North America, Europe, and APAC Scrap Metal Recycling Market to Grow with a CAGR of 7.1% During 2021-2031; Market to Grow on Account of Rising Need for Solid Waste Management (SWM)

Kenneth Research published a report titled North America, Europe, and APAC Scrap Metal Recycling Market: Demand Analysis & Opportunity Outlook 2031which delivers detailed overview of the North America, Europe, and APAC scrap metal recycling market in terms of market segmentation by type, scrap type, instrument, industries, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The North America, Europe, and APAC scrap metal recycling market is anticipated to grow with a CAGR of 7.1% over the forecast period, i.e., 2021 – 2031. The market is segmented by instrument into shredder & balers, shearing, granulation, and briquetting machine, out of which, the shredder & balers segment is anticipated to garner the largest revenue of USD 333.7 Billion by the end of 2031. Additionally, in the year 2021, the segment registered a revenue of USD 174.7 Billion.

The North America, Europe, and APAC scrap metal recycling market is estimated to garner a revenue of USD 795.6 Billion by the end of 2031, up from a revenue of USD 404.8 Billion in the year 2021. Growing awareness for solid waste management (SWM), followed by the rising awareness programs for sustainable waste management practices, along with the increasing stringent norms to reduce environmental pollution are some of the major factors anticipated to drive the growth of the market in the coming years.

Geographically, the North America, Europe, and APAC scrap metal recycling market is segmented into North America, Europe, and the Asia Pacific. Out of these, the market in the Asia Pacific is anticipated to garner the largest revenue of USD 324.9 Billion by the end of 2031. Additionally, in the year 2021, the market in the region registered a revenue of USD 171.8 Billion.

Rising Consumption of Scrap Metal Globally to Drive the Market Growth

The Bureau of International Recycling (BIR), in one of its statistics, stated that China registered to have the largest consumption of scrap steel in the year 2019 with a consumption volume of 215.93 Million Tonnes. This was an increase from 187.77 Million Tonnes in the year 2018.

Scrap metal recycling possesses numerous benefits, such as the recycling process helps in saving up to 20 times the energy required for mining primary metal ore. Besides this, using secondary raw materials also helps in lowering the emissions of carbon dioxide. Owing to such numerous benefits, businesses are increasingly focusing on recycling scrap metals and use these metals instead of primary raw materials. Such a factor is therefore anticipated to drive the market growth in the coming years.

However, the unorganized metal waste collection procedure, and the lower recycling rates for most rare earth metals are expected to operate as key restraint to the growth of North America, Europe, and APAC scrap metal recycling market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the North America, Europe, and APAC scrap metal recycling market which includes company profiling of Metallon Recycling Pte Ltd., Sims Limited, ARJES GmbH, SSI Shredding Systems, Inc., DELITEK AS, Kuusakoski Oy, Nucor Corporation, OmniSource, LLC, Falcon Metals, L.P., Kimmel Scrap Iron & Metal Co, Inc., American Iron & Metal (AIM), Aurubis AG, DBW Metals Recycling, Hanwa Co., Ltd., KYOEI STEEL Ltd., Yoshikawa Kogyo Co., Ltd., OSAKA Titanium Technologies Co., Ltd., NIKKEI MC ALUMINIUM CO., LTD., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America, Europe, and APAC scrap metal recycling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.      

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