A new report published by QY Research that offers insights on the global recycled metals market. The recycled metals market has been experiencing steady growth since past few years. During the 2018-2023 timeline, the global market for recycled metals is expected to reflect a positive growth. In 2018 the global recycled metals market was valued at US$293.29 bn and by the end of the assessment year of 2023. This market is estimated to touch a value more than US$339.53 bn growing at a value CAGR of 2.97% throughout the period of forecast.
Global Recycled Metals Market: Market Drivers
Recycled metals is in use for a broad range of building and construction. Recycled metals are valuable materials that can be recycled again and again without degrading their properties. Their usefulness is creating a good opportunity for the global recycled metals market. The manufacturers are also exploring the potential of recycled metals in automotive sector as the demand for automobiles continues to soar at a phenomenal pace. Recently, there is a demand for recycled metals in equipment manufacturing along with shipbuilding, consumer appliances, battery, and packaging. Emergence of these sectors have their positive impact on recycled metals market.
Global Recycled Metals Market: Segment Analysis
The global recycled metals market is segmented by type and application. In terms of type, the market is segmented into ferrous and non-ferrous. In terms of volume, ferrous is expected to remain dominant. It had a consumption share of over 90.84% in 2018. In terms of application, the market is segmented into building and construction, automotive, equipment manufacturing, shipbuilding, consumer appliances, battery, packaging and others. Among them, the building and construction segment accounted for a consumption share of over 44.08% in 2018.
Global Recycled Metals Market: Regional Analysis
On the basis of region, the global recycled metals market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific is the dominant market in the global recycled metals market in terms of value. The recycled metals market of Asia Pacific was valued at US$146.03 bn in 2018 and is expected to expand at a sluggish CAGR of 1.85% over the forecast period. The Europe market is expected to expand at a rate of 1.17% in terms of revenue over the aforesaid period due to the steady increase in consumption in this region.
Global Recycled Metals Market: The Key Players
The key players studied in the global recycled metals market research report are Sims Metal Management, OmniSource, Schnitzer Steel Industries, BOMET Recycling, DOWA, Calgary Metal Recycling, European Metal Recycling, Baosteel and Commercial Metals. These are the key vendors that are included in this report, and the report focuses on major industry players in the global steel plate market.
Schnitzer Steel Industries has been recognized for the fifth consecutive year as one of the World’s Most Ethical Companies in 2019 by the Ethisphere Institute. Ethisphere Institute is a global leader in defining and advancing the standards of ethical business practices. The moral practises have helped Schnitzer Steel Industries to reach the stage of global recognition. Such efforts are always supportive to keep a company ahead of the competition in the cut-throat global market race.
Click to view the full report TOC, figures, and tables: https://www.qyresearch.com/index/detail/758048/global-recycled-metals-market