Global – The metal recycling market size is projected to grow from US$ 277.12 billion in 2015 to US$ 406.16 billion by 2020, according to a new report by Market and Markets. This represents a compound annual growth rate of 7.95%, which is attributed to ‘rapidly increasing’ need for metal products in light of accelerated urbanisation, growth in infrastructural activities, and increasing industrialisation.
Ferrous metal recycling is said to gain ‘maximum traction’ during the forecast period. The use of scrap in steel production has formed an ‘integral part’ of the steel making industry, with an estimated 40% of steel production made from scrap, the report points out.
One ton of recycled steel saves 642 Kwh of energy, 1.8 barrels of oil, 10.9 million Btus of energy, and 4 cubic yards of landfill space.
The Asia-Pacific region will play a ‘key role’ in the metal recycling market in the coming years. Factors such as the increasing urbanised population in China and India along with the growth in disposable income, and the spreading awareness regarding the importance of waste management and resource efficiency in these countries are driving the growth of the Asia-Pacific metal recycling market.
Additionally, the strict laws pertaining to waste management & recycling, increasing awareness of the efficient use of natural resources, and demand for recycled metal have led both public sector bodies and private sector parties ‘to take active part’ in the recovery of metal from scrap.