The Scrap Metal Recycling Market was valued at US$ 2214.1 Mn in 2017 and is expected to reach US$ 3286.7 Mn by 2022.
The metal recycling industry is an environment-friendly industry that brings both economic and environmental benefits. Scrap recycling and processing is a highly labor-intensive industry, which increases the employment hiring factor, resulting in a positive impact on the social and economic activities in the country.
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Scrap Metal Recycling Industry is fragmented with the Presence of Global and Regional Players
Some of the key participants in scrap metal recycling market which witnesses different collaborations, mergers and acquisitions are Dowa Holdings Co., Ltd., European Metal Recycling Limited, OmniSource Corporation (Steel Dynamics, Inc.), Schnitzer Steel Industries, Inc., Tata Steel, Arcelor Mittal, Aurubis AG, Commercial Metals Company, Nucor Corporation and SIMS Metal Management Limited. In August 2017, Nucor acquired steel bar maker St. Louis Cold Drawn, this acquisition resulted in helping the company to expand its position in the market of cold finished bar products and increasing its metal scrap recycling business.
Non-Ferrous Metal Type is anticipated to be the most attractive Segment during the Forecast Period, 2018 - 2026
Based on the metal type, telecom consulting market is divided into ferrous and non-ferrous. Non-ferrous segment is anticipated to be the most attractive in the metal type of Scrap Metal Recycling Market. The titanium scrap is most abundant type of scrap in non-ferrous segment, mostly used for improving casting and reducing cracks in aluminum alloys. The costs involved in collection and disposal of material, increasing enforcement and surveillance, prosecution, education and awareness programs is high. To avoid these heavy cost, various governments are taking initiatives by spreading awareness and deploying law regarding scrap metal recycling. For instance, the U.S., has set-up relevant recycling law in the states for the manufacturing industries. Even other regions are taking initiatives for spreading the awareness about the recycling of the scrap metals recycling in their area.
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Owing to the Increase in Awareness for Environment, Scrap Metal Recycling is expected to drive the Market in Asia Pacific Region
Asia Pacific region witnesses high production rate of steel, which in return gives rise to Scrap Metal Recycling Market. The industrial process of scrap recycling needs better amount of man power, leading to the growth of employment ratio in developing countries. With large quantity of steel production, concerns for the emission of hazardous gases has increased. To curb this situation, countries like China are restricting the import of foreign metal scrap and recycling their waste scrap to decrease pollution and expenses. Scrap metal recycling allows urbanization by avoiding environmental threats and supporting the stringent environmental regulations associated with mining, the forthcoming years would likely witness an increase in demand for scrap metal recycling.
Global Scrap Metal Recycling Market – By Metal Type
Global Scrap Metal Recycling Market – By End-User
Global Scrap Metal Recycling Market – By Region
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