The Metal Recycling Market estimates that the global metal recycling market will reach a turnover of $ 446,472 million, registering a CAGR of 4.5% between 2016 and 2022. In addition, the Asia-Pacific region is expected to dominate the global market throughout the entire period with a CAGR of 5.2%.
High obsolescence of equipment and buildings, energy savings to reduce emissions, accelerated industrialization and urbanization, and increased consumer awareness will drive the growth of the scrap market. However, the unorganized flow of metal waste can have a negative impact on the market, so accepting scrap metal around the clock and the constant increase in waste collection areas is an important factor.
Recycling scrap metal reduces future resource scarcity, creates economic value, minimizes greenhouse gas emissions, and limits other environmental damage. Thus, various government initiatives have been taken to create an enabling environment for the disposal of metal waste. For example, Japan has passed a law on the disposal of household appliances, according to which consumers of appliances such as refrigerators, air conditioners and washing machines must send them at the end of their useful life to scrap metal collection centers for further processing.
Scrap metal is subdivided into ferrous and non-ferrous metal scrap. Some of the sources of ferrous scrap include cars, railroad tracks, ships, home appliances and consumer electronics. Ferrous metals are expected to generate $ 252,117 million, holding a dominant market position during the forecast period. However, non-ferrous metals are the fastest growing segment and are expected to grow by an average of 4.9% annually through 2022. In Europe, the rate of recycling of aluminum cans has increased by more than 50% in recent years due to waste collection and recycling schemes.
In recent years, many countries have embarked on specific recycling programs, encouraging people to recycle in order to improve their environmental performance. The industrial demand for recycled metals is universal. The international trade in recycled metals plays a vital role in the supply of various industries around the world. Ferrous scrap was the most profitable, contributing to the global market with a share of 57.6% in 2015, and is expected to maintain its dominance throughout the forecast period.
The Asia-Pacific region will continue to dominate the metals processing market throughout the
