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10 Mar, 2022, 13:40 GMT
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High rate of obsolescence, increase in consumer awareness, and surge in energy savings with decreasing GHG levels have boosted the growth of the global metal recycling market.
PORTLAND, Ore., March 10, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, "Metal Recycling Market by Metal Type (Ferrous and Non-Ferrous Metals), Scrap Type (Old Scrap, and New Scrap), and End User (Building & Construction, Packaging, Automotive, Industrial Machinery, Electronics & Electrical Equipment, Shipbuilding & Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global metal recycling industry was pegged at $217.00 billion in 2020, and is estimated to generate $368.71 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
Major determinants of the market growth
High rate of obsolescence, increase in consumer awareness, accelerating industrialization and urbanization in developing nations, and surge in energy savings with decreasing GHG levels have boosted the growth of the global metal recycling market. However, less scrap collection zones and unorganized flow of waste metals hinder the market growth. On the contrary, scarcity of rare earth metals is expected to open new opportunities in the future.
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The new scrap segment to portray the highest CAGR by 2030
By scrap type, the new scrap segment would register the highest CAGR of 6.1% during the forecast period, due to rise in new construction-related activities and surge in new manufacturing plants. However, the old scrap segment held the largest share in 2020, accounting for more than half of the global metal recycling market, due to rise in volume of waste scrap with rapid urbanization and industrialization.
Get detailed COVID-19 impact analysis on the Metal Recycling Market:
The automotive segment held the lion’s share
By end user, the automotive segment dominated the market in terms of revenue in 2020, contributing to more than one-third of the global metal recycling market, as it benefits the environment by reducing volume of waste from end-of-life vehicles and GHG emission levels. However, the shipbuilding segment is projected to register the highest CAGR of 8.2% from 2021 to 2030, as steel scrap from demolished and broken ships is a prime raw material for rolling mills.
Asia-Pacific, followed by Europe and North America, dominated the market in terms of revenue
By region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in 2020, contributing to more than two-fifths of the market. In addition, the global metal recycling market across Asia-Pacific is anticipated to portray the highest CAGR of 7.4% during the forecast period, owing to rapid growth in metal recycling in China, Japan, India, and South Korea.
Key market players
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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