The rising steel consumption by construction, automotive, electronics, and consumer goods industries will fuel the demand for metal recycling products.
SEATTLE (Scrap Monster): The latest research report published by Transparency Market Research (TMR) foresees tremendous revenue growth to global metal recycling market during the current decade. The market revenue is expected to see a CAGR expansion of approximately 6% by 2030, it said.
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The technological advancements in recycling will trigger significant improvements in metal recycling market. The developed as well as developing nations will witness massive development of metal recycling facilities and notable advancements in waste collection systems. The business growth will be mainly driven by promotion of metal recycling by manufacturers and governments across the world.
The rising steel consumption by construction, automotive, electronics, and consumer goods industries will fuel the demand for metal recycling products. The increased adoption of Electric Arc Furnace (EAF) process over the Basic Oxygen Furnace (BOF) process for crude steel production by steel manufacturers has led to increased demand for recycled steel across the world. It must be noted that EAF steel production has been witnessing steady rise over the past several years.
By region, Asia Pacific is likely to witness biggest growth in metal recycling market, followed by Europe.
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