PORTLAND, Oregon and PUNE, India, November 23, 2016 /PRNewswire/ --
A recent report published by Allied Market Research, titled, "Metal Recycling Market - Global Opportunity Analysis and Industry Forecasts, 2014 - 2022," projects that the global metal recycling market is estimated to reach $446,472 million, registering a CAGR of 4.5% during 2016-2022. Moreover, Asia-Pacific is expected to dominate the global market throughout the analysis period, registering a notable CAGR of 5.2%.
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High rate of obsolescence, increase in energy savings with decreased GHG levels, accelerated industrialization and urbanization, and increased consumer awareness have driven the market growth. However, unorganized flow of waste metals and less scrap collection zones could have an adverse effect on the market.
Summary of Metal Recycling Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/metal-recycling-market
The metal recycling reduces future scarcity of high-value resources, generates economic value, minimizes greenhouse gas emission levels, and limits other environmental damage. Therefore, various government initiatives have also been undertaken for creating a conducive environment for recycling metal waste. For instance, in Japan under home appliances recycling law, the consumers of appliances such as refrigerators, air conditioners, and washing machines should dispose them to retailers or scrap traders for further recycling. In terms of scrap metal, market is classified into ferrous metals and non-ferrous metals. Some of the sources of scrap include automobiles, railroad tracks, ships, household appliances, and consumer electronics. Ferrous metals are expected to generate $252,117 million, dominating the market during the forecast period. However, non-ferrous metals are the fastest growing segment and is anticipated to grow at a CAGR of 4.9% by 2022. According to European Aluminum Foil Association (EAFA), the recycling rate of aluminum closures in Europe has increased to more than 50% owing to the collection and recycling schemes.
"In recent years, many countries have initiated specific recycling and environmental performance targets with an aim of encouraging people to recycle. The industrial demand for recycled products is universal. International trade in recycled metals plays a vital role in supplying the world's mills and plants and is involved in increasing the benefits offered by the recycling industry" states Smriti Loomba, Research Analyst, Construction & Manufacturing Research at AMR.
The Asia-Pacific region is likely to dominate the metal recycling market throughout the analysis period. Increase in urban population in China and India, growth in infrastructure construction and automotive industry, and increase in environmental consciousness among individuals are some of the factors that have strengthened the growth of Asia-Pacific metal recycling market. Moreover, according to the Bureau of International Recycling (BIR), Asia produces more than 70% of stainless steel. Therefore, the region is anticipated to generate $212,118 million by 2022 and is estimated to grow at a significant CAGR of 5.2% during the forecast period.
Key Findings of Metal Recycling Market
Market players have focused on adopting various strategies such as product launch, acquisition, and product innovation to expand their market outreach. For instance, on June 9, 2016, Nucor Corporation formed a joint venture with JFE Steel Corporation of Japan, to manage a plant in central Mexico for manufacturing and supply of galvanized sheet steel to the automobile industry. This joint venture helped Nucor Corporation to increase sales in the automotive market of Mexico.
The key market players profiled in the report include ArcelorMittal, Commercial Metals Company, SIMS Metal Management Limited, Nucor Corporation, Aurubis AG, European Metal Recycling Limited, Schnitzer Steel Industries, Inc., Dowa Holdings Co., Ltd., OmniSource Corporation, and Tata Steel.
Read similar market research reports on Construction & Manufacturing at: https://www.alliedmarketresearch.com/construction-&-manufacturing-market-report
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