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Scrap Metal Recycling Companies Continue to Leverage Organic Growth over Next Five Years
A Fact.MR survey on scrap metal recycling market offers detailed analysis on growth drivers and trends affecting demand in terms of metal type, scrap type, and industry. It also highlights various strategies adopted by key players to gain a competitive edge in the scrap metal recycling market.
Fact.MR in its latest market analysis forecasts that the scrap metal recycling market to reach a valuation of around US$ 60 Bn in 2021. With growing interest towards reducing metal waste and carbon footprint across various industries, the global market is projected to register a CAGR of 5.5% between 2021 and 2031. The market has been forecast to reach a valuation of US$ 103 Bn by 2031.
Gradual depletion of natural resources, increasing demand for metals across various industries such as automotive and construction, and rapid industrialization are some of the key factors driving the scrap metal recycling market.
With soaring demand for metals such as steel, aluminum and iron, manufacturers have shown keen interest towards recycling of scrap metals. As this process is simple and more cost-efficient than manufacturing of new metal, the market is expected to witness robust growth during the forecast period.
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