By 2022, the value of the recycled scrap metal industry is expected to exceed US$ 61.45 billion. Demand for recycled scrap metal is predicted to rise in the automotive, shipbuilding, building, construction, and infrastructure industries. The market is expected to develop at a compound yearly growth rate of 5.4% between 2022 and 2032, reaching a valuation of US$ 103.97 Bn by 2032.
Rapid development of the building and construction sector also is propelling sales of recycled scrap metals. Increments in the production of automotive, shipbuilding aero plane manufacturing are also bolstering the consumption rate of recycled scrap metal.
Request Sample Copy of Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-14112
Production and processing of ferrous as well as non-ferrous metals produces scrap. These scraps are further utilized in the processing of various products to reduce waste generation. Growing demand for waste management and initiatives taken by regional government bodies to minimize waste is expected to bolster sales of recycled scrap metals over the forecast period.
As per FMI, the East Asia region is anticipated to be a key consumer of recycled scrap metals owing to strong production of iron and steel, especially in China. Backed by the aforementioned factors, the global recycled scrap metal market is projected to top US$ 103.97 Bn by 2032.
What are the key trends driving sales of Recycled Scrap Metal in the global market?
The global development in urbanisation and industrialisation is one of the primary factors driving the expansion of the recycled scrap metal industry. The presence of government-enforced laws and regulations, as well as broad adoption of the technique by manufacturers for collecting raw materials to build finished items without sacrificing their qualities, are propelling the recycled scrap metal industry forward. To give just one example, the recycling industry in the United States contributes $116.8 billion in GDP. The global metal recycling market is developing as people become more aware of the need to minimise greenhouse gas emissions and become more environmentally concerned.
Request a Complete TOC of this Report with figures: https://www.futuremarketinsights.com/toc/rep-gb-14112
Competitive Landscape
Key market participants in the global recycled scrap metal market elaborated in the report includes ArcelorMittal, Aurubis AG, China Baowu Group, HBIS Group, Sims Metal Management Ltd., HKS Metals, Nucor Corporation, AMG Resources Corporation, Celsa Group, EMR Group, CRONIMET Holding GmbH, GLE Scrap Metal, Tucson Iron and Metal, ELG Haniel GmbH, Atlantic Recycling Group, LLC, Baroni Scrap Metal LLC, Kuusakoski Group Oy, IMR Innovative Metal Recycling GmbH, Romukeskus Oy, Commercial Metals Co (CMC), MetalCirc Oy, GMH Recycling GmbH, Eco-Bat Technologies Ltd., and Evraz plc.
Increasing Iron and Steel Production Boosting Recycled Scrap Metal Sales
Rapid expansion of the construction sector, automotive production, industrial machinery, tools and equipment sector, and ship building is spurring the demand for iron and steel. Investment towards infrastructure, especially in developing nations is also boosting demand for iron and steel in civil construction. This is resulting in increasing sales of recycled scrap metals, and the trend is expected to continue over the forecast period.
Significant growth in the construction and infrastructure sector in China in the past few years has boosted the consumption of iron and steel, resulting in high demand for scrap metals for the production. As scrap metal utilization helps in reducing carbon emission and waste generation, key players are preferring scrap metals to produce iron and steel. This reduces overall production cost and helps companies in achieving their sustainability goals.
China also has significantly increased its steel production in the last decade, which has boosted the demand for recycled scrap metals. Overall increase in iron and steel production is anticipated to propel the consumption rate of scrap metals in the coming years.
Feel free to ask your queries: https://www.futuremarketinsights.com/ask-question/rep-gb-14112
More Insights into the Recycled Scrap Metals Market Report
In its latest report, FMI offers an unbiased analysis of the global recycled scrap metal market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2022-2032. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of metal type (ferrous and non-ferrous), source (production scrap and post-consumer scrap) and end-use (transportation, building & construction, consumer electronics, packaging, equipment & tools, art, décor and home furnishing and jewelry) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
LinkedIn| Twitter| Blogs
For Sales Enquiries: sales@futuremarketinsights.com