World Metal Recycling Market to Hit $454.22 Billion by 2033

SEATTLE (Scrap Monster): The most recent report published by The Brainy Insights suggests that the global metal recycling market is currently undergoing a significant transformation, mainly driven by rising environmental awareness and demand for sustainable practices.

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As per the findings of the report, the worldwide metal recycling market is predicted to touch $454.22 billion by 2033, growing at a CAGR of 5.85% during the forecast period from 2024 to 2033. The market growth will be mainly driven by technological advancements and changing consumer attitudes. The favourable rules for the metal recycling sector too are likely to propel metal recycling market growth, it said.

By type, the ferrous segment accounted for the largest market share of around 57.15% in 2023. Among various segments, the shredders segment held the largest market share of around 26.86% during the previous year. The reports predicts that the building & construction end-use sector is likely to grow at the highest CAGR of around 7.11% over the forecast period.

The metal recycling market growth is primarily driven by rising demand in emerging economies. India has become a key player in the expansion of the industry, fuelled by rapid urbanization coupled with rising number of infrastructure projects.