Global Aluminum Scrap Recycling Market

Technology research and advisory company Technavio has added a new report to its offering.

The global aluminum scrap recycling market by end-user and geography is expected to grow by nearly 12 million metric tons (MT), at a compound annual growth rate (CAGR) of over eight percent during 2021-2025.

Regarding the business opportunities, the growing focus on fuel efficiency and reducing the overall weight of vehicles have increased the consumption of aluminum in the automobile industry. Also, the market has been witnessing a significant rise in the rate of aluminum cans, Technavio wrote. For instance, nearly 50 percent of the aluminum produced in Europe is obtained from scrap recycling. These factors were expected to create several opportunities for vendors during the forecast period.

“Based on the segmentation by end-user, the market generated maximum revenue in the secondary smelting segment in 2020,” the company informed. The increasing demand for recycled aluminum from the construction industry would drive the segment.

The Asia-Pacific (APAC) held the largest market share in 2020, and the market growth in the region is expected to be faster compared to the market growth of other regions. Accordingly, this development can be attributed to the regional surge of the construction and automobile industries. “Also, the increasing import of aluminum scrap in countries such as Hong Kong, Thailand, South Korea, Japan, and Malaysia is contributing to the growth of the aluminum scrap recycling market in APAC.”

www.technavio.com/report/aluminum-scrap-recycling-market-industry-analysis

(Published in GLOBAL RECYCLING Magazine 2/2021, Page 11, Photo: Marc Weigert)

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