Recycled Metal Market Size Is Still Growing
Precedence Research estimates that the global recycled metal market size will be worth around 102 billion US-Dollar by 2030 and will have a compound annual growth rate (CAGR) of 4.2 percent between 2021 to 2030.
According to the information, this global market size was valued at 67.6 billion US-Dollar in 2020. The rising investments by the top players to set up recycling facilities and implement and improve waste management systems would play a crucial role in the market growth during the forecast period, the market research and consulting firm pointed out. “The rising government initiatives to reduce carbon footprint and reduce energy consumption has fueled the adoption of metal recycling across the globe. The recycling of metal consumes less energy as compared to mining. Hence, the development of sustainable ways for the industrial and infrastructural development is a key factor that is expected to fuel the market growth in the upcoming years.”
Based on region, in terms of revenue Asia Pacific dominated the global recycled metal market with a share of over 50 percent in 2020 and is estimated to sustain its dominance during the forecast period. As reported, Asia Pacific is among the top importers of recycled metal. “The lack of advanced technology for recycling metal coupled with huge demand for the recycled metal has made this region a top consumer of recycled metal,” Precedence Research informed. It was expected that the rising industrialization and rapid urbanization would drive the growth of this market by 2030.
On the other hand, North America is estimated to be the most opportunistic market during the forecast period. “The rising popularity of electric vehicles and demand for advanced electronic goods are the major factors of growth.”
(Published in GLOBAL RECYCLING Magazine 1/2022, Page 9, Photo: O. Kürth)
