Recycled Metal Market
REPORT DESCRIPTION
Recycled Metal Market( Product Segment- Ferrous, Non-ferrous; End-user- Building & Construction, Automotive, Electrical & Electronics, Shipbuilding, Industrial Machinery)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
The highly fragmented vendor landscape of the global recycled metal market features intense competition, a rather low degree of profitability, and high exit barriers owing to the high initial investment required to set up a new recycling facility, observes Transparency Market Research in a recent report. The report states that the top three vendors in the market, namely OmniSource Corporation, European Recycled Metal, and Sims Metal Management Ltd., collectively accounted for a mere 14.5 % of the market in 2015, with small- and medium-sized regional and domestic vendors holding a massive 78.6 %.
In addition to intense competition and high exit barriers, the entry of new companies in the market is also highly challenging owing to the same factors. The high investment required at the time of setting up new recycling facilities, for setting up ties with suppliers of raw materials, and for installing complex machineries is expected to keep the threat of new entrants low in the market.
Transparency Market Research estimates that the global recycled metal market will exhibit a 4.1 % CAGR from 2016 to 2024, rising from a valuation of US $ 312.9 bn in 2016 to US $ 476.2 bn by 2024.
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Ferrous Metal to Account for Massive Chunk in Revenue of Overall Market In terms of product, recycled ferrous metals accounted for a massive 89.0 % of the global recycled metal market. Ferrous metals such as cast iron, wrought iron, and iron alloys such as carbon steel, mild steel, and stainless steel are extensively used across a number of applications in the manufacture of construction materials, electrical devices, vehicles, equipment, and industrial machineries. Much of the scrap obtained from sources such as discarded electronics, electrical components, end of life vehicles, and rejected machineries constitutes ferrous metals. As a result, the
Transparency Market Research
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