High ferrous demand
The global metal recycling construction and the automotive market are expected to grow in the future, with the Asia Pacific region leading the way due to the high ferrous demand for recycled metals in such industries due to increased demand for recycled ferrous.
According to a recent report, steel, and iron recycling is a costly process therefore the metal scrap demand is expected to grow. In the equipment segment, the shredders category is expected to account for the largest revenue share, due to its capability of processing a wide range of metal scrap and removing contamination from metal.
Meanwhile, the old scrap segment is expected to account for the largest revenue share under the scrap category, as utilizing these more affordable raw materials lowers the cost of production, resulting in lower prices for consumer goods.
Under the application category, the building and construction segment is expected to register the fastest revenue growth rate due to the rapid development of the construction industry and the growing ferrous demand in renovation and remodeling projects across the globe.
The report highlights the increasing adoption of recycled metals in the automotive industry, particularly in North America and Europe. The U.S. and Canada are focusing on reducing metal waste and their carbon footprint, while Europe is home to major automotive manufacturers like Audi AG, Volkswagen Group, and Fiat Chrysler Automobiles N.V.
The Asia Pacific region dominates the global metal recycling market, with China, Japan, and India leading the way due to the increasing use of recycled metals in the construction and automotive industries. The development of these industries has resulted in high ferrous demand for recycled metals, with China planning to build 6.5 million rental homes by 2025.
Overall, the metal recycling industry is expected to grow due to various factors, such as the increasing cost of virgin metals, the need to reduce the carbon footprint, and the rising demand for raw materials from various industries.
SOURCE: https://www.benzinga.com/pressreleases/23/04/n31646364/metal-recycling-global-market-report-2022-rising-demand-for-metal-raw-materials-fuels-growth