Allied Market Research published a research report on the metal recycling market. The findings of the report states that the global market for metal recycling generated $217.0 billion in 2020 and is expected to reach $368.7 billion by 2030, registering a CAGR of 5.2% from 2021 to 2030.The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Significant surge in urbanization and industrialization in various countries across the globe, rise in concerns about greenhouse gas emissions, and rigorous initiatives undertaken by the governments to promote metal recycling are expected to drive the growth of the global metal recycling market. On the other hand, less availability of scrap collection zones is expected to hinder the growth to some extent. However, surge in the construction activities of buildings across the globe is expected to create tremendous opportunities for industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the metal recycling market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global metal recycling market, owing to lockdowns in numerous countries across the globe. Lockdowns led to the closure of manufacturing facilities in industries, including those of metal recycling, resulting in its decreased demand. In addition, stringent import and export restrictions imposed by the government and the extension of lockdowns further aggravated the impact on the market. However, the market is expected to recoup soon.
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“The global metal recycling market has witnessed significant growth over the past decade, owing to rise in investment in various end-user industries such as building & construction, packaging, automotive, industrial machinery, electronics & electrical equipment, shipbuilding & others. A number of players are expanding their business globally, owing to increased customer base, enhanced effective operations, developed product portfolios, and expanded geographical reach. This is anticipated to fuel the growth of the global metal recycling market,” said Priyanka Khandelwal, Lead Analyst, Construction and Manufacturing at Allied Market Research.
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The report offers detailed segmentation of the global metal recycling market based on metal type, scrap type, end-user and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on scrap type, the old scrap segment generated the highest market share in 2020, garnering more than half of the global market. The scrap segment, on the other hand, is expected to exhibit the fastest CAGR of 6.1% during the forecast period.
Based on end-user, the automotive segment held the majority share in 2020, holding more than one-third of the global market. The shipbuilding segment, on the other hand, is anticipated to cite the fastest CAGR of 8.2% during the forecast period.
Based on region, the market across Asia-Pacific held the lion’ share in 2020, garnering more than two-fifths of the global market. Moreover, the same segment is predicted to exhibit the fastest CAGR of 7.4% during the forecast period. Other regions included in the report include Europe and North America.
The key players analyzed in the global metal recycling market report include SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, ArcelorMittal, Nucor Corporation, Commercial Metals Company, Tata Steel, Dowa Holdings Co., Ltd., OmniSource Corporation, and Schnitzer Steel Industries Inc.
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