ALBANY, N.Y., March 3, 2021 /PRNewswire/ -- The scrap metal recycling market is facing the brunt of the COVID-19 pandemic. In developed countries such as the U.K., furloughs across business sectors as a repercussion of the pandemic has hit the scrap metal recycling sector as well. As a result of which, many scrap yards have shut down or are working at reduced capacities. Besides this, the pandemic has impacted shipment of metals in the country. Due to this, nearly all aluminum smelters in the U.K. have closed to result in price of aluminum to underperform.
Export bans on scrap in some countries has also hit the scrap recycling market. For example, in the UAE and South Africa, scarcity of scrap has led to bans on the export of scrap metal. This has forced some countries to sustain with domestic reserves and increase dependency on other metals for economic activities. Interestingly, this has led to increasing in demand for some other metals such as copper.
Nonetheless, the scrap metal recycling market is expected to counter headwinds of the COVID-19 pandemic and emerge resilient. As a result, the scrap metal recycling market is predicted to rise at a robust ~6% CAGR between 2020 and 2030, say analysts at TMR. Expanding at this growth rate, the scrap recycling market is predicted to surpass a valuation of US$516.4 bn by 2030.
Business Alliances between World-class Metal Manufacturing Companies expands the Canvas
The past year witnessed some major developments in the worldwide metal sector, including metal scrap production and recycling. In October 2020, steel giants Triple M and ArcelorMittal joined hands to form Integrated Metal Recycling Inc. The joint venture will integrate several scrap recycling activities of the two partnering companies in Quebec. This venture is anticipated to benefit the overall scrap metal recycling market.
In another key business development amidst COVID-19, in May 2020, Aurubis AG acquired Metallo – a scrap metal recycling company. The acquisition is a win-win for the former to help improve its capacity of metal scrap production and expand its global outreach in the worldwide scrap metal recycling market.
Analyze global scrap metal recycling market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
R&D and Investments to explore Non-ferrous Scrap to Expand growth Horizon
With lockdowns due to the pandemic, governments and the entire metal industry is seeking to complement other metals such as copper for scrap. However, extracting copper from scrap and purification cost of copper to make it suitable for electrical components is high. Therefore, companies in the said market are seeking to establish fixed sources for copper scrap to avoid separation and purification costs.
In this scenario, other metals such as aluminum is gaining prominence in the scrap metal recycling market. Large players dealing in metal scrap recycling are investing to produce aluminum in a cost-effective manner and capitalize on the opportunity.
Meanwhile, steel is also gaining prominence in the said market due to its promise to meet objectives of a fully circular economy. Efforts of a world steel major to highlight the advantage of recyclability of steel, in line with environmental goals to prevent unnecessary drift into landfills is a case in point.
India Promising for Scrap Metal Recycling Businesses
The Ministry of Mines is making efforts to establish a sustainable recycling ecosystem with the adoption of cutting-edge technology and optimal processes.
Explore 124 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Scrap Metal Recycling Market (Metal Type: Ferrous Metal and Non-ferrous Metal; Scrap Type: New Scrap and Old Scrap; and Industry: Building & Construction, Automotive, Industrial Manufacturing, Electricals, Shipbuilding, Consumer Electronics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/scrap-metal-recycling-market.html
Scrap Metal Recycling Market – Prominent Trend
Development of intelligent sorting systems to help in the sorting and upcycling of non-ferrous scrap is creating opportunities in the scrap metal recycling market. The intelligent sorting systems allow high throughput of feedstock for sorting of metals as well as alloy composition through a combination of AI/ML image processing and sensor fusion technologies.
E-Scrap Recycling Market – The global e-scrap recycling market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the global e-scrap recycling market report.
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