Metal Recycling Market forecast to witness phenomenal growth opportunities by 2024

Metal Recycling Market forecast to witness phenomenal growth opportunities by 2024

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Metal Recycling is a process to recycle the used metals. This not only helps in solving the energy crisis but also has different applications. Recycled metal is also used in the production of green energy. Different applications of recycled metal in different sectors of industry have indirectly affected the global market in a positive manner.

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The global metal recycling market is likely to have a boost in coming future. Increasing urbanized population is the main reason that has driven the growth of the global market. In addition to this, increased awareness regarding the importance of resource efficiency and waste management is also boosting the growth of the global metal recycling market. Besides, rapid industrialization is also driving the growth of the global market. Furthermore, the imposition of strict laws pertaining to waste management and recycling are also lowering the growth of the global metal recycling market. Additionally, increased demand from the industry is also driving the global market growth.

On the other hand, high cost for production and recycling process is the main reason hampering the growth of global metal recycling market. High cost for raw material is one of the reasons that are decreasing the growth of the global market. Moreover, high labor charges are also one of the significant reasons that are restraining the growth of the global market. Similarly, high cost for transportation for metal is also one of the significant reasons that are restraining the growth of the global market.

Based on the types, the global metal recycling market is mainly classified as ferrous metal and non-ferrous metal.

On the basis of scrap types, the global market is divided into old scrap and new scrap.

Based on the equipment, the global market for metal recycling is segmented into shears, shredders, briquette machines, granulating machines, and others.

Based on the end user sector, the global market is segmented into automotive, building & construction, shipbuilding, equipment manufacturing, packaging, consumer appliances, furnishing, aerospace, residential & commercial utensils sectors, and others.

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Regionally, the global market for metal recycling is significantly segmented into Latin America, Middle East and Africa, North America, and Europe. Increasing urbanized population is boosting the global market in the North America. Increased awareness regarding the importance of waste management and resource efficiency is lowering the global market in Asia Pacific. Rapid industrialization will boost the global market in Germany and France. The Rest of the World will witness a steady growth in the global market in the coming future.

Market Competitive Players

Key players in the global metal recycling market are Nucor Corporation, Gerdau S.A., Commercial Metals Company, Steel Dynamics, Inc., Schnitzer Steel Industries, Inc., and Industrial Services of America, Inc.

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Metal Recycling Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa

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