Recycled Aluminum Market Sales Revenue to Hit $101.7 Billion By 2032

SEATTLE (Scrap Monster):  According to a new report published by Allied Market Research, titled, "Recycled Aluminum Market," The recycled aluminum market was valued at $49.1 billion in 2022, and is estimated to reach $101.7 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.

The global recycled aluminum market is expected to possess high growth potential in the coming years owing to the surge in focus on sustainability and reducing environmental impact, in which recycled aluminum helps conserve natural resources and reduces energy consumption, greenhouse gas emissions, and waste generation associated with primary aluminum production. In addition, the concept of a circular economy, which promotes the recycling and reuse of materials, has gained traction. Aluminum is highly recyclable, and the demand for recycled aluminum aligns with the principles of the circular economy. Industries and governments are actively promoting the use of recycled materials, including aluminum, to close the loop and reduce reliance on virgin resources.

 Recycled aluminum refers to aluminum that has been recovered and processed from post-consumer or post-industrial waste materials rather than being extracted from raw sources such as bauxite ore. It involves collecting aluminum , such as beverage cans, automotive parts, construction materials, and industrial waste, and then processing it to remove impurities and contaminants.

Recycling aluminum can be cost-effective for manufacturers. The energy savings contribute to lower production costs. In addition, recycled aluminum is often less expensive than newly produced aluminum, making it an attractive option for wire manufacturing. This has surged the demand for recycled aluminum obtained from wire . Moreover, manufacturing aluminum from recycled materials requires significantly less energy compared to producing aluminum from raw materials. It is estimated that recycling aluminum saves approximately 95% of the energy required for primary aluminum production.

 Moreover, the lightweight nature of recycled aluminum allows automakers to design and manufacture vehicles with reduced weight. Lighter vehicles require less energy to propel, resulting in improved fuel efficiency and lower greenhouse gas emissions. This makes recycled aluminum an excellent choice for achieving stricter fuel economy standards and reducing environmental impact. This factor may further drive the growth of the recycled aluminum market during the forecast period.

Key findings of the study

-By type, the wire segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.0% from 2023 to 2032.

-By end-user, the building and construction segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.6% from 2023 to 2032.

- Asia-Pacific garnered the highest share of 49.1% in 2022, in terms of revenue, growing at a CAGR of 8.0%.

 Courtesy: www.einnews.com