The worldwide scrap metal recycling sector will be worth US$ 280 billion (EUR 250 billion) this year, according to new market data.
The worldwide metal scrap recycling industry will register almost 3% growth in revenue by 2024, according to research firm HTF Market Intelligence. By then, analysts predict that the value of the metal scrap recycling market will reach US$ 340 billion.
Reviewing last year’s figures, the report states that the US scrap metal recycling industry alone was worth almost US$ 27 billion. The country is said to process around 110 million tonnes of recyclables annually.
Speaking specifically of non-ferrous scrap, analysts say this part of the global recycling sector was worth more than US$ 90 billion in 2018.
The report provides an overview of key recycling developments for iron, copper, aluminium and lead scrap. Details of several industries are also provided, including automotive, equipment manufacturing, shipbuilding, consumer appliances, batteries, packaging and building & construction.
Additionally, an in-depth geographical forecast considers how the recycling sector will evolve in North America, South America, Europe, Africa, the Asia-Pacific region and the Middle East.