Recycled Metal Market Update, Analysis, Forecast, 2019 – 2025
Recycled Metal Market size is forecast to exceed USD 85
billion by 2025; according to a new research report by Global Market Insights,
Inc. 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 2019
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.
Recycled ferrous metal market size was
valued more than USD 850 Million in 2019. 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.
In terms of volume, recycled
metal market for industrial machinery constituted over 15% of the total
industry share in 2019. 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.
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 Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in
Delaware, U.S., is a global market research and consulting service provider;
offering syndicated and custom research reports along with growth consulting
services. Our business intelligence and industry research reports offer clients
with penetrative insights and actionable market data specially designed and
presented to aid strategic decision making. These exhaustive reports are
designed via a proprietary research methodology and are available for key
industries such as chemicals, advanced materials, technology, renewable energy
and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Connect with us twitter | LinkedIn | Facebook | Google+
Recycled Metal Market Update, Analysis, Forecast, 2019 – 2025
Reviewed by GMI
on
June 21, 2019
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