Metal Recycling Market Increasing Demand, Growth Analysis and Future Outlook
The metal recycling market size is projected to grow from USD 551.9 billion in 2024 and is projected to reach USD 767.9 billion by 2029, at a CAGR of 6.8%
(EMAILWIRE.COM, July 17, 2024 ) The report " Metal Recycling Market by Type (Ferrous Metals, Non-Ferrous Metals), Scrap Type (Old Scrap, New Scrap), Equipment Used (Shredder, Shear, Granulation Machine, Briquetting Machine), End-Use Industry, and Region - Global Forecast to 2029" The metal recycling market size is projected to grow from USD 551.9 billion in 2024 and is projected to reach USD 767.9 billion by 2029, at a CAGR of 6.8% during the forecast period.
Browse in-depth TOC on "Metal Recycling Market”
391 - Market Data Tables
53 - Figures
298 - Pages
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Ferrous Metals type segment accounted for the highest CAGR by volume during the forecast period.
Ferrous metals, primarily containing iron, include steel, carbon steel, alloy steel, cast iron, and wrought iron. Known for their magnetic properties and high tensile strength, they are essential in construction of structural frameworks, bridges, and reinforcement bars, in the automotive industry for car bodies and engines, and in industrial machinery and tools. Recycling ferrous metals involves collecting scrap from construction, demolition, automotive, and manufacturing sectors. This process conserves natural resources and reduces energy consumption and greenhouse gas emissions compared to producing new metals.
Automotive end-use industry segment accounted for the second highest CAGR by value during the forecast period.
The rise in electric vehicle (EV) adoption and the automotive industry's focus on sustainability are major factors driving the metal recycling market. EVs require significant amounts of metals like steel, aluminum, and copper for batteries, motors, and body structures. As demand for EVs increases, recycling these metals from end-of-life vehicles and manufacturing scrap becomes crucial to meet this need sustainably. According to the Institute of Scrap Recycling Industries, the increase in the adoption of electric vehicles (EVs) has been remarkable, with 670,000 EVs sold in the first half of 2023. This will have a significant impact on the automotive end-use sector in the metal recycling market. Automakers are also prioritizing sustainability to reduce their environmental impact. This involves using recycled materials in vehicle production to conserve resources and decrease greenhouse gas emissions. By incorporating recycled metals, automakers can cut down on the energy consumption and pollution linked to extracting and processing new metals. This commitment to sustainability fuels the demand for recycled metals and encourages advancements in recycling processes and technologies. Hence, the growth of electric vehicles and the automotive industry's sustainability efforts enhance the metal recycling market by maintaining a steady demand for recycled metals, promoting environmental benefits, and supporting the circular economy.
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Europe is projected to be the second largest region in terms of value during the forecast period.
The metal recycling market in Europe is driven by several key factors. Stringent environmental regulations and EU policies aim to reduce waste and promote recycling, compelling industries to adopt sustainable practices. These regulations include directives on waste management and recycling targets that encourage metal recycling. There is a growing emphasis on sustainability and the circular economy across Europe. Increasing environmental awareness among businesses and consumers boosts the demand for recycled metals, highlighting the benefits of conserving resources, reducing energy consumption, and lowering greenhouse gas emissions. Advancements in recycling technologies have enhanced the efficiency and effectiveness of metal recycling processes, making it easier to recover high-quality metals from scrap and encouraging recycling activities. Additionally, Europe's robust industrial and manufacturing sectors, including automotive, construction, and machinery industries, generate substantial metal scrap, which is recycled to produce new products. Recycling metals is often more cost-effective than mining and processing new ores, providing financial incentives for businesses to engage in recycling. Overall, the combination of strict environmental regulations, a focus on sustainability, technological advancements, industrial demand, and economic benefits drives the metal recycling market in Europe.
Metal Recycling Market Key Players
Major companies such as ArcelorMittal (Luxembourg), Nucor (US), CMC (US), Sims Limited (Australia), Aurubis AG (Germany), Dowa Holdings Co., Ltd. (Japan), Tata Steel (India), Radius Recycling, Inc. (US), European Metal Recycling Ltd. (UK), and Upstate Shredding – Weitsman Recycling (US) and other leading companies in this market.
