Description:
Metal recycling market generated a revenue of $ 304,633 million in 2014 and is expected to reach a market value of $ 446,472 million by 2022 with a CAGR of 4.5 %. Metal recycling is a process of reusing and reprocessing scrap metals such as aluminum, steel, copper, and others into useful materials so as to minimize greenhouse gas emission levels, preserve natural resources, and manage energy consumption. With the increase in awareness about environmental safety, governments are aiming at promoting metal recycling without disturbing the landscape. For instance, the U. S. recycles around 60 % of the steel that is extracted from scrap and waste.
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High rate of obsolescence, increase in energy savings with decreased greenhouse gases emission levels, accelerating industrialization and urbanization in developing nations and increasing consumer awareness is presently driving the growth of metal recycling market. Additionally, increased scarcity of rare earth metals acts as an opportunity for the global market. However, unorganized flow of waste metals and less scrap collection zones is anticipated to restrict the market growth.
The market is classified on the basis of metal type, end-user industry, and geography. Based on metal type, the market is segmented into ferrous metals and non-ferrous metals. By enduser industry, the market is classified into automotive, packaging, shipbuilding, industrial machinery, electronics & electrical equipment and others. Building & construction generated the highest revenue in the year 2014 owing to high demolition rates in construction sector. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed the highest revenue in 2014 and is expected to dominate the market during the forecast period.
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Some of the key players operating in this market are ArcelorMittal, Nucor Corporation, Commercial Metals Company, SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., Schnitzer Steel Industries, Inc. and OmniSource Corporation.
Other players existing in the market include Tube City Inc., Ferrous Processing & Trading Co.( FTP), PSC Metals, AMG Resources Corp., Alter Scrap Processing, Joseph Behr & Sons Inc., Mervis Industries, Galamba Metals Group LLC, TSR Recycling GmbH & Co. KG and Kuusakoski Oy.
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