The rising demand for recycled metals in automotives along with building and construction sector are driving the metal recycling market.
The metal recycling market is forecast to reach USD 86.11 billion by 2027, according to a new report by reports and data. an increase in energy savings with decreased greenhouse gas emission levels and increasing consumer awareness regarding it are driving the market for recycled metal.
The metal recycling market is growing due to the high demand for steel and rapid industrialization and urbanization in emerging nations. Moreover, increased concerns towards the exhaustion of natural resources at a faster rate have led governments across the globe to formulate favorable regulations concerning the metal recycling industry, which is further boosting the metal recycling market.
Furthermore, there is a growing scarcity of rare-earth metals, which provides a growth opportunity for the market. Factors that will restrict the global market are the unorganized flow of waste metals and less scrap collection zones. The increasing cost of raw materials is also hindering the demand along with high labor charges.
Nucor Corporation, Sims Metal Management Limited, Arcelormittal, Aurubis AG, Tata Steel Limited, Dowa Holdings Co Ltd., Commercial Metals Company, Totall Metal Recycling, Inc., Norton Aluminium, and American Iron & Metal (AIM), among others.
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Impact of COVID-19
The global supply of the recycled metals fell down during the first half of the year 2020 due to the COVID-19 coronavirus. The demand plummeted in China, and then the rest of the world as the pandemic led to industries and factories shutting down. It also hit a pause button on consumer spending. The infrastructure sector is not expected to witness any growth in the wake of the virus. The consumer’s all around the world are faced with reduced or lost income.
The market is expected to have a fairly rapid recovery (or V-shaped) after the COVID-19 pandemic. This is possible based on pent-up consumer demand after stay-at-home orders are rescinded. That scenario is not guaranteed as there is an element of recovery involving not only the return of positive household consumer sentiment but also the ability and willingness of governments around the world to inject money into infrastructure and other public works projects.
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Further key findings from the report suggest
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