Kenneth Research has released a report titled “NorthAmerica, Europe, and APAC Scrap Metal Recycling Market: Demand Analysis &Opportunity Outlook 2031” which also includes some of the prominentmarket analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
Theconsumption of scrap steel was known to be the highest in China with a consumptionvolume of 215.93 Million Tonnes in the year 2019, up from 187.77 Million Tonnes in the year 2018, according to the statistics by the Bureau of International Recycling (BIR).
Thestatistics portray the growing consumption of scrap metals amongst businessesworldwide. The process of recycling of scrap metal is very energy efficient as the recycling process saves up to 20 times the energy required for mining a primary metal ore. In addition to this, these metals also lowers the carbon dioxide emissions which otherwise are very high in the conventional process of metal ore mining. Backed by such numerous benefits, the demand for scrap metals is growing significantly, which in turn, is expected to boost the growth of the market in the coming years.
The North America, Europe, and APAC scrapmetal recycling market is anticipated to grow with a CAGR of 7.1% over theforecast period, i.e., 2021 – 2031. The market is estimated to garner a revenue of USD 795.6 Billion by the end of 2031. Additionally, in the year 2021, the market generated a revenue of USD 404.8 Billion. The market is segmented by instrument into shredder & balers, shearing, granulation, and briquetting machine. The shredder & balers segment, out of all the other segments, is expected to garner the largest revenue of USD 333.7 Billion by the end of 2031. Moreover, the segment generated a revenue of USD 174.7 Billion in the year 2021.
Byregion, the North America,Europe, and APAC scrap metal recycling market is segmented into North America,Europe, and the Asia Pacific, out of which, the market in the Asia Pacific is anticipated to garner the largest revenue of USD 324.9 Billion by the end of 2031. Moreover, the market in the region generated a revenue of USD 171.8 Billion in the year 2021.
However, theunorganized metal waste collection procedure, and the lower recycling rates formost rare earth metals are projected to hinder the market growth in the coming years.
This report also provides the existingcompetitive scenario of some of the key players of the North America, Europe, and APAC scrap metalrecycling market, which includes company profiling of MetallonRecycling 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.
Theprofiling enfolds key information of the companies which comprises of businessoverview, products and services, key financials and recent news and developments. Conclusively, the report titled “North America, Europe, andAPAC Scrap Metal Recycling Market: Demand Analysis & Opportunity Outlook 2031”,analyses the overall North America, Europe, and APAC scrapmetal recycling industry to help new entrants to understand the detailsof the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the North America, Europe, and APAC scrapmetal recycling market in the near future.
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