Recycled Metal Market Predicted to Surpass $125 Billion by 2024

SEATTLE (Scrap Monster): The latest report published by Market Research Report forecasts 4.5% CAGR growth to recycled metal market until 2024. According to the report, the market is forecast to exceed $125 billion during the above-mentioned timeframe.

The report identifies rapid growth in Middle East construction sector, mainly on account of increased investment in infrastructure projects by private and public sector. The stability in crude oil prices is likely to sustain the market momentum, which in turn will trigger the demand for recycled metal, especially steel, iron, aluminum and copper.

The U.S. electrical and electronics industry is likely to witness tremendous growth over the forecast period, mainly due to technological advancements in line with ever-changing consumer preferences. The projected industry growth is likely to have significant influence on overall recycling market. The robust growth in transportation and automotive sector may also trigger demand for recycled metals.

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The overall growth of recycled metal market will be hindered by lack of advanced recycling process which results in complete metal recovery from scrap. For instance, recycling processes are found to recover only around 35% aluminum from scrap.

The North American recycled metal market was estimated at around $8.5 billion during the previous year. The local regulatory laws to save environment from hazardous waste by reducing carbon footprint has resulted in increased recycling of metal. The main industries which boosted overall product demand included transportation, electrical & electronics and defense industry. The report also notes that recycled ferrous metals market alone generated nearly $550 million in 2017.

The Market Research Report identifies Nucor, Steel Dynamics, Schnitzer Steel, Sims Metal, Novelis, ELG Haniel and European Metal Recycling (EMR) as the key players in recycled metal market.