Los Angeles, December 24, 2019 -QY Research has recently added a report titled, “Global Aluminium Recycling Market Size, Status and Forecast 2019-2025.” According to the report, the global aluminium recycling market was worth US$68220 mn during 2018 and is expected to reach US$88350 mn by 2025, registering a CAGR of 3.9% during the forecast period of 2019 to 2025.
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Environmental Benefits of Recycling Aluminium to Boost the Global Market
The global aluminium recycling market is expected to rise in demand as there is substantial need for sustainable development. Patrons and key players are evolving as conscious consumers thus, the need for investing in renewable products is rising. Aluminium has the ability to be recycled countless times as it can be melted without losing its quality. Therefore, companies can save 95% of energy needed to manufacture a new product from raw material. Aluminium also saves 95% of emission from greenhouse gases as compared to primary production process.
For instance, 1 tonne recycled aluminium saves 9 tonnes of CO2 emissions thus, making it a cut above compared to other recycled or raw materials. Manufacturers from industries such as packaging, drinking cans, bottle tops, wrappers, foil food trays, aluminium aerosols, and others are preferring recycled aluminium instead of spending on production of new aluminium as it is helps to reduce national expenditure and capital costs corresponding to international shipping, mining, and overflowing landfills.
Cost Effectiveness to Boost the Packaging Industry Segment
Packaging industry is expected to rise in market as it the fastest-growing industry in the present times with a potential of earning exponential revenues. This market is expected to soar even higher as product innovation and new brands are being launched everyday across the globe. Therefore, recycled aluminium is very efficient as an element in building a circular economy.
China Emerging as a Competitive Region owing to its Growing Economy
North America is expected to lead the global market as this region is witnessing largest number of construction activity in the world. China is emerging as a competitive nation with the highest number of construction projects and electronics production.
Novelis has proved its commitment towards circular economy model by taking Volvo’s production scarp and recycling it to reduce CO2 footprint of aluminium sheets. Other key players in the market are also collaborating and developing closed-loop recycling system.
The key players operating in the global aluminium recycling market are Novelis, Norsk Hydro, Real Alloy, Sigma Group, Constellium, UACJ, Ye Chiu, Raffmetal, Matalco, and Kobe Steel.
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