Scrap Metal Recycling Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Scrap Metal Recycling Market: Overview
The scrap metal recycling market is anticipated to experience significant growth in the upcoming years. This market growth can be attributed to the advancements in the recycling rates. Further, governments and manufacturers are promoting metal recycling activities that are likely to boost the market growth. Better waste collection systems and development in the recycling facilities in developing and developed regions are also predicted to create novel business avenues in the scrap metal recycling market.
The application of rare metals in different products and the shortage of the same are projected to boost growth avenues in the market. Furthermore, the scrap metal recycling products have been antiquated with technological development. Increasing awareness, growing disposable income, and increasing urbanization & industrialization are some of the crucial factors to bolster growth opportunities in the scrap metal recycling market in the upcoming years.
Scrap Metal Recycling Market: Key Trends
The scrap metal recycling market has been benefited from intelligent sorting systems. Recyclers opt for sorting systems to enable high and accurate throughput to sort alloy compositions and metals. This sorting process is conducted with a combination of machine learning/artificial intelligence image processing and sensor fusion. The advanced scrap feeder designs are also likely to gain a prominent position in intelligent sorting systems.
The outbreak of COVID-19 has put an adverse impact on the growth prospect in the scrap metal recycling market. In the U. K., the furlough scheme plays a vital role, and it has led to the working of different organizations in reduced capacities. Even there are many scrap yards that are shut down in the region.
The growth in the scrap metal recycling market is predicted to decrease in the forthcoming years. Steel, aluminum, and other metals require manual separation from other recyclable materials, for example, paper and plastic. Aluminum tends to degrade after every reuse cycle. So there can be a variation in the quality of recycled products. So, this variation in the recycled products is anticipated to put an adverse impact on the end result, and finally put negative effects on the growth prospect in the scrap metal recycling market.
Scrap Metal Recycling Market: Competitive Dynamics and Key Developments
The players in the scrap metal recycling market are opting for various strategies for expansion opportunities. These major players are concentrating on product development and innovation.
Such as, Triple M and ArcelorMittal have joined forces for the formation of Integrated Metal Recycling Inc. in October 2020. This joint venture will put efforts to combine various recycling activities in Quebec. This joint venture is likely to improve the market revenue in the forthcoming years.
Metallo has been acquired by Aurubus in May 2020. Metallo is a scrap metal recycling organization. The acquisition intends to improve its capacity of scrap production and can help Aurubis AG to increase its market share.
Some of the key players operating in the scrap metal recycling market are:
Scrap Metal Recycling Market: Regional Assessment
The scrap metal recycling market is spread across various geographical regions including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among these regions, the Asia Pacific region is estimated to account for a major share in the market. This market growth is on the back of convenient government rules and regulations. Further, the growing demand for scrap products is likely to bring demand opportunities to the market.
Europe is anticipated to hold the second largest market with the increasing adoption rate of the process. Increasing consumer requirements from automotive are projected to bring growth avenues in the scrap metal recycling market.
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