Global Recycled Metal Market to Reach US$ 979.02 Bn by 2026
The recycled
metal market was
valued at US$ 713.44 Bn in 2017 is anticipated to expand at a CAGR of
3.5% during the forecast period, according to a new report published
by Transparency Market Research (TMR) titled ‘Recycled
Metal Market - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast, 2018–2026’. Expansion
in the recycled metal market is primarily driven by the increase in
awareness about energy conservation through secondary production of
metals, i.e. metal recycling. Manufacturers of metals have started
adopting advanced energy management systems to lower their
environmental footprint.
Energy
Efficiency and Lower Greenhouse Gas Emissions in Metal Recycling to
Drive Market Growth
A
large amount of energy is required for the extraction of metal from
ores. Energy consumed in metal production accounts for approximately
8.3% of the global energy consumption. Furthermore, the extraction
process leads to the emission of greenhouse gases. The primary
production of metals entails extraction of metals from metal ores,
while secondary production involves the preparation of metals from
scrap collection.
Primary
production of ferrous metals entails the reduction of iron oxide to
iron by reducing agents such as coke, coal, and natural gas. The
reduction takes place at a high temperature and entails high energy.
However, the electric arc furnace (EAF) process is used in the
secondary production of steel from scrap. The process consumes
considerably less amount of energy. Thus, the energy requirement for
primary production of ferrous metals is significantly higher than
that for secondary production. Therefore, secondary production of
ferrous metals through recycled metal leads to cost reduction.
Production
of 100 kilo tons of aluminum from bauxite ore requires 4,700 terra
joules of energy. Production of other non-ferrous metals such as
copper, lead, nickel, tin, and zinc also entails significant amount
of energy. Furthermore, the extraction process results in the
emission of greenhouse gases. However, non-ferrous metals can be
produced from scrap metal sources through a cost-effective method
that consumes significantly low amount of energy. The emission of
carbon dioxide is reduced during the secondary production of
non-ferrous metals.
Manufacturers
of metals have started adopting advanced energy management systems to
lower their environmental footprint. Recycled metal is projected to
help industry players achieve their sustainability goals in the near
future. This, in turn, is estimated to propel the recycled metal
market in the next few years.
Rise
in E-waste Generation to Boost Recycled Metal Market
Generation
of e-waste has increased significantly over the last few years.
Constant innovation in the electronics industry has resulted in
digital revolution. Changing demands of consumers and constant
improvement in technology are driving the electrical and electronic
goods market. As a result, electronic goods with conventional
technology are being replaced with new devices with improved
technology. This, in turn, is driving the production of waste from
discarded electronic and electrical equipment.
A
well-designed and effective recycling system can encourage the reuse
of electronic waste. Electronic waste management systems help prevent
the loss of precious metals and lower the emission of greenhouse
gases. Led by the rise in awareness about environmental concerns,
governments of developed and developing countries are focusing on
recycling of electronic waste to encourage resource conservation.
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The
rate of metal recycling from e-waste is anticipated to increase
substantially in the next few years in order to meet the rise in
demand for metals in several end-user industries. Thus, e-waste is
expected to be the most promising source of recycled metal,
considering the significant increase in e-waste generation and rise
in demand for metal.
Demand
for various ferrous, non-ferrous, and precious metals in
construction, automotive, and electronic industries is likely to
increase significantly in the near future. Thus, recycled metal is
estimated to be a lucrative end-user of the global e-waste market
during the forecast period.
Regional
Perspective of Recycled Metal Market
In
terms of revenue and volume, Asia Pacific constituted significant
share of the recycled metal market in 2017. Expansion in automotive
and building & construction (especially new construction)
industries is estimated to provide lucrative opportunities to the
market during the forecast period. Asia Pacific is anticipated to be
a highly attractive region of the global market, with growth
potential being exhibited by China, India, and ASEAN countries such
as Indonesia, Malaysia, and Singapore. Japan South Korea, Australia,
and New Zealand are some the mature countries of the recycled metal
market in Asia Pacific.
Europe
followed Asia Pacific in terms of revenue and volume in 2017. This
trend is anticipated to continue during the forecast period. The
overall recycling rates in EU-28 countries for various metals are
high compared to that in Rest of Europe. Domestic and imported scrap
is utilized in Europe, which contributes to the market share held by
the region.
The
U.S. accounts for significant share of the market in North America.
Metal recycling is an established market in the region. Automotive,
shipbuilding, and industrial machinery end-users constitute large
share of the demand for recycled metal. North America is also one of
the leading producers of recycled metal.
High
Degree of Competition Exists Among Established Players
Players
of different sizes and shares operate in the global recycled metal
market. High intensity of competition is likely to exist among
established players due to their integrated value chain. Exit
barriers are high owing to the high fixed costs and large capital
investment made at the initial stage. This, in turn, intensifies
rivalry among market players.
The
market for recycled metal can be segmented into
Recycled
Metal Market, by Metal
-
Ferrous Metals
-
Non-ferrous Metals
-
Aluminum
-
Copper
-
Lead
-
Others
-
-
Precious Metals
Recycled
Metal Market, by End-user
-
Building & Construction
-
Automotive
-
Electrical & Electronics
-
Shipbuilding
-
Industrial Machinery
-
Others
Recycled
Metal Market, by Region
-
North America
-
U.S.
-
Canada
-
-
Europe
-
Germany
-
France
-
K.
-
Spain
-
Italy
-
Russia & CIS
-
Rest of Europe
-
-
Asia Pacific
-
China
-
Japan
-
India
-
ASEAN
-
Rest of Asia Pacific
-
-
Latin America
-
Brazil
-
Mexico
-
Rest of Latin America
-
-
Middle East & Africa
-
GCC
-
South Africa
-
Rest of Middle East & Africa
-
About
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