SEATTLE (Scrap Monster): The most recent market research report published by Global Industry Analysts Inc., (GIA) says that metal recycling market is expected to witness robust growth worldwide over the next five-year period. The report titled “Metal Recycling-Global Market Trajectory & Analytics” outlines the transformed post-Covid-19 market place and details on the fresh perspectives and opportunities.
According to the report, the the global market for metal recycling is projected to reach a revised size of US$548.7 billion by 2026, recording a CAGR growth of 6.8%, compared with the current market value of US$365.3 billion. The ferrous market is projected to record a 7.7% CAGR and reach US$403.8 billion by the end of 2026. Meantime, the growth in non-ferrous metal recycling market is revised to a CAGR growth of 5% over the forecast period, the report noted.
The report estimates the U.S. metal recycling market at US$106.1 billion in 2021. hina is projected to touch a market size of US$117.5 billion by 2026. Other main markets are Japan and Canada, which are projected to grow at 3.7% and 6.1% respectively. Within European region, the German market is poised to grow at a CAGR of around 4.3%.