Fact.MR’s survey of the scrap metal recycling market analyzes in detail the growth momentum and trends affecting metal types, scrap types and industry demand. It also highlights the various strategies adopted by major players to gain a competitive advantage in the scrap metal recycling market.
New York, September 28, 2021/PRNewswire/ – Fact.MR predicts in its latest market analysis that the value of the scrap metal recycling market in 2021 will reach around US$60 billion. As people’s interest in reducing metal waste and carbon emissions continues to spread across various industries, the global market is expected to grow at a compound annual growth rate of 5.5% from 2021 to 2031. It is estimated that by 2031, the market valuation will reach 103 billion US dollars.
The gradual depletion of natural resources, the increasing demand for metals in various industries such as automobiles and construction, and rapid industrialization are some of the key factors driving the scrap metal recycling market.
With the surge in demand for metals such as steel, aluminum and iron, manufacturers have shown a keen interest in scrap metal recycling. Since this process is simpler and more cost-effective than making new metals, the market is expected to experience strong growth during the forecast period.
The increasing focus on installing metal scrap provides a favorable environment for market growth. Some leading companies have been expanding their online businesses to strengthen their footprints. For example, in April 2021, TM Scrap Metals, a Los Angeles scrap metal recycling company located in Sun Valley, California, launched a new website. The new website makes it easier for scrappers to exchange metal for cash.
According to Fact.MR, the automotive industry has become a leading end user. It is estimated that from 2021 to 2031, this segment will account for 60% of total scrap metal recycling sales. Due to the existence of leading companies, North America has a dominant position in the scrap metal recycling market. However, the Asia-Pacific region is expected to grow at a higher rate during the forecast period.
“Focusing on expanding online business will provide profitable opportunities for market growth. In addition, market participants are expected to focus on strategic cooperation as they aim to expand production capacity,” Fact.MR analysts said.
Major players operating in the scrap metal recycling market are focusing on expanding their influence by establishing new facilities. They are adopting various growth strategies such as mergers, acquisitions, advanced product development and cooperation to strengthen their influence in the global market.
Fact.MR provides a fair analysis of the scrap metal recycling market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. The study revealed compelling insights into the global demand for scrap metal recycling, with detailed breakdowns based on the following:
Metal recycling baler market-metal recycling baler is a machine that crushes, bales and cuts scrap metal. Metal scraps such as aluminum, steel, brass, copper, and iron can be used to make new items. The main driving force of the global metal recycling baler market is to save energy, time and manpower, while reducing pollution, which has led to an increase in the demand for metal recycling baler in developed and developing countries. As people become more aware of how to properly handle metals to avoid pollution, the sales of metal recycling balers have increased.
Metal additive manufacturing system market-In order to manufacture engine components with highly complex design capabilities, aircraft engine manufacturers are increasingly turning to additive manufacturing. Metal additive manufacturing has significantly reduced the weight of aircraft engines, leading to a surge in the use of metal additive manufacturing equipment to manufacture aircraft components. In addition, the rapidly evolving materials, technologies, and computer-aided design (CAD) used in additive manufacturing are enhancing the use of printed parts.
Metal forging market-As the number of electric vehicles increases, the demand for rugged and durable forged parts will increase, driving the market’s growth during the forecast period. Metal forging service providers will benefit from the growing demand for forged steel in the automotive industry. Forged steel has become the first choice for auto parts due to its durability, strength and reliability. Most closed dyed steel forgings are used in the production of auto parts. Due to the increased demand for commercial vehicles and passenger vehicles, the demand for products will increase during the forecast period.
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