(MoneyNewsWire.Net, November 12, 2019 ) Market Outlook:-
Metal recycling is the method by which waste and unused metals are converted to useful and new products. The process of recycling serves as a vital replacement to the waste disposal technique which helps in lowering the greenhouse emissions and save material wastage.
The method of recycling aims at sustainable development by reducing the need for extraction of raw material from the earth’s crust and thereby preserving the global metal reserves.
Rapid Industrialization, growing the urban population, increasing awareness about resource management and waste management are the salient factors responsible for driving the Metal Recycling market.
Change in monetary and social conditions set apart by a significant increase in manufacturing and urbanization indicate the growing rate of industrialization among the countries of the world.
According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years.
United Nations Department of economic and social affairs reveals that about 55% of the world’s population resides in urban areas and this figure is expected to reach 68% by 2050. This high growth rate of Industrialization in many countries of the world is one of the primary factors contributing to the growth of the Metal Recycling market.
High costs of recycling processes, availability of skilled labor and expensive raw materials are important aspects hindering the metal recycling market. Recycling processes are associated with high costs such as logistics, equipment, raw materials and other expenses which can impede the growth of this market.
The Global Metal Recycling market has been segmented by
• Metal Type
• End-user application
• Mode of Recycling
• Scrap Type
The market for recycling of ferrous metals is gaining momentum and is expected to grow at a faster rate. Iron scrap and steel scrap are the primary ferrous metals which are recycled. According to the world steel association, 1689 million tons of crude steel was produced in 2017, and the annual growth rate from 2015 to 2017 was 2.1%. Ninety-nine million tons of scrap steel was exported, and various countries of the world imported 98.4 million tons of scrap steel in 2017.
The Bureau of internal recycling states that 40% of the world’s steel is produced from scrap. In the case of non-ferrous metals, the world refined copper production from trash was 3.481 million tons in 2017 and this figure grew by 9.4% when compared to 2016. Aluminum is one of the primary non-ferrous metals which is most widely recycled after steel and paper.
Recycled metals find their primary use in building and construction, Automotive, electronics and electrical equipment, Shipbuilding, packaging industries, Commercial household products, Aerospace, and Industrial machinery applications.
Building and construction industry is the dominant segment in this market because of the increase in disposal of metal scrap into the landfills. A study by the scientists at the Department of Materials Science, Carnegie Mellon University has concluded that most of the scrap metal is emerging from the construction and building industry.
In 2016, the total metal scrap from the building and construction industry was 19 million tons in the United States which was followed by consumer goods which accounted for 6 million tons of metal scrap production and industrial products which produced 11 million tons of metal scrap.
Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and theMiddle East & Africa.
The Asia Pacific is the primary driving region for the global metal recycling market owing to the increasing steel consumption by countries like China and India. In 2017, China alone accounted for 46.4% of the worlds steel use and contributed about 49.2% of the world’s total crude steel production. It hit a record 2.5 million tons of steel production per day and has remained relatively healthy. Steel output increased by 5.5% in China and other countries like South Korea and Taiwan; the steel output went up by 3.6 and 3.8%.
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The major players in this market incorporate competitive strategies like mergers and acquisitions to retain their position in the market and also contribute to the growth of their companies. For instance, In November 2018, Arcelor Mittal announced that the company had completed transaction to acquire Ilva S.p.A and launched Arcelor Mittal Italia.
This acquisition has provided the company with a unique operation to expand its presence in the European continent by acquiring Europe’s single largest steelmaking site.
In November 2018, Commercial Metals company announced that is has completed the acquisition of 33 rebar facilities in the United States, including steel mills located in Knoxville, Tennessee; Jacksonville, Florida; Sayreville, New Jersey and Rancho Cucamonga, California from Gerdau S.A.
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