World Recycled Metal Market to Reach $979 Billion by 2026

SEATTLE (Scrap Monster): The latest report by Transparency Market Research (TMR) says that recycled metal market is expected to expand at CAGR of 3.5% during the period from 2018 to 2026. The market, which was valued at $713.44 billion in 2017, is forecast to touch $979 billion by 2026.

The expansion will be mainly driven by increased awareness about lower environmental footprint of secondary metals production. The extraction of metals from ores consumes a large amount of energy. Furthermore, the extraction process emits greenhouse gases harmful for the environment. On the contrary, energy requirement for secondary production is significantly lower when compared to that of primary production of ferrous metals. The production using recycled metals produces less amount of carbon dioxide too.

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The sustainability goals set by major manufacturers is expected to drive the prospects of recycled metal market in the forthcoming years. Also, e-waste is likely to emerge as the most relevant source of recycled metal.

Among regions, Asia-Pacific will exhibit highly attractive growth prospects, propelled by expansion in automotive and building & construction industries. Europe is likely to follow Asia Pacific in terms of revenue and volume.

The TMR report also predicts high intensity of competition among major players in the global recycled metal market.