The construction industry's development in growing countries is predicted to increase demand for recycled metal in the market.
FREMONT CA: The global metal recycling market is expected to increase at a CAGR of 7.8 percent from 2020 to 2025, from USD 52.1 billion in 2020 to USD 76.1 billion in 2025, according to a research report from MarketsandMarkets, global market research and consulting firm. The market is expected to expand in tandem with the expansion of various metal recycling end-users worldwide. During the projected period, the increased usage of recycled metal in different end-use industries, such as building and construction, shipbuilding, equipment manufacture, and consumer goods, is expected to drive market expansion.
The ferrous metal type segment is anticipated to be the fastest-growing type in the metal recycling market in 2019, both in value and volume. By type, the ferrous section of the metal recycling market is expected to grow at a quicker rate since recycling ferrous metals helps to minimize the amount of solid waste placed in landfills. It also aids in reducing energy use, CO2 emissions, water use, and air pollution.
In terms of volume and value, the building and construction industry accounted for the largest market for metal recycling in 2019. For construction companies, creating new metals is a time-consuming and challenging process. As a result, businesses want to convert old scrap metals into valuable new metals to increase their exponential turnover and fulfill the demands of the world's fast-growing population. As a result, the building and construction sector's dominant market position can be linked to the global expansion of construction activities.
The construction industry's development in growing countries is predicted to increase demand for recycled metal in the market. In addition, Asia Pacific is a hotbed of foreign investment and growing industrial sectors, owing to low-cost labor and abundant land. This improves the demand for metal recycling in the region, which in turn supports the growth of construction activity. Acquisitions, investments, and expansions are just a few of the significant measures large competitors employ to strengthen their positions in the metal recycling business.