Metal recycling is gaining significant importance attributed to the rising problem pertaining to the disposal of metal wastes across the globe. Metals are used for manufacturing a variety of products such as automotive components and parts, electronics appliances, beverage containers, and furniture among others. The most used metals can be broadly divided in to ferrous (steel and iron) and non-ferrous (aluminum, tin, brass, and copper). The process of metal recycling includes collection and sorting, processing, shredding, and melting and purification. During the forecast period, the growth of the metal recycling market is attributed to rising government regulations on waste recycling and management, aimed at efficient utilization of natural resources.
The major factor driving the growth of the metal recycling market is attributed to increasing industrialization and urbanization, rising income, and spending capability of people in developing economies such as China, Brazil, and India. In addition, rising demand for metal recycling in various end-use industries primarily including electronic, building and construction, metal fabrication, automotive, medical and healthcare equipment and packaging among others is further driving the growth of global metal recycling market. Moreover, metal recycling market is expected to expand significantly during the forecast period attributed to increasing focus among private sector companies and public sectors bodies for offering environmental services, primarily aimed at efficient and sustainable utilization of natural resources.
However, government restriction on free and fair trade of metal scrap is posing as a major restraint to the growth of the market. In addition, the growth of the metal recycling market is hampered due to unavailability of organized metal waste collection practice in various developing countries. Opportunities for key players in the metal recycling market lies in penetrating the emerging market of the Asia Pacific and Africa. In addition, rising demand for recovering metal from slag residue is further creating new opportunities for metal recycling market.
The market is segmented on the basis of type into ferrous and non-ferrous. On the basis of scrap type, the market can be further segmented into old scrap and new scrap. In addition, based on the type of equipment the global metal recycling market is segment into shredders, shears, briquetting machines, and granulating machines.
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