Consumption of Recycled Metal to Grow in Automotive Industry

According to a study provided by Market Research Reports Search Engine (MRRSE), revenues from recycled metal will reach 476.2 billion US-Dollar by the end of 2024.

Using recycled metal has also proven to be an effective measure in reducing the carbon footprint of an industrial or commercial facility, furthering the demand for metal recycling services. As announced, the valuation of the global recycled metal market will rise at a compounded annual growth rate (CAGR) of 4.8 percent between 2016 and 2024. The growing demand for recycled materials and the ‘upcycling‘ trend are collectively aiding the overall growth of this market.

While the use of recycled metal is seen across industries such as electronics, shipbuilding, automotive, and industrial machinery, it is the building and construction sector that currently uses the most recycled metal worldwide, a press release said. The use for recycled iron and steel in the construction sector has contributed substantially to the revenues of companies in the global recycled metal market. “While this trend is not expected to change in the short-term, the automotive industry is fast emerging as a very promising application segment for companies in the recycled metal market. The need to cut both costs and carbon emissions has forced automotive companies to look toward recycled materials. As a result of these aspects, the CAGR posted by the automotive application segment of the global recycled metal market will be very high between 2016 and 2024.”

According to the information, nearly 70 percent of all revenue of the global recycled metal market is dominated by Asia Pacific and Europe, with China being a key country. Although India‘s shares in the Asia-Pacific recycled metal market are currently not as high as China, the country is expanding at a high CAGR, causing the gap between India and China to close to a noticeable degree by 2024.

Photo: J. Szasz

GR 22017