Technavio analysts forecast the global scrap metal recycling market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
Innovations in the purification of scrap metal is one of the major trends being witnessed in the global scrap metal recycling market 2018-2022. Traditionally, the construction sector used asbestos in their buildings, plants, and housing structures, owing to its strength and thermal insulation properties. However, through the release of asbestos fibers into the atmosphere, it was found to cause serious health hazards to occupants when demolished. Hence, regulatory bodies such as the OSHA monitor the demolition of buildings that contain asbestos. As a result, vendors are looking at innovative methods to purify contaminated steel scrap obtained primarily from the construction sector.
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According to Technavio analysts, one of the key factors contributing to the growth of the global scrap metal recycling market is the increase in prices of raw materials:
Global scrap metal recycling market: Increase in prices of raw materials
Since 2017, the prices of non-ferrous metals have been volatile while the prices of ferrous metals have been showing a steady upward trend. Countries such as China are regulating the overproduction of steel, leading to a rise in global steel prices. During the period, the prices of raw materials such as iron ore and coal, which are used for manufacturing steel have also increased. The prices of base metals such as aluminum and copper were more volatile primarily owing to Chinas revised environmental regulations regarding the import of metals.
According to a senior analyst at Technavio for research on water and waste management, The key determinants of scrap metal prices are the volume of supply and scrap quality. In countries such as the US, Canada, and China, metals such as steel and aluminum have been imposed with import/export restrictions and tariffs, the base demand-supply correlation is strong for the global scrap metal recycling market primarily due to requirements across key sectors such as healthcare, automotive, and construction. This would continue to drive the growth of the global scrap metal recycling market during the forecast period.
Global scrap metal recycling market: Segmentation analysis
The global scrap metal recycling market research report provides market segmentation by scrap type (ferrous scrap and non-ferrous scrap) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC led the market in 2017 with a market share of over 60%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by nearly 2%.
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Five Forces Analysis
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