Global Metal Recycling Market to Touch $1.4 Trillion by 2027

SEATTLE (Scrap Monster): The latest report published by Grand View Research Inc. forecasts global metal recycling market at $1.47 trillion by 2027, growing at a CAGR rate of 4.9%. The market growth will be propelled by rising awareness about environmental protection and popularity on circular economy.

Among regions, Asia Pacific reported the largest revenue share of 67% in 2019. Steel is likely to register the fastest CAGR of 6.4% in terms of revenue from 2020 to 2027. By volume, construction application segment recorded a share of 47% in 2019, mainly on account of emphasis by regional governments on infrastructure and construction projects. The demand for metal products in consumer goods is expected to witness strong growth.

ALSO READ:

Metal Packaging Sector in Doldrums Due to Import Restrictions

Fitch Solutions Anticipates Volatility in Metals Market

The market growth will be mainly driven by burgeoning metal consumption by end-use industries. For instance, steel is mainly consumed by various industries such as automotive, construction, industrial manufacturing and consumer goods. The recycling of aluminum too has been gaining momentum over the previous years.

Asia Pacific region is likely to remain as the largest and fastest-growing regional market during the period from 2020 to 2027. The growth in the region will be mainly triggered by emphasis on sustainable waste management and rapid urbanization. The manufacturing sector in countries such as India, China, Vietnam, Thailand, Myanmar and Indonesia will boost demand for metal recycling, the report noted.