World Metal Recycling Market to Surpass $88 Billion by 2028

SEATTLE (Scrap Monster): The latest research report published by The Brainy Insights says that the global metal recycling market is expected to grow at a CAGR of 10.72% from the period from 2021 to 2028. The market, which was valued at $40.40 billion last year, is anticipated to touch $88.8 billion by 2028.

The report said that the Asia Pacific region emerged as the largest market for metal recycling, accounting for 30.4% share of market revenue in 2020, mainly triggered by robust economic growth. The region is likely to report strong growth in the forecast period, primarily on account of rising household incomes and middle-class populations.

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In general, the metal recycling sector growth will be triggered by rising steel demand in developing countries. The end-use sector building and construction segment is projected to grow at the highest CAGR of around 11.5% over the forecast period. The report cites rising demand for beverage cans as another key market driver.

The report cited ArcelorMittal, Aurubis AG, Commercial Metals Company, Gerdau S.A., Industrial Services of America, Inc., Nucor Corporation, Schnitzer Steel Industries, Inc., Sims Metal Management Limited and Steel Dynamics, Inc. as the key players in the global metal recycling market.