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Recycled Metal Market to witness a steady growth over the forecast timeframe

Author : Rahul Varpe | Published Date : 2019-07-11 

According to a new research report by Global Market Insights, Inc. Recycled Metal Market size is forecast to exceed USD 85 billion by 2025. Recycled ferrous metal market size was valued more than USD 850 Million in 2018. Ferrous metal are combination of carbon and iron. Some common ferrous metals include carbon steel, alloy steel, wrought iron, and cast iron. 

These metals are used in different application across electrical & electronics, construction, consumer goods, nuclear, consumer goods, military, transport and several other end-user industries. For instance, the overall recycling rate for steel used in construction is 98% for structural and 71% for rebar & reinforcement applications. Steel is among one of the few materials with a truly closed recycling loop. It is used again and again without any loss of strength or quality.

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Strong growth indicators in Asia Pacific transportation industry due to rising middle class will positively impact on metal demand owing to its widespread use in automotive for structural applications. Based on its weight, a passenger car contains approximately 65% steel and iron. Steel used in automobiles is made from about 25% recycled steel. 

For instance, Indian automotive industry is expected to be worth more than USD 280 Billion by 2025. India’s automobile production grew by 7% from 2013 to 2018 with nearly 30 million vehicles manufactured, such trends are forecast to exhibit similar growth rate over the forecast timeframe and shall subsequently boost recycled metal market size by 2025. However, unorganized flow of metals and poor scrap collection zones is anticipated to restrict the global recycled metal market size by 2025. For instance, in most of the developing countries there are no specially designated zones for metal recycling.

In terms of volume, recycled metal market for industrial machinery constituted over 15% of the total industry share in 2018. It is mainly due to extensive recycled metal applications in the production of various machinery used across different industries such as pharmaceutical, food, chemical, personal care, automotive industry, etc.

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 Furthermore, non-ferrous metals including copper, aluminum, lead and brass are also used in industrial machinery. For instance, brass due to its excellent durability and corrosion-free nature in used in industrial machinery where it can cope with low-friction application without showing signs of stress. These factors will help make a positive impact on the overall recycled steel metal market size by 2025.
Asia Pacific recycled metal market share is estimated to witness gains of more than 4% during the forecast timeframe. This is mainly due to stringent regulations and laws imposed by various environmental regulatory bodies in Asia Pacific. Mining for iron ore puts pressure on environment as it generates carbon dioxide and other harmful pollutant. Moreover, recycled metals allows companies to avoid costlier need to mine for metals, providing them with an alternative economic savings in the manufacturing process. These trends are likely to have a significant impact on the recycled steel metal market size by 2025.
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Some of the key recycled metal market companies are Nucor Corporation, Schnitzer Steel, Asahi Holding, BR Metals, Aurubis Ag, Kuusakoski Recycling and Triple M Metal LP. Few of these market players are involved in forming strategic alliance to improve its market presence. For instance, Steel Dynamics and LaFarga Group signed a joint venture agreement in Indiana, U.S. in 2011, which includes the construction of a USD 39 million facility which will produce copper wire rod from recycled copper.

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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