Scrap metals refer to the metals that are mainly obtained from the manufacturing industries as a leftover product. Scrap metals include the ferrous scraps and the non-ferrous scraps. The scrap metal recycling relates to the recycling of the ferrous as well as the non-ferrous metals by using techniques to enhance their life cycle.
The ferrous metals include iron and steel. Steel is one of the most recycled materials across the globe. The important non-ferrous metals are zinc, nickel, copper, tin, lead, and others. The ferrous scraps are usually obtained from the obsolete products and manufacturing processes. The obsolete ferrous scraps are obtained from the household appliances, farm equipment, automobiles, railroad tracks, steel structures, ships, and other sources. The non-ferrous scrap metals have more recycling capacity than the ferrous metals owing to their ability to retain their physical and chemical properties. The scrap metal recycling market is anticipated to witness significant growth during the forecast period.
Market Drivers
The rise in the raw material prices is an important driver of the global scrap metal recycling market. The increasing cost of ferrous metals is expected to increase the demand of the market. The adoption of the scrap metal recycling helps preserve limited natural resources. The eco-friendly nature of the market further drives market growth in the coming years. The stringent environmental regulations, favorable laws, government initiatives, and environmental threats due to an increase in pollution are some other driving factors of the market growth.
Competitive Players
The key players in the global scrap metal recycling market are Sims Metal Management, K&K Metal Recycling, European Recycled Metal, TOTALL Metal Recycling, Metallon Recycling, TKC Metal Recycling, Metso, OmniSource Corporation, and Kirby Metal Recycling. Some other players in the market are A&S Metal Recycling, Smith Iron & Metal, DBW Metal Recycling, Nucor Corporation, Schnitzer Steel Industries, and Derichebourg.
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Market Segmentation
The global scrap metal recycling market is segmented based on type, application, and region.
Based on the type, the global market is subdivided into iron, lead, copper, and aluminum. The iron segment is the leading market in the global scenario. The non-ferrous segmented is expected to witness growth during the forecast period.
Depending on the application, the scrap metal recycling market is divided into building and construction, electrical and electronics, automotive, industrial machinery, and other applications.
Based on the regional segmentation, the global market includes the United States, Japan, India, China, Europe, Southeast Asia, and Central and South America. The Asia Pacific region is expected to expand owing to the increased production of steel. The favorable laws and government support account for the growing demand in the Asia Pacific Region.
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Recent Industry Trend
The innovation of the purification technique of scrap metals is the recent trend of the industry. The top players of the scrap metal recycling market are researching on the innovative ways to purify the contaminated metal scraps obtained from the construction and other important sectors. The evolution of such techniques will drive the market towards further growth and will benefit the top players in the industry.
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