Impressive growth awaits recycled metals marketriisa
‘However, unorganised flow of metals and poor scrap collection zones are anticipated to restrict the global market size in the coming years,’ analysts at Global Market Insights say. They point out that one notable issue is that most developing countries have no dedicated zones for metal recycling.
India’s automotive industry is expected to be worth more than US$ 280 billion by 2025. The country’s car production went up by 7% from 2013 to 2018 with nearly 30 million vehicles manufactured. A quarter of steel used in today’s automobiles today has been recycled and, based on its weight, a passenger car comprises approximately 65% steel and iron.
The research found that the recycled ferrous metal market was valued at more than US$ 850 million last year. The analysts note that the overall recycling rate for steel used in construction is 98% for structural and 71% for rebar & reinforcement applications.
‘In terms of volume, recycled metal for industrial machinery constituted over 15% of the total industry share in 2018,’ the new data suggests. This is mainly due to extensive recycled metal applications in the production of machinery used across the pharmaceutical, chemical and automotive industry.
Furthermore, non-ferrous metals like copper, aluminium, lead and brass are increasingly popular in such machinery. Their excellent durability and corrosion-free nature will help make a positive impact on the overall recycled steel metal market size by 2025.