Don't miss out on business opportunities in Metal Recycling Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow.https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=102425671
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Browse in-depth TOC on "Metal Recycling Market”
391 - Market Data Tables
53 - Figures
298 - Pages
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=102425671
Ferrous Metals type segment accounted for the highest CAGR by volume during the forecast period.
Ferrous metals, primarily containing iron, include steel, carbon steel, alloy steel, cast iron, and wrought iron. Known for their magnetic properties and high tensile strength, they are essential in construction of structural frameworks, bridges, and reinforcement bars, in the automotive industry for car bodies and engines, and in industrial machinery and tools. Recycling ferrous metals involves collecting scrap from construction, demolition, automotive, and manufacturing sectors. This process conserves natural resources and reduces energy consumption and greenhouse gas emissions compared to producing new metals.
Automotive end-use industry segment accounted for the second highest CAGR by value during the forecast period.
The rise in electric vehicle (EV) adoption and the automotive industry's focus on sustainability are major factors driving the metal recycling market. EVs require significant amounts of metals like steel, aluminum, and copper for batteries, motors, and body structures. As demand for EVs increases, recycling these metals from end-of-life vehicles and manufacturing scrap becomes crucial to meet this need sustainably. According to the Institute of Scrap Recycling Industries, the increase in the adoption of electric vehicles (EVs) has been remarkable, with 670,000 EVs sold in the first half of 2023. This will have a significant impact on the automotive end-use sector in the metal recycling market. Automakers are also prioritizing sustainability to reduce their environmental impact. This involves using recycled materials in vehicle production to conserve resources and decrease greenhouse gas emissions. By incorporating recycled metals, automakers can cut down on the energy consumption and pollution linked to extracting and processing new metals. This commitment to sustainability fuels the demand for recycled metals and encourages advancements in recycling processes and technologies. Hence, the growth of electric vehicles and the automotive industry's sustainability efforts enhance the metal recycling market by maintaining a steady demand for recycled metals, promoting environmental benefits, and supporting the circular economy.
Get Sample Pages of This Report @https://www.marketsandmarkets.com/requestsampleNew.asp?id=102425671
Europe is projected to be the second largest region in terms of value during the forecast period.
The metal recycling market in Europe is driven by several key factors. Stringent environmental regulations and EU policies aim to reduce waste and promote recycling, compelling industries to adopt sustainable practices. These regulations include directives on waste management and recycling targets that encourage metal recycling. There is a growing emphasis on sustainability and the circular economy across Europe. Increasing environmental awareness among businesses and consumers boosts the demand for recycled metals, highlighting the benefits of conserving resources, reducing energy consumption, and lowering greenhouse gas emissions. Advancements in recycling technologies have enhanced the efficiency and effectiveness of metal recycling processes, making it easier to recover high-quality metals from scrap and encouraging recycling activities. Additionally, Europe's robust industrial and manufacturing sectors, including automotive, construction, and machinery industries, generate substantial metal scrap, which is recycled to produce new products. Recycling metals is often more cost-effective than mining and processing new ores, providing financial incentives for businesses to engage in recycling. Overall, the combination of strict environmental regulations, a focus on sustainability, technological advancements, industrial demand, and economic benefits drives the metal recycling market in Europe.
Metal Recycling Market Key Players
Major companies such as ArcelorMittal (Luxembourg), Nucor (US), CMC (US), Sims Limited (Australia), Aurubis AG (Germany), Dowa Holdings Co., Ltd. (Japan), Tata Steel (India), Radius Recycling, Inc. (US), European Metal Recycling Ltd. (UK), and Upstate Shredding – Weitsman Recycling (US) and other leading companies in this market.
Don't miss out on business opportunities in Metal Recycling Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow.https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=102425671
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Contact Information:
MarketsandMarkets™
Mr. Rohan Salgarkar
Tel: 1-888-600-6441
Email us
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MarketsandMarkets™
Mr. Rohan Salgarkar
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results