World Metal Recycling Sector to Reach $86.1 Billion

The scarcity of rare earth metal coupled with legislations that mandate recycling activities too are cited as factors that boost scrap metal recycling sector.

SEATTLE (Scrap Monster): The new research study by Reports & Data foresees global metal recycling sector to touch $86.1 billion by 2027. The rising awareness of circular products and new initiatives to cut energy costs are cited as the key drivers of the sector growth.

The metal recycling market growth is expected to be driven by growing demand for steel and the rapid industrialization and urbanisation in emerging countries. The scarcity of rare earth metal coupled with legislations that mandate recycling activities too are cited as factors that boost scrap metal recycling sector.

Steel Packaging Recycling Rate Hit New All-Time Peak

The global supply of recycled metals witnessed significant decline in the year-to-date period in 2020, mainly on account of supply disruptions on account of Covid-19 restrictions by countries across the globe. The surge in prices for steel, copper and other raw materials will lift the demand for recycled metals, in comparison with virgin metals. The flurry of infrastructure projects post Covid-19 will result in fairly rapid recovery in metal recycling market, the report said.

The construction and building industry is likely to continue as the primary end user of ferrous scrap metal. The projected recovery in steel sector will likely boost the demand for recycled metals.