Metal Recycling Market Analysis, Size, Current Scenario and Future Prospects

The global metal recycling market is expected to grow at a CAGR of 5.5% during the forecast period. Metal ores are non-renewable natural resources, which have an ever-growing demand at global level and across sectors, making it imperative to reuse and recycle these metals. According to International Renewable Energy Agency, by 2030, the cumulative value of recoverable raw materials from end life solar panels globally will be about $450 million, which is equivalent to the cost of raw materials currently needed to produce about 60 million new panels. Diverting solar panels from landfills to recycling saves space in landfills in addition to capturing the value of the raw materials. Growing PV panel waste presents a new environmental challenge, however, also unprecedented opportunities to create value and pursue new economic avenues in the direction of metal recycling. 

Energy production, transportation, and industrial activities are the three largest contributors to global greenhouse gas emissions. Replacing fossil fuels with low-carbon technologies would require a multifold increase in renewable energy investments and cause a strong increase in demand for metals. However, developing mines takes a very long time often a decade or more and presents various challenges, at both the company and country level and thus recycling of metals is a viable solution to full-fill the demand. Thus, speeding up the transition to electrification and renewable energy is expected to propel the demand of metals and in return is anticipated to drive the global metal recycling market. Further, the government push for recycling of metals is fuelling demand of metal recycling. For instance, in June 2021 the European Union announced to consider clamping down on exports of metal waste to encourage more regional recycling, part of an effort to become climate neutral by 2050. In March 2021, Indian Ministry of Mines has issued a national non-ferrous metal scrap recycling framework, 2020 in a bid to cut down the scrap imports. In November 2021, The Australian Government announced its plan to invest $190 million into the Recycling modernization fund, leveraging over $800 million of recycling infrastructure investment.

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Market Coverage

• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031

Segment Covered- 

• By Metal Type
• By Scrap Type
• By End-Use

Regions Covered-

• North America
• Europe
• Asia-Pacific
• Rest of the World

Competitive Landscape- Aurubis AG, Dowa Holdings Co., Ltd, Nucor Corp., ArcelorMittal S.A., and Tata Steel Ltd.

Metal Recycling Market Report by Segment

By Metal

• Ferrous
• Non-Ferrous

By Scrap Type 

• Old Scrap
• New Scrap

By End-Use

• Construction
• Automotive
• Shipbuilding
• Equipment Manufacturing
• Consumer Appliances
• Others

A full Report of Metal Recycling Market is Available @  https://www.omrglobal.com/industry-reports/metal-recycling-market

Metal Recycling Market Report by Region

North America                                                                                                           

• United States
• Canada

Europe

• UK
• Germany
• Spain
• France
• Italy
• Rest of Europe

Asia-Pacific

• India
• China
• Japan
• South Korea
• Rest of APAC

Rest of the World

• Latin America
• Middle East and Africa 

Company Profiles

• Baosteel Group Corp.
• Commercial Metals Company (CMC)
• European Metal Recycling Ltd.
• Kimmel Scrap Iron & Metal Co., Inc.
• Metallon Recycling Pte Ltd
• Novelis Inc.
• OmniSource, LLC
• Remondis Se & Co. KG
• Schnitzer Steel Industries, Inc.
• Sims Metal Management Ltd.
• Tom Martin & Co. Ltd.
• Wieland Recycling GmbH

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Article source: https://article-realm.com/article/Business/63838-Metal-Recycling-Market-Analysis-Size-Current-Scenario-and-Future-Prospects.html