Metal Recycling Market Set to Expand Significantly, Reaching $111.31 Billion by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Metal Recycling Market- (By Type (Ferrous, Non-Ferrous Metals), By Type By Equipment (Shredders, Shears, Granulating Machines, Briquetting Machines), By End-User (Building and Construction, Packaging, Automotive, Shipbuilding, Electronics Equipment, Electrical Equipment)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Metal Recycling Market is valued at US$ 61.37 Bn in 2022, and it is expected to reach US$ 111.31 Bn by 2031, with a CAGR of 7.1% during a forecast period of 2023-2031.

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Recycling metal involves collecting discarded metal, processing it, and turning it into new metal. Iron can be recycled indefinitely without losing any of its material properties. Steel is an iron alloy which can be recycled numerous times and used to create goods for a variety of end-user industries. The iron recycling market is divided into regions and end-user industries. The market is divided into various end-user industries, including automotive, packaging, shipbuilding, electronics & electrical equipment, consumer appliances, and building and construction. Recycling metal enables businesses to obtain raw materials without compromising the products' quality. In addition, it is less expensive than producing metal from scratch. The need to protect the environment also significantly contributes to industry growth. In 2019, China became a major actor on the international stage. China is the world's largest steel producer, producing 996.3 Mn tons of crude steel in 2019, or over 53% of the world's total production, according to World Steel.

List of Prominent Players in the Metal Recycling Market: • ArcelorMittal • Commercial Metals Company • Aurubis AG • SIMS Metal Management Limited • Nucor Corporation • European Metal Recycling Limited • Tata Steel • Dowa Holdings Co., Ltd. • OmniSource Corporation • Schnitzer Steel Industries, Inc.

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Market Dynamics: Drivers- The industry is anticipated to grow in importance due to growing awareness about diminishing metal deposits. Additionally, the qualities of the original metals are not altered or changed by recycling. Government restrictions on metal mining are anticipated to affect market expansion positively. However, replacement materials like plastics, polymers, composites, and others are chosen because they are less expensive. The market development is anticipated to be hampered by this.

Challenges: The prime challenge is the difficulties include: • Addressing various non-environmental market inefficiencies to improve the efficiency of secondary material markets. • Identifying and designing (second-best) policy mixes due to the lack of complete monitoring and enforcement of waste disposal behaviour. • Controlling environmental impacts through price- or quantity-based policies.

Regional Trends: Because of its expanding economy, Asia Pacific is expected to dominate the market. The need for metal is likely to rise in advancing countries like India and China, which is anticipated to enhance the regional market. Europe is predicted to experience significant growth due to a sizable metal recycling industry. Due to the strict regulations put in place by government officials to prevent the unlawful exploitation of mines and metal reserves, North America is predicted to experience significant growth.

Recent Developments: • In December 2022, the biggest manufacturer of steel in the United States, Nucor Corporation, established cooperation with Electra, a producer of green iron. Through this collaboration, Nucor Corporation significantly reduced the carbon emissions of its industry-leading sustainable steel and steel products by using Electra's iron. • In March 2022, John Lawrie Metals Ltd., a Scottish steel recycling company, was acquired by ArcelorMittal as part of a larger effort on the part of the corporation to minimize the amount of carbon dioxide (CO2) that is produced by steel production.

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Segmentation of Metal Recycling Market- By Type- • Ferrous • Non-Ferrous Metals By Equipment • Shredders • Shears • Granulating Machines • Briquetting Machines By End-User- • Building and Construction • Packaging • Automotive • Shipbuilding • Electronics Equipment • Electrical Equipment By Region- North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • Southeast Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa

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This release was published on openPR.