By region, Asia Pacific is expected to lead the market growth during the forecast period, the report said.
SEATTLE (Scrap Monster): The Transparency Market Research (TMR) announced publication of its latest market research report, which provides insights into global scrap metal recycling market. The report predicts outstanding market growth during the current decade. As per findings of the report, the market is poised to register up to 6% CAGR growth during the period from 2020 to 2030.
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The market is expected to witness tremendous surge, primarily driven by technological advancements in recycling. The recycling boost by governments of various countries, penetration of advanced recycling facilities to developing regions and better waste collection mechanisms will trigger market growth.
The disruption in services by key scrap-consuming industries impacted the supply and demand metrics of metal recycling market during Covid-19 pandemic. The prices of metal recycling products too witnessed significant dip during this period. However, the market recorded notable rebound in 2021 and 2022.
The market demand will be mainly driven by increased consumption of recycled steel by various industries including construction, automotive, electronics, and consumer goods. By region, Asia Pacific is expected to lead the market growth during the forecast period, the report said.
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