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Recycled Metal Market Growth Overview by Construction, Manufacturing And Industrial Sectors, 2025

Author : Rahul Varpe | Published Date : 2019-11-05 

According to a report by GMI, predicts that the recycled metal market size could exceed US $85 billion by 2025. Automotive companies worldwide use recycled iron and steel to manufacture new vehicles. According to an estimate, at least 25% of all recycled steel is used by automotive companies. With growing trends in this sector,

A key segment that could drive recycled metal market includes the recycled ferrous metal market, which reportedly has generated over $550 million in 2017. For the uninitiated, ferrous metal is a mixture of carbon and iron, which provides high tensile strength, reliability and durability, and includes metals like carbon steel, wrought iron, cast iron and alloy steel.

Evidently, these metals are commonly found in various application across construction, electrical & electronics, nuclear, consumer goods, military as well as many other industries. Factors such as these could play an crucial role in propelling the demand in the ferrous metal industry, in turn boosting recycled metal market outlook.

Concerning the end-user spectrum, electrical & electronics sector is estimated to play a substantial role in boosting the reprocessed metal market size, with growth rate predicted around 4% through 2024. Aspects like magnetic properties and electrical conductivity in metals makes reprocessed metal an ideal choice in various electronic products.

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With nonferrous metals increasingly being used in components like computer chips, printed circuit boards, keyboard membranes, electrical switches and more owing to its electrical & thermal conductivity, the global recycled metal market could register momentous proceeds from the electronics & electrical sectors by 2024.

In terms on regional share, the Asia Pacific recycled metal market is expected to show a gradual growth of 4% during the forecast timeframe. This growth can be credited to stringent regulations and laws enforced by several environmental regulatory bodies present in the APAC region. Indeed, use of recycled metals helps many companies to save huge amounts of money by giving it an alternative for mined metals which cost way more than recycled metals. Trends like these can substantially implicate growth as well as drive new opportunities for players in the Asia Pacific recycled metal market by 2025.

North America recycled metal market is also projected to make exponential growth by the end of 2024. Earlier in 2017, the region’s recycled market was projected to record $8.5 million. Moreover, in recent years, the region has witnessed numerous advancements in various sectors such as transportation, defense and electrical & electronics industry. This growth constitutes to higher potential demand for recycled metal in the region.

Additionally, stringent environmental laws and regulations like OSHA 3348-05 that focus on avoiding potential health hazard and meeting safety requirements in the metal recycling industry could supplement industry growth. These instances could play a pivotal role in propelling North America recycled metal market size by 2024.

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Key market players operating the global recycled metal industry include Steel Dynamics, Nucor, Sims Metal, Schnitzer Steel, ELG Haniel and Novelis. Manufacturers such as these are actively engaging in new acquisition, partnerships and joint ventures to expand their business reach. Moreover, growing demand from steel from the global construction sector for sustainable building infrastructure could propel worldwide recycled metal market outlook.

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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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