SEATTLE (Scrap Monster): The latest research report published by Transparency Market Research (TMR) predicts 7.8% growth to global metal recycling market over the period from 2020 to 2025. The market is expected to cross $76.1 billion by the end of the forecast period in 2025. It must be noted that the market was valued at $52.1 billion in 2019.
The report identifies rising steel demand, increasing industrialization and urbanization trend in several emerging economies as the main drivers for the growth of metal recycling market. The introduction of metal recycling regulations by various governments due to concerns about depletion of natural resources at a rapid pace too will foster market growth.
Among regions, Asia Pacific has not only reported a high rate of adoption of metal recycling practices, but has continued to display a highly optimistic avenue of growth for all players associated with it. Incidentally, metal recycling has emerged as a very high priority activity in many countries in the region, including China, Japan and India. TMR predicts opportunities for metal recycling market in North America and Europe.
The report cites Tube City Inc., PSC Metals, Ferrous Processing & Trading Co. (FTP), Alter Scrap Processing, AMG Resources Corp., Joseph Behr & Sons Inc., Galamba Metals Group LLC, and Kuusakoski Oy as well-known entities in the global metal recycling market.