TMR says Automotive to become Key Target Segment of Companies in Recycled Metal Market by 2024

ALBANY, N.Y. - July 15, 2016 - PRLog -- Transparency Market Research has published a new report titled "Recycled Metal (Ferrous, Non-ferrous, and Others) Market for Building & Construction, Automotive, Electrical & Electronics, Shipbuilding, Industrial Machinery, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024." According to the report, the global market for recycled metal was valued at US$ 312.90 Bn in 2015 and is anticipated to reach US$ 476.23 Bn by 2024, expanding at a CAGR of 4.8% between 2016 and 2024.

Recycled metals can be produced from scrap in an energy efficient way through metal recycling. Scrap collected from end-of-life vehicles, machineries, electrical and electronic devices, and construction materials can be reused through further processing to produce metals. Recycling of scrap eliminates the need for further mining and thus helps lower the dependence on natural resources. Furthermore, recycling enables utilization of scrap generated from discarded materials. Collected scrap is sorted and then distributed for shearing to reduce the size. The scrap then undergoes baling, shredding, and separation to recycle metals. Recycled metals are widely used in various end-user industries such as building & construction, automotive, electrical & electronics, shipbuilding, industrial machinery, and household appliances.

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Several metals such as ferrous, non-ferrous, and precious metals can be recycled. Iron and steel are the most commonly recycled ferrous metal used for industrial purposes. Recycling of iron and steel is projected to increase significantly to meet the rising demand for steel in various end-user industries. Non-ferrous metals such as aluminum, copper, zinc, nickel, lead, and tin have been accounting for significant share of the global recycled metal industry since the last few years. Demand for recycled non-ferrous metals is estimated to rise significantly during the forecast period. Demand for low cost, light weight metals with improved mechanical features in automotive and building & construction is likely to boost the market for recycled aluminum in the next few years. Furthermore, demand for other precious metals such as gold, silver, and palladium is expected to increase during the forecast period owing to the substantial growth of end-user industries.

Rising environmental awareness and supportive governmental policies in developed and developing countries have positively impacted the global recycled metal market in the next few years. Extraction of metals from scrap through recycling entails minimum consumption of energy. Furthermore, it reduces the release of polluting gases such as CO2 and SO2. Thus, energy efficiency coupled with lower environmental footprint is anticipated to propel the recycled metal market in the next few years. However, issues related to scrap collection, metal theft, absence of regulatory laws, and low consumer awareness are projected to hamper market growth. Significant rise in generation of waste from electrical & electronics industry is likely to boost the recycled metal market during the forecast period.

Asia Pacific dominated the global recycled metal market in 2015. Economic development coupled with growth in GDP in developing countries of the region such as India, China, countries in Southeast Asia, and South Korea has augmented the transportation and infrastructure industries. Significant growth of building & construction and automotive industries in these countries has been propelling the demand for several ferrous and non-ferrous metals since the last few years.

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This, in turn, is estimated to fuel the recycled metal market in Asia Pacific in the next few years. The recycled metal market in Middle East & Africa is expected to witness significant growth during the forecast period. Infrastructure development and rapid urbanization in GCC countries and South Africa are anticipated to accelerate the recycled metal market in Middle East & Africa in the next few years. Europe accounted for the second-largest share of the recycled metal market in 2015.