Recycled metal products such as steel, iron, aluminum and copper are highly usable for applications in various industries owing to their cost effectiveness and eco-friendly attributes. Recycled metals are widely utilized in manufacturing of machines, automobile parts, wires, pipes and construction materials due to their durability and strength.
The global Recycled Metal Market is estimated to be valued at US$ 62.77 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising expenditure on infrastructure development and construction activities across both developed and developing economies is one of the major factors augmenting the demand for recycled metal. According to research, the global construction industry is projected to grow at an average annual rate of over 4% from 2021 to 2025. This rapid expansion is fueling the consumption of recycled metal in construction of roads, bridges, buildings and other structures. Asia Pacific region accounts for more than 50% of global infrastructure development projects and is expected to witness strong growth in construction spending over the coming years. Continued government focus on public infrastructure coupled with rising urbanization will further propel the recycled metal market growth through 2031.
Segment Analysis
The global recycled metal market is dominated by the ferrous metals sub-segment. Ferrous metals such as steel contribute more than two-thirds of the total recycled metal market. Steel has wide applications in construction, automotive, and machinery sectors. Once melted and reformed, the quality of recycled steel is equivalent to primary steel thereby gaining high preference among manufacturers to lower production costs and optimize resource usage.
Key Takeaways
The Global Recycled Metal Market Size is expected to witness high growth over the forecast period. Developing regions in Asia Pacific and Latin America are expected to account for over 55% of the total market share by 2031 driven by rapid urbanization and industrialization. The global Recycled Metal Market is estimated to be valued at US$ 62.77 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region currently dominates the global recycled metal market with a share of more than 35% primarily attributable to the large production of crude steel in China, India, and Japan. Strong growth in the construction and automotive industries along with supportive government policies promoting sustainable business practices are anticipated to augment market growth further in the region.
Key players
Key players operating in the recycled metal market are Novartis AG, Mylan N.V., Astellas Pharma Inc., Dr. Reddy's Laboratories Ltd., Pfizer Inc., Abbott, Senju Pharmaceutical Co. Ltd., Glenmark Pharmaceuticals Ltd., Lupin Limited, and Vibcare Pharma Pvt. Ltd.
Get More Insights Here
https://captionssky.com/mineral-wool-a-new-rise-in-building-and-construction-industry/
https://www.newsanalyticspro.com/recycled-metal-market-size-share-growth-outlook-2023/
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