North America Recycled Scrap Metal Market to Surpass US$76.2 Billion by 2032

SEATTLE (Scrap Monster):  According to the Future Market Insights report, the North America recycled scrap metal market was valued at US$ 35.5 Billion in 2021. By the end of 2032, the market is expected to reach a market worth US$ 76.2 Billion, growing steadily with a CAGR of 5.5% during 2022-2032.

The market is predicted to grow as recycling rates increase. It is anticipated that the development of trash collection networks, the development of recycling facilities in both established and developing countries, and the encouragement of metal recycling by businesses and governments will all support the growth of the recycled scrap metal sector and the creation of new employment opportunities.

According to the Canadian Association of Recycling Industries (CARI), the recycled scrap metal industry directly or indirectly employs 160,000 Canadians. The business for recycled scrap metal may expand as a result of the dearth of rare metals as well as their extensive usage in contemporary production. Items for recycling scrap metal are predicted to become less and less relevant as technology advances. The industry for recycled scrap metal is anticipated to be driven by rising industrialization and urbanization, rising disposable income, along with rising awareness throughout the projected period.

 Courtesy: www.fmiblog.com