An overview of the metal recycling market in the Asia-Pacific region in 2022 in light of the global market.
Globally, the metal recycling market size is expected to grow and develop due to the increasing awareness about the depletion of metal reserves during the forecast period. This information was compiled and published by Fortune Business Insights magazine in a recent report with the title, “Metal Recycling market, 2022-2029”.
By metal, the market is segregated into ferrous and non-ferrous. Based on the consumer, the market is categorised into building and construction, automotive, shipbuilding, equipment manufacturing, consumer appliances, and others. The application of Circular Economy Policy Recommendations has been heavily prioritised by governments to reduce possible environmental issues and bolster market income.
The COVID-19 Pandemic in 2020 has had damaging repercussions on the supply chain of materials, resulting in diminished output. Along with the drop in production, there was a significant decrease in the overall demand for goods due to the downturn in major end-use sectors like construction and automotive. This has impacted the recycling sector negatively but a strong comeback of the industry is expected in the coming years.
The Asia Pacific region is predicted to hold the largest global metal recycling market share during the projection period. The largest market share may be attributed to the ever-increasing urban population which is key to the functioning of the automobile and construction industries. The increasing awareness of metal recycling and government initiatives for infrastructural development have a significant impact on the expansion of the region’s industry.
Strategic methods to achieve industrial growth are being implemented in the industry. These include collaboration, mergers and acquisitions and new launches. New parties are entering the Asia-Pacific metal recycling market and getting involved in development initiatives. An example of this is ArcelorMittal and Triple M teaming up to jointly establish integrated metal recycling Inc. to provide consumer and supplier support, services, and options.