The global metal recycling market is expected to increase at a CAGR of 8.1% and be worth US$ 88.5 billion (EUR 88 billion) by 2030. The figure comes in a report from Market Research Future detailing non-ferrous and ferrous scrap projects during the next eight years.
The report says the Asia-Pacific region will hold the highest market share throughout the projected period due to increased economic development, population growth, and the labour force. Additionally, the expanding automotive sector and infrastructure in China and India is expected to drive significant market expansion.
North America will be the second-largest market, the report says. Europe is also predicted to experience ‘significant’ growth due to a sizable metal recycling industry and new investments.
Government calls to reduce the dependency on mining metal reserves will spark a moderate rise in metal recycling across Latin America and by the end of the predicted period, Middle East & Africa will show slow development.
Developments in recycling technology and stricter targets regarding recycled content, recyclability of products and eco-design will act as another important driver for medium-term growth for the worldwide recycling industry.
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