Global – The global metal recycling market is estimated to reach US$ 446,472 million, registering a compound annual growth rate of 4.5% during 2016-2022, says a new report by Allied Market Research.
Ferrous metals are expected to generate US$ 252,117 million – leading the market during the forecast period. However, non-ferrous metals are the fastest growing segment and is anticipated to grow at a compound annual growth rate of 4.9% by 2022.
The report cites the European Aluminum Foil Association, noting that the recycling rate of aluminium closures in Europe has increased to more than 50% owing to the collection and recycling schemes.
The Asia-Pacific region is likely to ‘dominate’ the metal recycling market throughout the analysis period. The region is anticipated to generate US$ 212,118 million by 2022 and is estimated to grow at a significant compound annual growth rate of 5.2% during the forecast period.
‘In recent years, many countries have initiated specific recycling and environmental performance targets with an aim of encouraging people to recycle. The industrial demand for recycled products is universal,’ comments research analyst Smriti Loomba.
‘International trade in recycled metals plays a vital role in supplying the world’s mills and plants and is involved in increasing the benefits offered by the recycling industry,’ she adds.
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