April 2024 | Report Format: Electronic (PDF)
Metal Recycling Market Growth & Trends
The global metal recycling market size projected to reach USD 1.4 trillion by 2027 registering a CAGR of 4.9%, according to a new report by Grand View Research, Inc. Increasing emphasis on circular economy and growing environmental awareness are the major factors that are likely to propel the market growth over the coming years.
International efforts to enhance global recycling capabilities and the increasing availability of obsolete scrap is likely to promote industry growth in the long term. In terms of volume, steel is the most recycled metal than other materials. This is owing to the abundant availability of steel scrap. However, the outbreak of the COVID-19 pandemic is likely to cause a severe decline in the demand for 2020.
Furthermore, the growing consumption of metal in end-use industries is also likely to play a major role in driving market growth. For instance, steel is largely consumed in the automotive, construction, industrial manufacturing, and consumer goods industries. Aluminum recycling is also gaining significant momentum as recycling aluminum saves over 90% energy compared to its primary production.
Metal manufacturers are increasingly promoting recycling as an effective way to address the problem of resource scarcity and mitigate environmental impact associated with the production process. The industry is garnering significant pace as economically viable recovery of metals from the sorted recyclates is now feasible.
Asia Pacific is predicted to be the largest as well as the fastest-growing regional market from 2020 to 2027. Proper waste management and rapid urbanization are the major factors that are likely to trigger industry growth in APAC. The growing manufacturing sector in India, China, Vietnam, Thailand, Myanmar, and Indonesia is leading to increased production activities, thereby boosting the demand for metal recycling.
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Metal Recycling Market Report
Metal Recycling Market Report Highlights
- Asia Pacific captured the largest revenue share of 67% in 2019, in terms of volume, as the region is the largest producer of metals in the world
- Steel is expected to register the fastest CAGR of 6.4%, in terms of revenue, from 2020 to 2027 owing to abundant availability of steel scrap from automobiles
- The construction application segment led the market with a volume share of approximately 47% in 2019, owing to high spending in the construction sector in emerging economies of Asia Pacific
- Consumer goods is expected to register the fastest CAGR from 2020 to 2027 on account of rising demand for metal products in this sector
- Aluminum was the second-largest recycled product in 2019 owing to the high demand for aluminum for the production of lightweight vehicles
