Globally 1.6 billion people are involved in the recycling sector, handling more than 600 million tons of recyclable goods annually. The recycling sector have an annual turnover of approximately $200 billion revenue. Many metals found on Earth’s crust are on the verge of depletion with the excessive exhaustion by over increasing consumption rate. To recover from a loss of metals, industrial sectors are recycling the used metals to renew metals with less energy utilization and cover up the huge expenditure on new metal production procedure. Metal recycling is useful in various industries including construction, automotive, electronics, shipbuilding, and others. The construction industry is spearheading the metal recycling technique for a healthy output and profitable market growth. According to the Institute of Civil Engineers, the global construction is forecasted to gain a market revenue of $8 trillion by 2030, steered by China, the U.S., and India.[2] This is eventually increasing the supply-demand chain for the global metal recycling market. The global metal recycling market is expected to experience a CAGR of 7.50% through to 2025.
Metal Recycling Market Outlook:
Owing to the versatility of metals, recycling and reusing is yielding huge benefits such as less energy usage, boosting the economy, reduction of metal waste, and many more. Scrap metal can be bifurcated into two categories which include ferrous and non-ferrous metals. The global metal recycling market recorded revenue of $300.12 billion in 2018. Recycling of aluminum requires a negligible amount of energy consumption (5%) and greenhouse gas emission (5%).[3] Copper recycling avoid 85% of energy wastage, reducing 65% of carbon dioxide released into the atmosphere. Moreover, recycled metals contribute to 40% of overall copper consumption globally.[4] APAC had a regional market share of 35% in global metal recycling market with China and India as the center of trade of this market attributed to increasing urbanization. At the peak of technological advancement, the construction industry will flourish in this region influencing the global metal recycling market demand.
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Metal Recycling Market Growth Drivers:
· Increasing Construction Industry Demand
Manufacturing of new metals is a complicated and conventional method for construction companies. Turning huge amounts of old scrap metals into reusable and comparatively new metals have been adopted by these companies to expand the exponential turnover and meet the demand of the global population increasing rapidly. The global metal recycling market from the construction industry is expected to grow at a CAGR of 8% for the forecast period 2019-2025.
· Eco-friendly Industrial Initiatives
Recycling metal waste is an alternative to landfills that serve as a solution for considerable amount of environment degradation. Industries switch to this effective eco-friendly method of producing metals with low-cost and lesser energy expenditure to fuel up their business. For instance, during aluminum recycling, 95% less energy waste occurs. Interestingly, enough power is conserved for a 100-watt bulb to glow continuously for four hours by recycling one aluminum can. Another example is the reuse of secondary lead which reduces 99% of dioxide emission.[5]
Metal Recycling Market Challenges:
Rare earth metals are essential for modern commercial and industrial market induced by the wide application in almost every industrial sector. However, only a negligible percentage of rare earth elements (REE) can be recycled and the rest cannot be recovered leading to wide metal wastage. The increasing exhaustion of REEs will soon lead to complete void of these elements imposing a serious threat to the automotive, electronics, and other industries. The permanent magnets made from the REE neodymium is used in various equipment and parts such as electric vehicles, wind turbines, cell phones, laptops, and others have been successfully recycled by ORNL’s Electrical and Electronics Systems Research Division. Approximately 60% of the recycled permanent magnet has paved its way into the secondary markets.[6]
Another major challenge that the metal recycling market faces albeit the less energy usage is the point of degradation that the recycled metals reach undergoing several recycling procedures. As a result, these metals reach a stage when they are no longer suitable for recycling. This hindrance can be overcome by cleaning the scrap-metals with alkaline or acidic solution prior to the recycling procedure to remove the impurities.
Metal Recycling Market Key Players:
The leading companies of the global electroplating market include Arcelor Mittal S.A, Nucor Corporation, Commercial Metal Company, Novelis Inc., Norton Aluminum Ltd., Kuusakosi, European Metal Recycling, DOWA Holdings Co. Ltd., Sims Metal Management, Tom Martin & Co. Ltd., and others.
Norton Aluminum Ltd., the UK based leading manufacturer of aluminum, facilitates aluminum recycling to yield high-grade aluminum and its alloys for various industries including the aerospace industry. The company believes in providing aluminum for the production of lightweight vehicles resulting in less environmental pollution and also application in food industry to enhance its shelf-life.
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Metal Recycling Market Trends:
· LOD and Other Sorting Techniques
Laser object detection (LOD) is an automated technique for easy sorting scrap metals to scan non-metallic wastes such as glass, rubber, wood, and others. Useful metals such as niobium, copper, and titanium can be extracted from the distorted MRI scanners which is handy in comparison to the conventional methods.
· Advanced XRF and LIB Technologies
X-ray fluorescence (XRF) and Lase induced breakdown spectroscopy (LIB) is a revolutionary technique for sorting scrap metals easily and effectively within less time requirement and comparatively less cost. XRF technology is useful in recovering metals such as Zinc, Iron, Nickel, Copper, using X-ray radiation to detect them. LIB involves laser rays of lower energy to detect aluminum and other non-ferrous metals by instant heating and determining the electromagnetic waves produced and distinguishing the visual waves through spectrometer.
· Sustainable Metal Recycling
Metal recycling is a sustainable process enabling low pollution emission and less processing cost suitable both for manufacturing companies and end-users. Approximately, 20 million homes can get electricity for a complete year by recycling 1 ton of metals.Recycled metals do not hamper the physical appeal of the product and reduces the pollution from mining the fresh metals, enhancing the standard of living and reducing the loss of scarcely available metals.
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Metal Recycling Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the metal recycling market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of metals recycled in metal recycling market, and their specific applications in different areas.
Metal Recycling Market Report: Industry Coverage:
Metal recycling market is bifurcated into various segments by type and end-users industries. Based on type there are two segments which includes ferrous metals and non-ferrous metals. On the basis of end-users this market is categorized into construction, industrial, and others.
The metal recycling market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia.
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