Global Metals Recycling Market to Reach $446 Billion

SEATTLE (Scrap Monster): The latest report published by the Middle East North Africa Financial Network, Inc. (MENAFN) - the leading financial content provider predicts 4.5% CAGR growth to global metals recycling market during the period from 2016 to 2022.

According to the report, the market is expected to reach $446 billion. The report identified high rate of obsolescence and accelerated industrialization and urbanization as some of the key drivers behind the market growth.

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Among various regions, Asia-Pacific is likely to dominate the global market, with a higher CAGR growth of 5.2%. The increase in urban population in key markets such as India and China, coupled with increased activity in construction and automobile sector is likely to contribute to the regional market growth. The region is expected to generate $212 billion by 2022, contributing the highest revenue to the global market in 2022. According to BIR estimates, Asian region accounts for over 70% of the world’s stainless steel production.

Meantime, the report projects North America as the second fastest growing region. The region’s CAGR growth is projected at 4.6% during the forecast period.

MENAFN report states that ferrous metals are likely to dominate the market, generating $252 billion. However, the non-ferrous metals will emerge as the fastest growing segment, growing at a CAGR of 4.9% by 2022.