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IN THE NEWSOctober 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.
The global scrap metal recycling market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for metals for several applications, rapid urbanization and industrialization in developing countries, and rising scarcity of rare earth metals. It is calculated that more than 70 percent of respondents in the automotive industry will face metal scarcity in the next five years. Whereas, infrastructure and chemical industries will face a shortage of almost 81 percent and 77 percent respectively. Along with these, reprocessing of metal waste is gaining traction since the last two decades as a result of reduction in greenhouse gas emission levels and effective management of energy consumption, which is a crucial factor expected to drive market growth in the near future. Furthermore, accelerating emphasis of governments in developed nations to promote improved waste collection, sorting and separation processes, is also projected to provide lucrative opportunities for market growth in the forthcoming years.
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The market is segmented by product into aluminum, copper, iron and steel, out of which, the steel segment is anticipated to hold the largest share in the global scrap metal recycling market on account of high utilization of steel in automotive, construction and consumer goods industries across the world. Additionally, on the basis of industry, the construction segment is predicted to gather the largest share over the forecast period on the back of large-scale demand for aluminum and steel from this industry and increasing infrastructural activities worldwide. According to the World Steel association, the total steel demand in the world will grow by 5.8% in 2021. The steel use in the construction sector grew by 9.1% in the year 2020. Apart from this, the automotive segment is also assessed to occupy a significant amount of share owing to the large use of steel for automobile components, including fuel tanks, mufflers, vehicle frames and hoods, and the cost-effectiveness of utilizing recycled metal.
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:
Our in-depth analysis of the global scrap metal recycling market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are increasing demand for metals across the globe and rising need to reduce greenhouse emissions worldwide.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Unorganized flow of waste metals and lesser number of scrap collection zones are estimated to hamper the market growth.
Asia Pacific will provide more business growth opportunities owing to the large-scale production of aluminum and steel in the region.
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.
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.
The market is segmented by product, industry, and by region.
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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