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Recycled Metal Market is expected to grow significantly over 2019 - 2024

Author : Rahul Varpe | Published Date : 2019-05-06 

Global Market Insights provides a detailed overview of Recycled Metal market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Recycled Metal market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

Recycled metal market has indeed carved out a momentous place for itself in the realm of advanced materials, plausibly on account of the growing concern among metal product manufacturers regarding the sustainability benefits of metal recycling. With the proliferation of rapid industrialization and urbanization trends across the globe, the demand for metals has observed a meteoric rise. However, having considered the adverse impact of mining on the environment, metal product manufacturers have been inclining toward recycled metals, thereby providing a major impetus to recycled metals industry.

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Strong growth in transportation and electrical & electronics industry mainly in the U.S. will also help trigger metal demand which is mainly due to consistently upgrading & advancing technology which is in line with evolving consumer's preference. These aforementioned trends will have a significant influence on the overall recycled metal market by 2024.

Middle East construction industry is growing rapidly which is mainly due to stabilized crude oil prices which has resulted in rising investment in infrastructure projects. For instance, government in the Middle East has made substantial investment on the Projects such as King Abdulla Economic city in Saudi Arabia, Lusail city in Qatar, Oman rail network and Al Zour refinery in Kuwait. This will trigger demand for recycled metal mainly steel, iron, copper and aluminum. The abovementioned trends will make notable contribution to the recycled metal market in the forecast timeframe.

The adoption of highly strategic business tactics is certain to have a transformational impact on the growth of recycled metal industry share. Additionally, the increasing awareness among regulatory bodies and private companies about the economic benefits of using recycled metal for new product manufacturing and infrastructure developments is also likely to augment the commercialization scale of this business space. Driven by the extensive consumption of recycled metal across myriad industry verticals such as automotive, construction, aerospace, construction, F&B, consumer electronics, and packaging, recycled metal market will surpass a revenue collection of USD 125 billion by the end of 2024.

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In volume terms, recycled ferrous metals market generated close to USD 550 million in 2017. It is primarily due to its comprehensive applications across transport, electronics, industrial machinery, defense and construction sector. Iron and steel are used in the construction industry is in building, steel frame works, bridges, etc., owing to its superior properties such as high tensile strength, durability and reliability to avoid wear & tear in the longer run. The aforementioned trends will support in attaining considerable gains to the global reprocessed metal market by 2024.

Reprocessed metal market share for electrical & electronics is projected to witness gains close to 4% by 2024. Metals are broadly used in the electrical & electronics industry due to its magnetic properties which is advantageous in several electronic applications. Non ferrous metals are used in electronics such as in printed circuit, computer chips, electrical switches, keyboard membranes, etc. owing to its thermal and electrical conductivity. The unique chemical and physical properties possessed by metals along with consistently advancing technologies in the electronics sector will contribute significantly to the global recycled metal market by 2024.

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Prominent recycled metal manufacturers are:

  • Nucor
  • Steel Dynamics
  • Schnitzer Steel
  • Sims Metal
  • Novelis
  • ELG Haniel
  • European Metal Recycling

These manufacturers are rigorously engaged in acquisition, joint ventures and partnerships to expand its market presence. For instance, Steel Dynamics acquired assets from Sims Metal Management. The move was intended to support its Columbus flat roll division plant.

 

Related News: https://www.reuters.com/brandfeatures/venture-capital/article?id=106147

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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