Insights Into The Recycled Metal Market’s Growth Opportunities Through 2023-2032 – Includes Recycled Metal Market Trends
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Growing construction demand is expected to drive innovation in recycled metal manufacturing, propelling the market during the forecast period.
The global recycled metal market is expected to grow from $65.53 billion in 2022 to $69.69 billion in 2023 at a compound annual growth rate (CAGR) of 6.35%. The recycled metal market size is expected to grow to $84.07 billion in 2027 at a CAGR of 4.80%.
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Global Recycled Metal Market Segments Include:
- By Product: Steel, Aluminum, Copper, Other Products
- By Metal: Ferrous, Non-Ferrous, Precious Metals
- By End-User: Construction, Transport And Automotive, Industrial Machinery, Electronics, Defense, Packaging, Military, Consumer Goods, Other End-Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global recycled metal market in 2021.
Major Market Players in the recycled metal market include ArcelorMittal S.A., Nucor Corporation, Commercial Metals Company, Sims Metal Management Limited, Aurubis AG, Novelis Inc., ELG Haniel Group.
The recycled metals market is being shaped by strategic partnerships and collaborations. Major recycled metals companies are joining forces to leverage each other’s resources and expand into a new market. For example, in July 2022, Novelis Inc., a recycling company based in the United States, partnered with Sortera Alloys Inc. Novelis hoped to increase the percentage of recycled material in its automotive alloys through this collaboration, lowering the carbon footprint. Sortera Alloys Inc. is a company based in the United States that recycles industrial scrap metal. Furthermore, in February 2022, Daimler India Commercial Vehicles Pvt. Ltd., an India-based company that manufactures and sells commercial vehicles, partnered with an India-based Cero – Mahindra MSTC Recycling Pvt. Ltd. (MMRPL). This collaboration enabled customers to replace their outdated fleet with brand-new, domestically produced BSVI BharatBenz vehicles that feature cutting-edge technology and high standards of safety, quality, comfort, and manufacturing. Cero – Mahindra MSTC Recycling Pvt. Ltd. (MMRPL) is a steel and automotive recycling facility based in India.
The Recycled Metal Global Market Report 2023 provides a recycled metal market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The recycled metal market forecast analyzes recycled metal market size, recycled metal market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Melting down used or scrap metal to create a new metal yields recycled metal. Metal recycling is the practise of reclaiming and processing scrap metal from buildings or products so that it can be used as a raw material to create new products.
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