Recycled Metal Market Forecast to Touch $125 Billion By 2024

SEATTLE (Scrap Monster): The latest research report published by Global Market Insights predicts recycled metal market to surpass $125 billion by 2024.

The projected rise in North American electrical and electronics industry, mainly on account of fast-changing consumer preferences and continuous technology upgradation is likely to drive reprocessed metal demand. The increasing application of precious metals in the electronics industry is likely to contribute to significant gains in global recycled metal market share by 2024, the report noted.

The recycled non-ferrous metal market size, which was valued at more than $90 billion in 2017, is expected to report increased usage. Non-ferrous metals will find wide-ranging applications across several sectors including construction, electrical & electronics, transport, consumer goods, industrial machinery, nuclear and military.

Building and construction sector is likely to emerge as one of the key contributors to expansion of reprocessed metal market size. The segment had accounted for 45% share of the total recycled metal market in 2017. Ferrous as well as non-ferrous metals are increasingly utilized by building and construction sector.

Until 2024, the Europe recycled metal market share is expected to witness a jump by 4%. This is on account of anticipated jump in usage of reprocessed metals, mainly on account of stringent laws and legislations to protect environment through preservation of natural resources. These legislations intend to promote reuse, recycling and recovery of metals in order to reduce carbon footprints during manufacturing process.