New Scrap Metal Recycling Market Research Report – COVID-19 Analysis Based on Ferrous Scrap and Non-ferrous Scrap Types

Press release content from Business Wire. The AP news staff was not involved in its creation.

Press release content from Business Wire. The AP news staff was not involved in its creation.
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Technavio has announced its latest market research report titled Global Scrap Metal Recycling Market 2020-2024 (Graphic: Business Wire)
Technavio has announced its latest market research report titled Global Scrap Metal Recycling Market 2020-2024 (Graphic: Business Wire)


The new scrap metal recycling market research from Technavio indicates positive growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Scrap Metal Recycling Market 2020-2024 (Graphic: Business Wire)

Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the scrap metal recycling market.

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“One of the primary growth drivers for this market is the Increase in Prices of Raw Materials,” says a senior analyst for the Industrials industry at Technavio.

Prices of non-ferrous metals have been volatile, while the cost of ferrous metals is showing a steady upward trend. With China regulating global steel production, global steel prices have increased. As a result, scrap metal recycling is growing in demand, aided by a strong demand-supply correlation.

As the markets recover, Technavio expects the scrap metal recycling market size to grow by 181.56 million MT during the period 2020-2024.

Scrap Metal Recycling Market Segment Highlights for 2020

The scrap metal recycling market is expected to post a year-over-year growth rate of 4.16%.

Ferrous metals are inherently recyclable. Moreover, the production of raw steel using ferrous scrap reduces the overall cost of production, as it consumes less energy and requires less mining of ores, which provides cost benefits to metal manufacturers.

Also, the use of ferrous scrap as a raw material in steel production significantly reduces carbon emissions and landfill waste. As a result, the use of ferrous scrap metals has been high in industries such as construction and automotive.

However, the scrap metal recycling market share growth by the ferrous scrap segment will be slower than the growth of the market by the non-ferrous scrap segment.


Regional Analysis

57% of the growth will originate from the APAC region.

Factors such as large investments in infrastructural developments in South-East Asian countries such as Indonesia, Vietnam, and Thailand will significantly drive scrap metal recycling market growth in this region over the forecast period.

China, Japan, and India are the key markets for scrap metal recycling in APAC. Market growth in this region will be slower than the growth of the market in other regions.

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The scrap metal recycling market size is expected to accelerate at a CAGR of almost 4% during the forecast period.

The scrap metal recycling market is segmented by Type (Ferrous scrap and Non-ferrous scrap) and Geography (APAC, Europe, North America, MEA, and South America).

The market is fragmented due to the presence of many established vendors holding significant market share.

The research report offers information on several market vendors, including Alter Trading Inc., American Iron & Metal, ArcelorMittal SA, Aurubis AG, Commercial Metals Co., European Metal Recycling Ltd., Gerdau SA, Nucor Corp., Schnitzer Steel Industries Inc., and Sims Metal Management Ltd.

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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CONTACT: Technavio Research

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Media & Marketing Executive

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SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 12/03/2020 06:00 PM/DISC: 12/03/2020 06:01 PM

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