Global Metal Recycling Market Fueled by Increased Awareness about Negative Impact of Excessive Mining on Environment

Metal recycling refers to the process of redirecting scrap metal or metal artifacts, after they have reached the end of their useful life, to useful applications by sorting and refining them based on the quality and type of metals. As metals can be recycled and reused over and over again without their properties getting altered, metal recycling is considered one of the most environmentally-viable way that metals can be used; recycling used metal helps reduce mining activities that target metal extraction from the earth. This not only reduces the extra burden of the harmful effects that mining has on environment but also cuts down on the amount of energy otherwise required for mining metals afresh.

Since metals are exhaustible but are required in large quantities across a vast array of industries, metal recycling has witnessed a vast rise in demand as a feasible way of bringing down the need for new metal mining and extraction projects. Significant pace of urbanization and industrialization have swelled up the demand for all kinds of metals across the globe and this factor is playing a major role in fueling the metal recycling market.

In a recent report, Transparency Market Research states that the global metal recycling market will exhibit a promising 4.8% CAGR from 2016 to 2024, rising to an opportunity of US$476.2 bn by 2024 from US$312.9 bn in 2015.

In this post, TMR analysts answer key questions about the global metal recycling market, shedding light on some crucial aspects associated with its future growth prospects:

What factors are chiefly attributed to the thriving growth of the metal recycling market?

One of the key factors having a significant positive impact on the overall market is the promising rate of growth observed across a number of industries that consumer metal products in vast quantities. Instances are the construction and automotive industries, especially across regions with steadily progressing developing economies. These industries are witnessing promising sales figures in developing economies owing to the steadily rising increasing disposable incomes of consumers, leading to a steady rise in demand for passenger and commercial vehicles and building constructions.

Asia Pacific, especially, has seen a rapid rate and massive scale of urbanization in the recent years, with countries such as India, China and India moving ahead to catch up with the present-day leaders of the global economy. This is one of the key factors expected to drive the global metal recycling market in the near future.

Which metals – ferrous or non-ferrous, hold prominence in the metal recycling market?

Presently the ferrous metal segment is the dominant product segment in the global metal recycling market, accounting for a massive share in the overall revenue of the global metal recycling market in 2015. The segment is likely to retain dominance in the next few years as well, chiefly owing to the vast usage of ferrous metals such as iron and steel across a vast range of industrial applications. Used across electrical devices, construction materials, automobile parts, iron and steel will continue to be recycled in vast quantities. Aluminum in the non-ferrous segment is the most recycled metal owing to vast applications across the electronics and automotive industries.

With the global sales of consumer electronics, such as smartphones, tablets, and laptops, and light-weight vehicles rising at a momentous pace, the overall supply and consumption rate of aluminum is expected to increase by leaps and bounds in the near future.  As a result, these two industries will contribute massively to the recycling of aluminum in the next few years.


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