Market Insight-Global Recycled Metals Market Overview 2023
The global Recycled Metals market size is projected to reach US$ 461,782 Million by 2029 from US$ 366,699 million in 2022 at a CAGR of 3.59% during 2023-2029.– Bossonresearch.com
Recycled metals play a vital role in sustainable resource management and help reduce the environmental impact of metal production. As industry and consumers increasingly focus on environmental considerations, demand for recycled metals will continue to grow, helping to achieve a more sustainable and circular economy.
Figure Global Recycled Metals Market Size
Source: Bossonresearch.com, 2023
The global Recycled Metals market size is projected to reach US$ 461,782 Million by 2029 from US$ 366,699 million in 2022 at a CAGR of 3.59% during 2023-2029. Rapid growth in the construction industry is key to driving the global Recycled Metals market to new heights strength. The unprecedented pace of urbanization, especially in regions such as Asia Pacific, Latin America, the Middle East and Africa, is driving a surge in urban infrastructure development, requiring a large supply of construction materials, which mainly include metals. At the same time, rapid industrialization in these emerging economies spurred the establishment of manufacturing facilities and industrial parks, requiring large quantities of metals, especially steel.
In addition, many governments are actively embracing the principles of a circular economy and promoting the continuous reuse and reuse of resources, which has led governments around the world to take a more proactive stance in recycling and utilizing recycled metals. The surge in the adoption of metal recycling technologies is also a major catalyst for the expansion of the secondary metals market. Relevant manufacturers are increasingly focusing on metal recycling. Effectively mitigate the impact of resource scarcity by repurposing scrap metal, extending the life of limited resources and ensuring a more sustainable supply. The adoption of recycling technology The huge demand for metals in the automotive industry, lower production costs, stable functions and strength of metals and other factors will also play an important role in promoting the Recycled Metals market.
At the same time, the lack of appropriate government laws in less developed countries, metal theft, lack of consumer knowledge, concerns about reduced natural resource supplies, quality and pollution issues, and disorderly competition will all pose challenges to the development of the Recycled Metals market.
Driving Factors
Increase in Urbanization and Industrialization
The rapid growth of the building and construction industry stands as a pivotal force driving the global recycled metals market to new heights. The unprecedented pace of urbanization, notably in regions like Asia Pacific, Latin America, Middle East, and Africa, is fueling a surge in urban infrastructure development, necessitating substantial supplies of construction materials, prominently including metals. Concurrently, the rapid industrialization in these emerging economies has spurred the establishment of manufacturing facilities and industrial complexes, demanding substantial volumes of metals, particularly steel. The demand for construction materials further intensifies with infrastructural development efforts, encompassing transportation networks, utilities, and essential infrastructure projects. According to the Indian Brand Equity Foundation, India requires an investment of more than US$ 750 billion by 2022 in the development of infrastructure in order to achieve sustainable development. China is planning to invest more than US$2.5 trillion in transport and construction sector that is expected to boost the demand for the recycled metal significantly. These rising investments by the developing economies in the growth of the infrastructure is boosting the market growth.
Government Environmental Regulation Intervention
Increasing public awareness of the environmentally damaging consequences of traditional mining practices has prompted governments worldwide to take a more proactive stance in the metal mining sector. Their primary goal is to mitigate the carbon footprint associated with mining activities and to reduce the broader environmental impacts. The adoption of regulations that promote sustainable mining practices, encompassing energy-efficient technologies, responsible land reclamation, and recycling efforts, serves to mitigate the environmental toll of mining. Furthermore, the recognition of the finite nature of natural resources has led governments to endorse the responsible management of resources and to champion recycling and the utilization of recycled metals. This approach not only conserves finite resources but also mitigates the destructive environmental effects linked to mining. Environmental concerns, including soil erosion, water pollution, deforestation, and habitat destruction, have instigated governments to enact strict regulations, permitting systems, and enforcement mechanisms aimed at safeguarding the environment, often pushing industries toward embracing recycled metals. Many governments are actively embracing the principles of a circular economy, promoting the continual reuse and repurposing of resources, with recycling aligning neatly with these principles.
Increased Adoption of Metal Recycling Technologies
The surging adoption of metal recycling technologies is undeniably a leading catalyst for the expansion of the Recycled Metals Market. Manufacturers in the metals and minerals industry are grappling with formidable challenges, primarily stemming from the dwindling availability of natural resources and the ever-intensifying regulatory landscape governing mining activities. In response, these manufacturers are increasingly focusing on the adoption of recycling technologies, marking a pivotal shift in the market dynamics. This strategic shift serves multiple paramount purposes. It effectively mitigates the impact of resource scarcity by repurposing scrap metals, extending the lifespan of finite resources, and securing a more sustainable supply. Moreover, it aligns with the stringent regulations surrounding environmentally responsible practices, reducing the environmental footprint inherent in the extraction of virgin ores. Economically, recycling technologies are cost-effective alternatives, reducing production expenses in a climate marked by economic considerations and price volatility in raw materials markets. This strategic transition to recycling also resonates with broader sustainability goals, promoting circular economy principles where resources are perpetually reused, conserving these finite resources and minimizing waste.
Lower Production Costs
The secondary production of metal can be accomplished at a lower cost than primary production. This cost advantage is underpinned by a confluence of factors that collectively make recycled metals an economically attractive alternative. This reduction in energy requirements translates into cost savings that are instrumental in enhancing the cost competitiveness of recycled metals. Moreover, recycled metals are sourced from readily available scrap materials, circumventing the high costs and supply chain vulnerabilities associated with raw materials procurement for primary production. The inherent reduction in environmental costs accompanying recycling further reinforces the cost advantage. Primary metal production often generates significant environmental footprints, leading to associated costs related to environmental mitigation and compliance with regulations. In contrast, recycling inherently reduces these environmental burdens, resulting in fewer associated costs and potential liabilities. The waste reduction achieved through recycling processes is another noteworthy factor, as primary production typically generates substantial waste materials, which necessitate costly disposal and management. Economies of scale, inherent in recycling operations, further contribute to cost competitiveness. These operations can efficiently process large quantities of scrap materials, driving down unit costs.
Key players in the Recycled Metals Market include:
Novelis
Sims Limited
Commercial Metals Company
Nucor Corporation
Aurubis AG
Steel Dynamics, Inc
Dowa Holdings
Schnitzer Steel Industries
Norsk Hydro ASA
Chiho Environmental Group
GFG Alliances
Guangdong Feinan Resources Recycling Co., Ltd
European Metal Recycling
GEM Co.,Ltd
Baowu
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