Global Scrap Metal Recycling Market Growth, Value, Size and Share - Forecast By

1. Global Scrap Metal Recycling Market

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3. Global 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. Increasing concerns about the rapid depletion of natural resources have prompted policymakers in a number of countries to implement favourable regulations for the metal recycling industry, which is propelling the metal recycling market even further.

4. Global Scrap Metal Recycling Market The demand for metal recycling is motivated by a high rate of obsolescence, increased energy savings with lower greenhouse gas emissions, accelerating industrialization and urbanisation in developed countries, and increased customer awareness. Over the next two decades, the increase in population worldwide is projected to be a significant driver for global consumer durables consumption and the building and construction industry, resulting in the growth of the metal recycling market. Increased household incomes and the increasing middle-class population are two other factors that will support this sector. 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.

5. Global Scrap Metal Recycling Market The major challenges are the growing complexity of goods, which makes recycling and supply chain management difficult. The numerous parties involved in the metal recycling supply chains, such as municipalities and private companies, are continually under pressure to reduce the costs incurred in this process. Companies are now facing significant challenges in lowering these prices, simplifying the supply chain process, and increasing performance. 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.

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