Scrap Metal Recycling Market to Grow at CAGR of 3.11%

SEATTLE (Scrap Monster): The global market for scrap metal recycling is projected to grow at a CAGR of 3.11% during the period from 2017 to 2021. The report released by 360 Market Updates outlines the upcoming growth opportunities as well as the serious region-wise challenges faced by the market. It also highlights the key market players.

According to the report, increasing levels of consumer spending has resulted in steady increase in the demand for automobiles and consumer electronics. The primary market growth generally leads to growth of supporting industries too. A strong economic growth will lead to increased purchasing power, which in turn will spur industrial activities. The Asian region has outclassed developed countries in terms of industrial activity levels. The average GDP growth has been considerably higher in Asian countries, the report says. The report segments the global scrap metal recycling market into three regions-Americas, Asia Pacific (APAC) and Europe, the Middle East and Africa (EMEA).

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The report predicts faster growth to scrap metal recycling markets in Latin American countries such as Brazil, Mexico, Argentina and Venezuela when compared with North American countries, mainly on account of the conducive and investment-friendly environment in these countries. The increased production of steel through EAF process is likely to boost the demand and consumption of scrap as raw material for steel making.

The report identifies ArcelorMittal, Nucor, OmniSource, Sims Metal Management and American Iron & Metal as the five prominent players in the market. In addition to comprehensive Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis of the above mentioned companies, the report also provides detailed scrutiny of strategies used by several other leading market players.