There are primarily two sources of supply of metals - extraction from natural resources and secondarily by recycling of used metals. Recycling of metals not only supports sustainability but also provides environmental and industrial benefits, such as it saves energy, minimizes waste volume and reduces pollution. Recycling of metals also reduces cost. There are different types of metals that can be recycled without changing their original properties, for instance, steel, aluminium, cobalt, lead, copper, etc. In some metals, recycling is considerably cheaper than extraction from natural resources such as in case of aluminium. Due to all these reasons metal recycling is very important in the world these days.
SIZE OF THE MARKET
In terms of volume, global Recycled Metal Market demand was projected at 787.5 million tons in 2018 and is expected to reach 1,042.3 million tons by 2025. It is estimated to develop by a CAGR of 4.1% during the period of forecast. In terms of value, the global metal recycling market size was valued at US$ 562.87 billion in 2019 and expected to reach US$ 806.61 billion by 2027, with at a compound annual growth rate (CAGR) of 4.6% during the forecast period 2020 to 2027. Both volume and value wise, it is going to be one of the most booming industry in the coming years.
Rising urbanization and industrialization across the globe accounted as the major factor that propels the growth of metal recycling industry over the coming years. This trend has significantly prospered the growth numerous industries that include automotive, construction, consumer goods, packaging, ship building, equipment manufacturing, and many others that have notable usage of metals across different applications that further drives the overall market growth. Apart from the application of recycled metals, growing emphasis of governments of various regions toward sustainable waste management along with conservation of natural resources expected to be the other main factors that fuel that market growth for metal recycling over the upcoming years.
Recycled metal market share is highly consolidated as the major players constituted more than 50% of the total industry share in 2018. Some of the major processed metal industry players are Nucor Corporation, Aurubis Ag, Steel Dynamics, Novelis, Commercial Metal Company, Sims Metal Management, European Metal Recycling, ELG HanielGmbh and Schnitzer Steel. Most of these players are making substantial investment in forming strategic partnership in order to enhance their overall presence in the industry share.
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