The global car recycling market was worth US$ 20.6 billion (EUR 18.7 billion) in 2020 and is set to remain competitive in the coming years with 5.1% compound annual growth until 2026, according to analysts at IMARC Group.
Their report details the various facets of vehicle recycling, including the dismantling stage and fuel recovery, spare parts, and crushing and shredding scrap metal. It also covers the latest separation technologies such as eddy current, floatation and laser infrared methods to isolate non-ferrous metals from other materials.
The widespread adoption of metal scrap and steel for manufacturing fuel-efficient, affordable and lightweight cars represents one of the key factors driving the global vehicle recycling market, says IMARC. ‘Rapid industrialisation and urbanisation, especially in the developing economies, along with the several initiatives undertaken by the governments of various nations toward sustainable development, are creating a positive outlook for the market across the globe.’
The increasing use of recycled batteries in the manufacturing of consumer electronics is hailed as another major growth factor for the vehicle recycling market.
Highlights of the report include:
- Market performance (2015-2020)
- Market outlook (2021-2026)
- Market trends
- Market drivers and success factors
- Impact of Covid-19
- Value chain analysis
- Comprehensive mapping of the competitive landscape
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