Metal Recycling Market Size, Share, Growth Analysis, By Metal Type(Ferrous metal, non-ferrous metal), By Scrap Metal(Aluminum, Brass, Carbide, Copper), By Equipment(Briquetting Machines, Shears, Shredders, Balers), By End user(Construction, Automotive, Shipbuilding, Equipment manufacturing), By Region - Industry Forecast 2024-2031

Metal Recycling Market Driver

• Emerging automotive and construction industries are providing a forward thrust to the demand for metal in manufacturing parts and residential buildings. However, limited availability of earth-metals and high-cost of mining earth is fuelling the scrap recycling market to meet the demand. High demand for recycled metals in all of these industries is due to the fact that metals retain their properties even after multiple recycling. This property raises the demand for recycled metals.
• Growing concerns about greenhouse gas emissions and deteriorating air quality in urban areas are boosting the demand for metal recycling. The distinctive attributes of metal recycling such as reduction of pollution, conservation of energy and saving valuable raw materials is imperative to meet global targets. According to Bureau of International Recycling, 40% of steel production is made from scraps.

Metal Recycling Market Restraint

• Unorganized flow of waste metals and presence of less scrap collection zones are anticipated to hamper the growth of the market. Contaminated metal cannot be recycled. Metal has come into contact with harmful toxins even if you clean the cans, you can’t guarantee that all the chemicals have been removed. As a result, it is unwise to recycle.
• High upfront capital costs-recycling is not always cost-effective. Building up a new waste recycling unit takes up a lot of capital. The accompanying costs include buying different kinds of utility vehicles, upgrading the recycling unit, waste, chemicals, disposal and schooling the locals by initiating useful program and seminar.