Metal recycling is gaining significant importance attributed to the rising problem pertaining to disposal of metal wastes across the globe. According to Future Markets Insights (fmi) metals are used for manufacturing variety of products such as automotive components and parts, electronics appliances, beverage containers, and furniture among others. The most used metals can be broadly divided in to ferrous (steel and iron) and non-ferrous (aluminum, tin, brass and copper). The process of metal recycling includes collection and sorting, processing, shredding, and melting and purification. During the forecast period, growth of metal recycling market is attributed to rising government regulations on waste recycling and management, aimed at efficient utilization of natural resources.
According to fmi the major factor driving the growth of metal recycling market is attributed to increasing industrialization and urbanization, rising income, and spending capability of people in developing economies such as China, Brazil and India. In addition, rising demand for metal recycling in various end use industries primarily including electronic, building and construction, metal fabrication, automotive, medical and healthcare equipments and packaging among others is further driving the growth of global metal recycling market. Moreover, metal recycling market is expected to expand significantly during the forecast period attributed to increasing focus among private sector companies and public sectors bodies for offering environmental services, primarily aimed at efficient and sustainable utilization of natural resources.
However, government restriction on free and fare trade of metal scrap is posing as a major restraint to the growth of the market. In addition, growth of metal recycling market is hampered due to unavailability of organized metal waste collection practice in various developing countries. Opportunities for key players in the metal recycling market lies in penetrating emerging market of Asia Pacific and Africa. In addition, rising demand for recovering metal from slag residue is further creating new opportunities for metal recycling market.
The market is segmented on the basis of type into: ferrous and non-ferrous. On the basis of scrap type, the market can be further segmented into old scrap and new scrap. In addition, based on type of equipments the global metal recycling market is segment into shredders, shears, briquetting machines and granulating machines.
On the basis of end use industries of metal recycling, the market can be categorized into automotive, building and construction, ship building, equipment manufacturing, packaging, consumer appliances and others. Building and construction segment is expected to see a robust growth owing to growth in infrastructure and construction activities in regions such as Asia, Africa and Latin America during the forecast period.
According to fmi the market is segmented on the basis of geography into four regions: North America, Asia pacific, Europe and Rest of the world. During the forecast period, Asia Pacific region have the highest growth potential during owing to the increasing urbanization and rapid industrialization, which in turn is driving demand for metal recycling in end use industries in the region.
The key players in this market are: Nucor Corporation, Commercial Metals Company, Aurubis AG, Arcelormittal, SMIS Metal Management Limited, European Metal Recycling Limited, Tata Steel Limited, Baosteel Group Corporation, Remondis Se & Co. Kg and Dowa Holdings Co., Ltd. among others.