Albany, NY -- (SBWIRE) -- 10/19/2016 -- This information is based on the findings of a report published by Transparency Market Research, titled "Recycled Metal Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024." The metal extracted from mining and ores is a threat to the demand for recycled metals. Thus, the threat of substitutes is expected to remain high owing to the high performance and quality of the substitute over recycled metals.
According to the report, the global recycled metal market is expected to rise from US$312,898.6 mn in 2015 to US$476,232.3 mn by 2024, expanding at a 4.8% CAGR from 2016 to 2024. By product, the ferrous segment is expected to lead, and account for 88.6% of the market by 2024. On the basis of end user, the building and construction segment is projected to lead and will account for 34.7% of the market by 2024, finds TMR. On the basis of geography, Asia Pacific will continue to remain dominant and is likely to account for 46.1% of the market by 2024.
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Focus on Lowering Environmental Footprint to Drive Market
Increasing awareness about energy conservation has led manufacturers to focus on the production of metals through recycling. As metal producers are concentrating on lowering the environmental footprint, players in the industry have started producing metals from scrap through recycling process. Recycled metals are in high demand from the electrical and electronics, building and construction, industrial machinery, shipbuilding, and automotive industries.
There are many factors challenging the global metal recycling market. The presence of multiple metals in scrap affects the purity of metal produced through recycling and these impurities are difficult to remove. Countries in central and Eastern Europe are facing difficulties in scrap collection on account of trade restrictions. Developing nations in Asia Pacific, Africa, and Latin America are also experiencing difficulty in collecting metal scrap. Moreover, there are only a few recycling facilities in these regions that meet the governmental and environmental regulations. A lack of stringent policies and regulations to organize the flow of waste hinders will also hinder the market in these countries.
Growth of Electrical and Electronics Industries to Provide Growth Opportunities
Changing demands of consumers and constant improvements in technology are driving the electrical and electronic goods market. This is leading to a surge in the production of waste from discarded electrical and electronic goods, aiding the growth of the global metal recycling market. Moreover, the shorter lifespan of electronic and electrical equipment will also lead to a high production of electronic waste. The rate of metal recycling from e-waste is anticipated to increase substantially in the next few years in order to meet the growing demand for metals in several end-user industries. All these factors will drive the global recycled metal market in the future.
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The global recycled metal market is highly fragmented with the top five players accounting for 21.4% of the market in 2015, states Transparency Market Research in its new study. These players are Sims Metal Management Ltd., European Recycled Metal, Omni Source Corporation, Schnitzer Steel Industries, Inc., and Nucor Corporation. The degree of competition is expected to be high owing to low profit margins. The threat of new entrants is predicted to be low to moderate. This is because players are likely to experience challenges in acquiring raw material and equipment. In addition to this, the initial capital investment for establishing a new recycling plant entails high costs. However, there is a medium threat of forward integration from metal collectors.
The global recycled metal market is segmented as follows:
Recycled Metal Market – Product Segment Analysis
-Others (Including Precious Metals, etc.)
Recycled Metal Market – End-user Analysis
-Building & Construction
-Electrical & Electronics
-Others (Including Household Appliances, etc.)
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