Recycled Metal Market size was over USD 90 billion in 2017 and is projected to expand at over 4.5% CAGR over the forecast timeframe. Speaking about the initiatives taken by the regional governments with regards to Recycled Metal Market, which is availabe now, it would be imperative to mention the instance of the Rwanda government having undertaken significant steps to strengthen the industrial sector in the region by encouraging the practice of metal recycling. In accordance, the government has taken efforts to establish metal scrap collection centers from where the waste metal can be recollected and recycled into construction materials like iron bars. The Rwanda government also framed a national e-waste management strategy through which it has been providing incentives for metal scrap collection and establishment of dismantling facilities. The efforts undertaken by the Rwanda administrative body are indeed an apt instance demonstrating the role that governments have to play in the growth of recycled metal industry.
According to Global Market Insights recycled metal market has indeed carved out a momentous place for itself in the realm of advanced materials, plausibly on account of the growing concern among metal product manufacturers regarding the sustainability benefits of metal recycling. With the proliferation of rapid industrialization and urbanization trends across the globe, the demand for metals has observed a meteoric rise. However, having considered the adverse impact of mining on the environment, metal product manufacturers have been inclining toward recycled metals, thereby providing a major impetus to recycled metals industry.
As of now, the crucial matter of contention about global warming due to rise in carbon dioxide emissions in the environment has been fueling the need for recycling. Consequently, activities such as mining and solid waste accumulation in landfills that lead to the destruction of biodiversity have been cast in a negative light, resulting in a massive shift of preference toward recycled metals. Also, regional governments and private companies are likely to save up on capital post adopting the practice of recycling metals, given that the energy consumed for metal recycling is far lesser as compared to extracting ores. In effect, metal recycling only serves to give rise to a sustainable economy that seems to be the need of the hour, the recognition of which has led to a major spurt in recycled metals demand across myriad geographies.
North America recycled metal industry has gained exceptional prominence across the globe in the last couple of years, which can be credited to the rapidly expanding electrical & electronics sector in the region. Already a technological hub in itself, the region houses a plethora of E&E companies that contribute toward the country’s GDP. The regional electrical & electronics domain is lately on a tremendous rise on account of the constant upgradations in electronic architecture and the ever-changing demand of consumers with regards to electronic goods. Driven by the widespread applications of recycled metal for metal plating electronic components through electrodeposition, North America recycled metal industry is forecast to accrue substantial valuation in the ensuing years.
Another pivotal reason responsible for the growth of North America recycled metal market is the presence of an increasing number of core companies that have been rather proactively adopting strategic tactics to consolidate their stance in the home continent and overseas. For instance, merely a few days ago, the aluminum recycling company, Novelis signed an agreement to acquire a leading manufacturer of recycled aluminum products, Aleris. In 2016, Aleris used nearly 734,000 metric tons of recycled aluminum in its products. The company majorly supplies its recycled metal products to the defense, automotive, construction, aerospace, and packaging industries. Consequently, this acquisition will prove to be beneficial for Novelis not only in terms of business expansion but also in terms of retaining Aleris’s widespread customer base.
The adoption of highly strategic business tactics, so Global Market Insights, is certain to have a transformational impact on the growth of recycled metal industry share. Additionally, the increasing awareness among regulatory bodies and private companies about the economic benefits of using recycled metal for new product manufacturing and infrastructure developments is also likely to augment the commercialization scale of this business space.
