The Scrap Metal Recycling Industry Will Surge at 5.5% CAGR by 2031

SEATTLE (Scrap Monster): According to FactMR, a supplier of market research and competitive information, the scrap metal recycling market will rise at a 5.5% CAGR from 2021 to 2031 to reach US$ 103 Bn. Demand is estimated to reach US$ 60 billion by 2021.

Recycling scrap metal is an eco-friendly process that can meet the need for ferrous metals from major end-use industries including building and construction, transportation, and shipbuilding.

This market study supports many important factors relating to the Scrap Metal Recycling industry, including trends and market dynamics. This market analysis also examines Porter’s Five Forces Analysis, sales channels, distributors, market state, growth rate, future trends, market drivers, opportunities and challenges, risks, and entry barriers. When it comes to controlling the Scrap Metal Recycling market or making a name for oneself as a new emerging, analysis, and projections made with the help of significant data obtained in this market study are crucial.

What is Driving Demand for the Scrap Metal Recycling?

The demand for metals in producing parts and residential structures is being driven ahead by the developing automotive and construction sectors. However, in order to fulfil demand, the market for scrap recycling is being stimulated by the restricted supply of earth metals and the high cost of mining earth.

The demand for metal recycling is also rising as people’s worries about greenhouse gas emissions and deteriorating air quality in cities grow. To achieve global goals, it is crucial to utilize the special qualities of metal recycling, such as pollution reduction, energy savings, and the preservation of priceless raw materials.

40% of the steel produced is scrap, according to the Bureau of International Recycling. Therefore, effective recycling of scrap metals may reduce the need to mine new metal.

Courtesy: www.digitaljournal.com