Scrap Metal Recycling Market to Jump Upwards
Global market intelligence company Fact.MR has launched a report on the scrap metal recycling market, predicted to top a valuation of 500 billion US-Dollar by 2031.
Accordingly, the global scrap recycling industry is expanding steadily with a rise in demand from key end-use sectors (such as building & construction and automotive). Moreover, the industry is subject to grow further over the coming years. It is projected to ascend at a compound annual growth rate (CAGR) of around 5.5 percent through 2031.
The latest report on scrap metal recycling, by an ESOMAR-certified market research and consulting firm, offers a detailed analysis of the global industry. Besides, it informs about new trends, demand-supply trajectories and growth and restraining factors for the forecast period of 2021 to 2031, Fact.MR emphasized. As stated, the United States, Germany, China, India, Japan and a few other countries would have a major share on the market. Furthermore, the Asia Pacific region is expected to exhibit the fastest growth rate throughout the forecast period.
Scrap metal recycling is highly sought-after in the building & construction sector, Fact.MR gave account. “As the construction sector is getting back on track again with increase in the number of residential, commercial and industrial projects, scrap metal processing equipment suppliers are likely to come across higher growth scope over the coming years.” Based on a report titled “China – Construction and Green Building”, published by SelectUSA, the People’s Republic of China is the world’s largest construction industry; the United States is the country’s second-largest source of imports for the construction industry, with an import market share of 13 percent. As stated in the report, China’s construction industry is set to grow at an annual average of five percent in real terms through 2023. “This, in turn, gives a glimpse of the high potential for scrap metal processing stakeholders,” Fact.MR underlined.
The global scrap metal recycling space is getting tougher regarding competition, the market research firm informed. To sail through the cut-throat competition, key players are bringing in a wider variety of products.
www.factmr.com/report/scrap-metal-recycling-market
(Published in GLOBAL RECYCLING Magazine 2/2021, Page 12, Photo: GR Archive)
