New York City, NY, 18 March 2020/24 Market Rports: It is estimated for the metal recycling market to reach USD 76.7 billion by 2025, at a CAGR of 7.9% from 2020 to 2025. The increasing demand for steel and the urbanization & industrialization in developing countries are driving the growth of the market during the forecast period. Also, growing concerns towards the depletion of natural resources at a fast rate have led governments of several countries to make favourable regulations regarding the metal recycling industry, which is further propelling the metal recycling market.
The ferrous segment, by type, is projected to be a faster-growing market during the forecast period. Iron and steel scraps are some of the most widely recycled ferrous metals in the world. This scrap comes from end-of-life products and scrap generated through manufacturing processes. The use of scrap in steel production has formed an integral part of the steelmaking industry. According to the Bureau of International Recycling, 40% of steel production is made from scraps.
It is estimated for building & construction to grow at the highest rate in the market during the forecast period. The use of recycled metals in the building & construction sector is been increasing with the need to reduce the environmental impact of mining metals. Demolition waste, which is one of the largest sources of metal waste, especially in the US is the source from where most of the recycled metals used in this sector are obtained.
Asia Pacific region to grow at the fastest rate in the market during the forecast period. Building & construction segment in the region is the major factor that is propelling the growth of the market in the region during the forecast period. Other drivers that will have a positive impact on this market are increasing household incomes and the growing middle-class population.