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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