Recycled Metal Market Growth Accelerated by Increasing Demand for Environmental Sustainability
Recycled metal plays a vital role in industrial applications such as construction, automotive manufacturing, and packaging due to its durability and cost-effectiveness. Recycled metals allow manufacturers to reduce costs and energy usage as well as minimize environmental impact compared to primary metal production from mining.
The global Recycled Metal Market is estimated to be valued at US$ 120 billion in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for environmental sustainability is expected to drive the recycled metal market growth over the forecast period. Growing concerns about depleting mineral resources and environmental pollution from mining activities are propelling manufacturing industries and consumers to adopt recycled metals. Various government entities across nations have implemented stringent regulations mandating the use of recycled content in products to lower carbon emissions. Industry players are also promoting recycling as part of their corporate sustainability goals. The market is witnessing significant technological advancements in scrap sorting and processing to improve metal recovery rates and produce high-quality recycled feedstock. Advanced automation, robotics, and artificial intelligence are enhancing productivity and efficiency of recycling operations.
Segment Analysis
The global recycled metal market is segmented on the basis of metal type into steel, aluminum, copper, zinc, lead and others. The steel segment currently dominates the market as a result of extensive collection and recycling programs established for steel scrap worldwide. Steel has also found wide applications across various end-use industries like construction, automotive and packaging which has propelled the demand for recycled steel over the years.
Key Takeaways
The Global Recycled Metal Market Size is expected to witness high growth over the forecast period of 2023 to 2028.
Regional analysis shows that Asia Pacific currently holds the largest share of the market attributed to presence of a robust recycling infrastructure and growing construction activities in developing countries of the region. Countries like China, India and Japan are recycling metals at an extensive level and emerge as major hubs for secondary steel production.
Key players operating in the recycled metal market are Sims Metal Management, European Metal Recycling, Commercial Metals Company, Baosteel Group Corporation, Nucor Corporation, DowDuPont.
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