The metal recycling market is set to grow at a CAGR of 8.04% during the forecast period 2018 to 2023. As per the market research report, the market will hit US$434,551 million in terms of valuation by the end of 2023. The market growth will be driven by focus on natural resource conservation. Based on the research report, the growing focus to conserve natural resources will accelerate growth in the market till 2023. Although ineffective recycling processes will have a negative impact on the global metal recycling market’s growth during this period. The fluctuation in steel prices is predicted to be a key challenge which could become a strong threat from 2018 to 2023 to companies. The market report published by expert analysts includes primary and secondary data and suggests that end user, scrap type, and metal type segments are anticipated to witness tremendous growth till 2023. Factors such as greenhouse gas emissions reduction will become key growth drivers during the forecast period and favorable regulations about the metal recycling industry is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by time-consuming processes which could negatively affect activities taking place across the market. Concerns related to the costis another challenge the market could face till 2023.
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Market Segmentation
The metal recycling market is segregated into different market segments based on end user, scrap type, and metal type. For a comprehensive analysis of the market, the end user, scrap type, and metal type segments are further split into smaller segments. The metal type segment is categorized into non-ferrous and ferrous. Furthermore, based on scrap type, the global market is also segmented into new scrap and old scrap. Based on the market segmentation analysis, the report covers market forecasts. On the basis of end users, the global market is split into sub segments including automotive, shipbuilding, construction, packaging, and others.
The growing concerns of natural resource depletion will support the market growth from 2018 to 2023. As per the market research report, the global market for metal recycling is anticipated to grow at a healthy rate across all the end user, scrap type, and metal type segments. However, the presence of active threats such as the lack of skilled human resources could hamper the market growth. Business activities across recycling have also been examined and studied by recycling industry’s experienced analysts. The metal recycling market research report covers findings with predictions and forecasts till 2023.
Regional Overview
The metal recycling market, with its product and service related segments, is spread across the world. recycling industry based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. The growing need for steel is anticipated to be a major factor for growth across the recycling space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The recycling sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Recycling based businesses in these regional markets are anticipated to grow due to increasing industrialization and urbanization during the forecast period 2018 to 2023. Although the market’s growth could be affected by the growing penetration of alternatives in the market. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.
Competitive Landscape
Recycling based organizations are profiled in the market research report. The metal recycling market along with companies and segments have been studied. The analysis of recycling based business is also done to identify key challenges and strengths of these companies. The global metal recycling market research report covers SWOT analysis, Porter’s Five Force analysis of major recycling related organizations. The strategy and other key details of these companies for the forecast period 2018 to 2023 are covered in the report. The growing demand for beverage cans is anticipated to support the market growth as the market is set to grow at a CAGR of 8.04% and reach a value of US$434,551 million by 2023.
Industry News
Metal Recycling Corp., located in Little Rock, Arkansas, has announced plans to buy the assets of Sol Alman Co., one of the region’s largest scrap metal recycling firms. The purchase is due to take place the next week. Metal Recycling Corp. now has three full-service scrap metal recycling plants in Arkansas as a result of this takeover. Charles Alman founded the organisation in 1905, and it has been offering recycling services to Arkansas residents and businesses for decades. He added that the news, which comes despite a global pandemic scare, points to a bright and creative future when the best of two historic Little Rock businesses are combined.
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