Global – The global metals recycling market will be worth more than US$ 400 billion by 2022, according to a report from Market Research Future. This represents a compound annual growth rate of up to 7% from 2016.
The automotive sector is ‘dominating’ the metals recycling market as it requires large volumes of metals for vehicle body and parts manufacturing.
A noteworthy increase in consumers’ purchasing power has resulted in a ‘booming’ car industry, leading to more scrap availability. In addition, there has been a general surge in demand for metal products – notably in the construction and electronics sectors, notes the Indian research firm.
The momentum will be further boosted by ‘stringent’ rules and regulations for waste recycling as well as the growing concerns surrounding efficient use of natural resources.
The Market Research Future report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, the Asia-Pacific region and the rest of the world.