ALBANY, New York, July 11, 2016 /PRNewswire/ --
Environmental sustainability has been the focus of most companies in various end-use industries and revamping strategic plans, policies, and developments to accommodate recycled materials is a trend that has gained much prominence in recent years. The growth of the recycled metals market is based on the rising consciousness and awareness of industries such as building and construction, automotive, and machinery manufacturing regarding the benefits of recycled metal. The urgent need to curb greenhouse gas emissions has also compelled industries to turn to eco-friendly raw materials and lower their environmental footprint.
TMR predicts a steady outlook for the global recycled metal market for the period 2016 to 2024, registering a 4.8% CAGR therein. The opportunity in this market is poised to be worth US$476.2 bn by 2024, rising from US$312.9 bn in 2015.
Rapidly Growing APAC Economies Boosting Demand for Recycled Metal from End-use Industries
The global market for recycled metal comprises North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, Asia Pacific and Europe jointly dominate the overall market with a share of over 70% share in 2015.
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While China is the leading revenue generator in the Asia Pacific recycled metal market, India is estimated to expand at the fastest pace over the course of the forecast period. Other countries such as Malaysia, Singapore, Indonesia, South Korea, and Thailand also play a major role in the demand for recycled metal. The continuous growth in economy and the rising GDP in these nations have rendered a tremendous boost to industries such as automotive, construction, and industrial machinery and also resulted in the surge in infrastructure activities. This, in turn, has contributed toward the demand for recycled metal in Asia Pacific.
The growing use of recycled metal in Europe can be attributed to the increase in environmental awareness among consumers and manufacturers alike. In addition to this, stringent regulatory laws and supportive policies of various governments in the region have augmented the adoption of recycled metal, especially in countries such as Germany and Italy.
The recycled metal markets in the Middle East and Africa as well as Latin America are projected to exhibit promising growth during the forecast period, fueled by the rise in building and construction activities, an increase in automobile production, and growing consumer awareness regarding the impact of greenhouse gases and the benefits of recycled metal.
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Recycled Iron and Steel Most Widely Used Metals
Ferrous and non-ferrous metals are the two key product segments, with the former dominating the overall recycled metal market in 2015. Among ferrous metals, iron and steel are the most prominent product types and find application in the manufacturing of electrical devices, construction materials, industrial machineries and equipment, and vehicles. Among non-ferrous metals, recycled aluminum constitutes a significant share of the total demand for recycled metals.
Recycled metals are used in industries such as automotive, building and construction, electrical and electronics, industrial machinery, and shipbuilding. Among these, the building and construction sector has been the largest end-user of recycled metals. The automotive sector, on the other hand, is projected to expand at the fastest pace during the forecast period.
Demand for Recycled Metal Surges with Rapid Pace of Urbanization and Industrialization
Recycled metals find application in several end-use industries such as building and construction, electrical and electronics, industrial machinery, automotive, and shipbuilding. The building and construction sector is the leading consumer of recycled metals, followed by the automotive industry.
"The demand for recycled metal in the building and construction industry has risen owing to the surge in construction-related activities, especially in emerging economies," the author of the study notes. "This can be attributed to the rapid pace of urbanization and industrialization in these developing regions and the surge in infrastructure development."
The demand for recycled metals in the automotive sector is likely to increase at the fastest pace from 2016 to 2024. The segment is anticipated to register a 4.5% CAGR during the forecast period, driven by the rising demand for recycled steel, iron, and aluminum.
Steady Growth in Store for Global Market by Volume and Value
The market for recycled metals is a massive one. The market is estimated to be worth US$476.2 bn by the end of the forecast period, increasing from US$312.9 bn in 2016 at a 4.8% CAGR therein. The global demand stands to grow at a 4.1% CAGR from 2016 to 2024. Asia Pacific is the largest regional market for recycled metals enjoying a volume share of 45.2% in 2015. By product, ferrous metals are estimated to continue leading the recycled metals market in terms of volume, registering a 4.1% CAGR during the forecast period.
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This review is based on the findings of a TMR report titled "Recycled Metal Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023."
The recycled metal market has been divided into the following segment
Recycled Metal Market - Product Segment Analysis
- Others (Including Precious Metals, etc.)
Recycled Metal Market - End-user Analysis
- Building & Construction
- Electrical & Electronics
- Industrial Machinery
- Others (Including Household Appliances, etc.)
Recycled Metal Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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