Integration of Advanced Technologies to Revolutionize Scrap Metal Recycling Industry

SEATTLE (Scrap Monster): The integration of advanced scrap metal recycling technologies such as artificial intelligence, machine learning and Internet of Things (IoT) in scrap metal recycling is expected to revolutionize the industry, says the latest research report published by Transparency Market Research (TMR).

According to the report, the global scrap metal recycling market is estimated to grow at a CAGR of 6.1% from 2023 to 2031. The scrap metal recycling sales are projected to hit $78.1 billion by the end of the forecast period.

ALSO READ:

Scrap Metal Recycling Plant Unveiled Modern Sorting Technologies

Scrap Metal Recycling Market Size Worth USD 112.94 Billion, Globally, By 2030

The application of the above-mentioned technologies will deliver increased efficiency, accuracy and cost-effectiveness, thus ensuring overall enhancement of global scrap metal recycling operations.

The Asia-Pacific region emerged as the most dominant market, mainly on account of favourable government regulations for scrap metal recycling in various countries in the region, especially in China and India. The region is expected to continue its dominance in the forecast period.

The report noted that ferrous metals continue to be the dominant segment in scrap metal recycling market, due to their high recyclability and increased industrial applications. Based on end-use industry, construction sector is the most dominant segment, followed by automotive and industrial manufacturing.