LONDON--(BUSINESS WIRE)--The global aluminum scrap recycling market is projected to grow to 32.12 million metric tons by 2021, at a CAGR of nearly 8% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global aluminum scrap recycling market for 2017-2021. Based on the end-users, the market is divided into secondary smelting and downstream segments.
Aluminum scrap recycling refers to the process by which aluminum scrap is recycled for reuse in applications and products. Energy and environmental conservation, increasing applications of aluminum in the automobile industry, increase in the adoption and construction of green buildings, and increase the adoption and practice of aluminum recycling are the major factors contributing to the market growth.
Technavio’s research study segments the global aluminum scrap recycling market into the following regions:
Aluminum scrap recycling market in APAC
“APAC occupies the largest segment of the aluminum scrap recycling market, and is expected to show the fastest growth rate over the forecast period,” says Kshama Upadhyay, a lead analyst at Technavio for metals and minerals research.
APAC provides a significant number of opportunities for the global aluminum scrap recycling market in the secondary smelting segment. Countries such as Hong Kong, Thailand, South Korea, Japan, and Malaysia contribute greatly to the secondary smelting capacity for aluminum globally.
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Aluminum scrap recycling market in the Americas
Technavio analysts forecast the aluminum scrap recycling market in the Americas to reach 5.26 million metric tons by the end of 2017, due to the high volume of aluminum beverage can which need recycling. The increasing focus of the aluminum scrap recycling industry in the US on operations, including the recovery of aluminum and alloys of aluminum from secondary smelting and scrap and converting them into ingots or billets and manufacturing of pastes, flakes, or alloys is a key factor boosting the market growth.
Aluminum scrap recycling market in EMEA
“EMEA has witnessed a steady increase in the demand for aluminum scrap recycling supported by an increase in co-location of facilities both for primary aluminum and for its recycling,” says Kshama.
Currently, the increasing research and investigation activities in EMEA to improve the quality of aluminum scrap recycling are expected to fuel demand for the market growth in the region. Also, the increasing demand for fuel-efficient and lightweight vehicles to reduce carbon dioxide emissions has also increased the consumption of aluminum casting parts and indirectly impacting the market growth.
The top vendors in the global aluminum scrap recycling market highlighted in the report are:
- China Metal Recycling
- Hindalco Industries
- Sims Metal Management
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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