The value of the European recycled scrap metal market in 2021 is estimated to be US$ 29.8 billion, according to a Future Market Insights analysis. The market is anticipated to increase steadily with a CAGR of 5.3% from 2022 to 2032, reaching a market of US$ 66.2 billion by the end of that year. One of the main causes of the recycled scrap metal industry’s expansion in Europe is the world’s increased urbanization and industrialisation.
The market for recycled scrap metal is growing as a result of the existence of rules and regulations that are enforced by European governments, in addition to the broad adoption of the method by manufacturers for obtaining raw materials to build completed goods without sacrificing their qualities. For instance, the recycling industry in Europe creates a gross domestic product of US$ 107.8 billion. The necessity to minimize greenhouse gas emissions and the general public’s growing environmental responsibility are driving the growth of the European metal recycling industry.
Stay Ahead of the Curve – Request an Industry Overview Sample and Seize Growth Opportunities! https://www.futuremarketinsights.com/reports/sample/rep-gb-14112
To fulfill the increased demand for metals in residential structures, the rise of the construction as well as automotive sectors is having a favorable effect on the target market. Additionally, the need for scrap metal recycling is being supported by the scarcity of earth metals and the high cost of mining the earth. Additionally, the need for metal recycling is being fueled by growing worries over the state of the environment and greenhouse gas emissions. Since recycling metal lowers emissions and saves energy, achieving global emission objectives has never been more important. The Bureau of International Recycling estimates that scrap is used to make 40% of the steel produced. Therefore, successful recycling decreased the need to mine new metals. Such developments are expected to boost the demand for recycled scrap metals in Europe during 2022-2032.
Key Takeaways
- By the end of 2022, it is anticipated that the European market for recycled scrap metal would be worth around US$ 38.8 Billion.
- Non-ferrous metals will have 44.6% of the market share by metal type in 2022.
- Over 48% of the shares by source type are expected to be taken up by post-consumer scrap metal usage.
- With a CAGR of 5.2% from 2022 to 2032, the transportation sector will dominate the market in terms of end-use.
Competitive Landscape
The key players present in the European recycled scrap metal market are Aurubis AG, Kuusakoski, Regulator-Cetrisa, Rawlings Manufacturing, Inc., and Guidetti Recycling Systems.
Through mergers, strategic alliances, acquisitions, and partnerships, leading firms in the recycled scrap metal sector are expanding their global footprint. The use of waste materials in industrial processes is being increased by large organizations to cut back on carbon emissions.
Recent Developments
- In 2021, a deal was signed between Aurubis AG and the Düsseldorf-based SMS Company for the development of a multi-metal recycling facility in the United States. With this agreement, the two businesses commit to collaborate closely on the Greenfield development of Aurubis Richmond, with the SMS group creating, delivering, and putting into practice the facility idea.
- A cutting-edge piece of machinery for processing complicated recyclable material to recover nickel, copper, tin, precious metals, zinc, and platinum-group metals is the top-blown rotary converter (TBRC), which was developed by the SMS group. Additional facilities for sampling and an off-cleanup are also included in the delivery’s scope. To best satisfy the requirements for building a contemporary recycling facility, both partners are providing their knowledge to attain the requirements to achieve a sustainable circular economy.
Request Report Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-14112
Market by Category
By Metal Type:
- Ferrous Metals
- Non-Ferrous Metals
By Source Type:
- Production Scrap
- Post-Consumer Scrap
By End-Use:
- Transportation
- Building & Construction
- Consumer Electronics
- Packaging
- Equipment & Tools
- Art, Decor & Home Furnishings
- Jewelry
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube