Scrap Metal Recycling Market
Segmentation by Product (Aluminum, Copper, Iron, and Steel); and by Industry (Automotive, Construction, Electricals, Manufacturing, Consumer Goods, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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Segmentation by Product (Aluminum, Copper, Iron, and Steel); and by Industry (Automotive, Construction, Electricals, Manufacturing, Consumer Goods, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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Our in-depth analysis of the global scrap metal recycling market includes the following segments:
By Product
By Industry
Growth Drivers
Challenges
On the basis of geographical analysis, the global scrap metal recycling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific is estimated to acquire the largest share over the forecast period on the back of the fact that the region is one of the largest producers of aluminum and steel in the world. The total steel production in China in April 2020 was more than 85 million metric tons, which increased up to almost 98 million metric tons in the same month in 2021. In addition, growing demand for scrap products and increasing focus of governments for proper waste management is also projected to boost the region’s market growth in the future. Moreover, Europe is also expected to grab a notable share in the market during the forecast period, which can be credited to the rising usage of recycled scrap for producing secondary metal and stringent government regulations regarding energy use in the region.
The global scrap metal recycling market is further classified on the basis of region as follows:
October 2020: ArcelorMittal and the Australian company Triple M joined hands to form Integrated Metal Recycling Inc. The aim of this joint venture is to combine the recycling activities of both the companies for their units in Quebec.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major growth drivers for the market are increasing demand for metals across the globe and rising need to reduce greenhouse emissions worldwide.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Ans: Unorganized flow of waste metals and lesser number of scrap collection zones are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business growth opportunities owing to the large-scale production of aluminum and steel in the region.
Ans: The major players in the market are SIMS Metal Management Limited, SUEZ SA, ArcelorMittal S.A., Norsk Hydro ASA, Kimmel Scrap Iron & Metal Co., Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, industry, and by region.
Ans: The steel segment is anticipated to hold largest market size and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.
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