Recycled Metal Market
ferrous metals segment is expected to continue to account for a massive chunk of the market over the forecast period as well .
In terms of geography , the Asia Pacific recycled metal market is the leading contributor to the revenue of the global market and the leading producer of recycled metals in terms of volume . The region accounted for a nearly 45 % of the global recycled metal market in 2015 and is expected to remain the leading regional market for recycled metals in the next few years as well , chiefly owing to the high population base and a strong industrial sector .
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Focus on Reducing Environmental Footprint Compel Industries to Favor Recycled Metals The increased focus of several industries and companies operating therein on environmental sustainability of internal operations and processes is one of the key factors to have significantly driven the market for recycled metal in the past few years . Attempts to lower the environmental footprint and curb the emission of greenhouse gases have compelled companies and industries to shift to ecofriendly , recycled , and recyclable raw materials . Using recycled raw materials , especially when it comes to metals , is highly energy- and cost-effective as compared to the primary production from metal ores , the latter of which entails a long-winding and environmentally taxing extraction and purification process .
Issues Surrounding Complex Scrap Metal Collection and Extraction Process to Restrain Market Growth Although the production of metals from recycling involves fewer metallurgical steps compared to the conventional process of extraction from metal ores , the complex process of selection and collection of recyclable scrap is a big challenge for the market . While the presence of multiple metals in the scrap collected for recycling could affect the purity of the desired metal , the impurities contained in the recycled metal are also difficult to remove . Moreover , the lack of consumer awareness regarding the pressing need for metal recycling as a way of ensuring environmental sustenance coupled with the lack of metal recycling and collecting infrastructure in certain regions are also restraining market growth .
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