Albany, NY -- (SBWire) -- 09/14/2017 --The global recycled metal market is highly fragmented as top three vendors, namely OmniSource Corporation, European Recycled Metal, and Sims Metal Management Ltd. accounted for 14.5% of the global market in 2015 and smaller players contributed to about 78.6%. However, the companies such as Nucor Corporation and Schnitzer Steel Industries, Inc., have also emerged as prominent players in this market. The presence of high number of small players is expected to keep the intensity of the competition high during the forecast period.

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In this report, Transparency Market Research has estimated that in 2015 the global recycled metal market was valued at around US$312.9 bn and is expected to reach US$476.2 bn by end of the year 2024, exhibiting a staggering CAGR of 4.8% for the forecast period 2016-2024.

In addition to high exit barriers, the entry of new players is just as challenging owing to the same reasons. "High initial capital investment for the setting up of new recycling facilities, for the installation of equipment and machinery, and for access to raw material and appropriate technologies mean that new entrants in the recycled metal market are not likely to pose much of a threat to existing vendors," the analyst observes.

Demand for Recycled Metal Surges with Rapid Pace of Urbanization and Industrialization

Recycled metals find application in several end-use industries such as building and construction, electrical and electronics, industrial machinery, automotive, and shipbuilding. The building and construction sector is the leading consumer of recycled metals, followed by the automotive industry.

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"The demand for recycled metal in the building and construction industry has risen owing to the surge in construction-related activities, especially in emerging economies," the author of the study notes. "This can be attributed to the rapid pace of urbanization and industrialization in these developing regions and the surge in infrastructure development."

The demand for recycled metals in the automotive sector is likely to increase at the fastest pace from 2016 to 2024. The segment is anticipated to register a 4.5% CAGR during the forecast period, driven by the rising demand for recycled steel, iron, and aluminum.

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Steady Growth in Store for Global Market by Volume and Value

The market for recycled metals is a massive one. The market is estimated to be worth US$476.2 bn by the end of the forecast period, increasing from US$312.9 bn in 2016 at a 4.8% CAGR therein. The global demand stands to grow at a 4.1% CAGR from 2016 to 2024. Asia Pacific is the largest regional market for recycled metals enjoying a volume share of 45.2% in 2015. By product, ferrous metals are estimated to continue leading the recycled metals market in terms of volume, registering a 4.1% CAGR during the forecast period.