Scrap Metal Recycling Market to Emerge Robust from Headwinds of COVID-19, Market projected to expand at notable ~6% CAGR from 2020 - 2030
- Some world-class metal manufacturing companies engage in business alliances for possibilities of non-ferrous metals for scrap
- India holds promising for worldwide scrap metal recycling businesses, government plays a significant role to employ cutting-edge technology in the sector
ALBANY, N.Y., March 3, 2021 /PRNewswire/ -- The scrap metal recycling market is facing the brunt of the COVID-19 pandemic. In developed countries such as the U.K., furloughs across business sectors as a repercussion of the pandemic has hit the scrap metal recycling sector as well. As a result of which, many scrap yards have shut down or are working at reduced capacities. Besides this, the pandemic has impacted shipment of metals in the country. Due to this, nearly all aluminum smelters in the U.K. have closed to result in price of aluminum to underperform.
Export bans on scrap in some countries has also hit the scrap recycling market. For example, in the UAE and South Africa, scarcity of scrap has led to bans on the export of scrap metal. This has forced some countries to sustain with domestic reserves and increase dependency on other metals for economic activities. Interestingly, this has led to increasing in demand for some other metals such as copper.
Nonetheless, the scrap metal recycling market is expected to counter headwinds of the COVID-19 pandemic and emerge resilient. As a result, the scrap metal recycling market is predicted to rise at a robust ~6% CAGR between 2020 and 2030, say analysts at TMR. Expanding at this growth rate, the scrap recycling market is predicted to surpass a valuation of US$516.4 bn by 2030.
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Key Findings of the Market Research Report
Business Alliances between World-class Metal Manufacturing Companies expands the Canvas
The past year witnessed some major developments in the worldwide metal sector, including metal scrap production and recycling. In October 2020, steel giants Triple M and ArcelorMittal joined hands to form Integrated Metal Recycling Inc. The joint venture will integrate several scrap recycling activities of the two partnering companies in Quebec. This venture is anticipated to benefit the overall scrap metal recycling market.