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Metal Recycling Market
Metal Recycling Market
The global metal recycling market unveiled a moderate growth during 2015-2020. Looking forward, GMI Research contemplates the market to expand at an annual rate of 6% over the period of 2021-2026. A significant surge in the use of metals in the production of cars, airplanes, and domestic items has proliferated the Metal Recycling Market size.
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Metal Recycling Market Dynamics
Metal recycling has gained an immense prominence over last few years because of the rising concern towards the disposal of metal wastes. With the increasing environmental agitation, companies of various end use industries have started investing in the recycling of precious metals. Metals are used to produce a wide range of products, starting from, electronic equipment, beverage containers, and furniture. Metal recycling does not discharge hazardous gases and helps in reducing the production costs. Apart from this, the mounting demand for electronics and automobiles among the consumers has raised the need for large volume of metals. This is likely to offer several growth opportunities to the market.
Also, the Metal Recycling Market global forecast projects that the rapid industrialisation, growing urban population, and accelerating income, are some of the major factors driving the market growth. Moreover, the recycling allow producers to procure metal wastes from several end-use industries and transform them into raw materials that can be further used across several end-use industries in different application. This process costs lower than the mining of metals. Besides this, the intensified initiatives by the government to encourage the adoption of recycling of waste material stands to be the other most notable factor compelling the Metal Recycling Market share. However, certain factors obstructing the market growth are the increasing complication in the recycling process and the rigorous norms impacting free and fair trade of the scrap metal.
End-Use Sector Segment Drivers
By end-use sector, the Building & Construction segment is projected to witness a remarkable surge during the forecast period. This is owing to the rising concern related to the harmful effect of mining metals on the environment, which has encouraged the adoption of recycled metals in this sector. Furthermore, the growing number of infrastructure products led by the accelerating population and renovation of aged infrastructure has raised the demand for metals.
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