purposeful extraction of scrap metals for recycling. The overall market is projected to progress at a CAGR of 4.8% during the forecast period of 2016 and 2024 as the demand for recycled materials in industries such as shipbuilding and building and construction surges. Analysts predict that the overall market will reach US$476.2 by 2024 from US$312.9 bn in 2016.
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Unstoppable Pace of Urbanization Drive Demand for Recycled Metal in Top Gear
Rampant urbanization, an increase in purchasing power, and population explosion have all contributed towards flourishing construction industry. These factors are predominantly seen in emerging economies. Thus the demand for recycled metals is expected to witness a substantial uptake in the developing regions coming years. Furthermore, the growing automotive sector is also anticipated to drive the demand for recycled aluminum, iron, and steel in top gear.
Asia Pacific and Europe Emerge as Leading Regions
The global market for the recycled metal market is segmented into North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America. As of 2015, Europe and Asia Pacific led the overall recycled metals market with a share of more than 70%. China has a strong foothold in the Asia Pacific market and is estimated to witness a robust growth rate in the near future.
The other nations expected to show a remarkable demand for recycled metal are Thailand, South Korea, Singapore, Malaysia, and Indonesia due to rising GDPs and ongoing infrastructural developments. Furthermore, the rise of manufacturing activities in these countries in sectors such as automotive, industrial machinery, and construction are also expected to provide a significant impetus to the overall market. The growing disposable incomes in these nations have also led increasing sales of household appliances, which utilize recycled metals to a large extent.
Europe is also a significant revenue earner in the overall market as the consumers in the region are realizing the terrible effects of mining on the environment. The strict regulatory laws and supportive governments have also resulted in a steady recycled metals market. Countries such as Italy and Germany play an active role in recycling metals that are required for various purposes.
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Growing Awareness about Environmental Hazards due to Mining Benefits Global Market
The growing consciousness about the adverse effects of mining on the environment is also coaxing scrap yards to recycle metals for various purposes. Unregulated mining often leads to the release of harmful substances into the atmosphere. It not only threatens the environment but also poses a challenge to the human life. The obviously seen negative impacts of mining are the formation of sinkholes, erosion, damage to biodiversity, contamination of groundwater, soil, and surface water as chemicals are released. Additionally, forest logging is yet another negative side of mining for metals, which eventually leads to loss of forests. All of these factors are collectively working towards reducing the impact on mining and augmenting the demand for recycled metals.