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In 2020, the global scrap metal recycling market was priced at USD 989.8 billion, with a compound annual growth rate (CAGR) of 4.9 percent expected from 2020 to 2025. The key factor driving the market growth is the increasing demand for metals, which is coupled with a growing focus on natural resource conservation and greenhouse gas emissions. <br><br>Metal recycling helps producers to acquire raw materials for finished goods production without damaging their properties. Furthermore, it is less costly than primary metal processing. Also, the environmental imperative plays an important role in propel
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Scrap Metal Recycling Market In 2020, the global scrap metal recycling market was priced at USD 989.8 billion, with a compound annual growth rate (CAGR) of 4.9 percent expected from 2020 to 2025. The key factor driving the market growth is the increasing demand for metals, which is coupled with a growing focus on natural resource conservation and greenhouse gas emissions. Metal recycling helps producers to acquire raw materials for finished goods production without damaging their properties. Furthermore, it is less costly than primary metal processing. Also, the environmental imperative plays an important role in propelling industry development.
Scrap Metal Recycling Market Market Drivers Market growth is expected to be bolstered by a growing emphasis on conserving natural resources and reducing greenhouse gas emissions. Governments also created favourable regulations for the metal recycling industry in response to increasing concerns about natural resource depletion.
Scrap Metal Recycling Market COVID-19 Impact on the Scrap Metal Recycling Market Metal scrap was being stifled by restricted movement through cities, forcing scrap dealers to shut down their operations in the face of the COVID-19 pandemic. Such actions reduced activity in the scrap metal shredder industry, reducing revenue growth. Further, the pandemic in 2020 caused a supply chain disruption, which resulted in a significant decline in metal production and hence there was a large contraction in demand owing to the slowdown of prominent end-use industries, such as construction and automotive. However, as manufacturing activities are permitted to proceed, a sharp turnaround is expected in 2021.
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