Recycled Metal Market Size

Recycled Metal Market Size

Recycled Metal Market size was over USD 64 billion in 2018 and is projected to expand at over 4% CAGR over the forecast timeframe.

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Strong urbanization & industrialization rate in Asia Pacific and the Middle East is probable to boost the construction industry, which will have subsequent impact on metal demand in the coming years. Regional government is making substantial investment in major construction projects mainly in India, UAE, Saudi Arabia and other emerging nations. According to Indian Brand Equity Foundation, India has requirement of investment worth USD 777.73 billion in infrastructure by 2022 to attain sustainable development in the country. The above mentioned trends are anticipated to drive metal demand and thus will trigger metal recycling, resulting in driving the overall recycled metal market size in the forecast time spell. Ferrous and non-ferrous metals are widely used in the building & constructions industry in bridges, building frameworks, tunnels, etc. and nearly half of the steel produced globally is used in the building & construction industry.

China plans to make large investment of worth USD 2.7 trillion in transportation & infrastructure industry, which in turn will have subsequent positive impact on metal demand and thereby likely to make notable contribution to the overall recycled metal market size in the forecast timeframe. Moreover, stringent legislations formulated by the regional regulatory bodies to enforce metal recycling in order to reduce carbon footprint will have positive impact on the reprocessed metal market size in the near future. For instance, Chinese industry standard SB/T 11049-2013 states operation practices of scrap metal recycling company. Furthermore, GB 16487.2-13 standard states environment protection control standards for imported solid wastes as raw materials. These trends are likely to make significant positive influence on the overall market size during the forecast timespan.

Ineffective recycling process is a major factor hindering the overall reprocessed metal market size in the coming years. For instance, ferrous metals recycling constitutes more than 40% of its total production. This is attributed to inefficient recycling process and machinery which are incompetent in attaining ferrous scrap from the total waste generated. However, consistent technology upgradation and rising focus on metal recycling owing to stringent legislations is likely to improve the metal recycling rate which will help attain considerable gains to the overall market in the forecast time spell.