LONDON--(BUSINESS WIRE)--The new scrap metal recycling market research from Technavio indicates positive growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the Increase in Prices of Raw Materials,” says a senior analyst for the Industrials industry at Technavio.
Prices of non-ferrous metals have been volatile, while the cost of ferrous metals is showing a steady upward trend. With China regulating global steel production, global steel prices have increased. As a result, scrap metal recycling is growing in demand, aided by a strong demand-supply correlation.
As the markets recover, Technavio expects the scrap metal recycling market size to grow by 181.56 million MT during the period 2020-2024.
Scrap Metal Recycling Market Segment Highlights for 2020
- The scrap metal recycling market is expected to post a year-over-year growth rate of 4.16%.
- Ferrous metals are inherently recyclable. Moreover, the production of raw steel using ferrous scrap reduces the overall cost of production, as it consumes less energy and requires less mining of ores, which provides cost benefits to metal manufacturers.
- Also, the use of ferrous scrap as a raw material in steel production significantly reduces carbon emissions and landfill waste. As a result, the use of ferrous scrap metals has been high in industries such as construction and automotive.
- However, the scrap metal recycling market share growth by the ferrous scrap segment will be slower than the growth of the market by the non-ferrous scrap segment.
- 57% of the growth will originate from the APAC region.
- Factors such as large investments in infrastructural developments in South-East Asian countries such as Indonesia, Vietnam, and Thailand will significantly drive scrap metal recycling market growth in this region over the forecast period.
- China, Japan, and India are the key markets for scrap metal recycling in APAC. Market growth in this region will be slower than the growth of the market in other regions.
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- The scrap metal recycling market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The scrap metal recycling market is segmented by Type (Ferrous scrap and Non-ferrous scrap) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Alter Trading Inc., American Iron & Metal, ArcelorMittal SA, Aurubis AG, Commercial Metals Co., European Metal Recycling Ltd., Gerdau SA, Nucor Corp., Schnitzer Steel Industries Inc., and Sims Metal Management Ltd.
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