The Asia Pacific transportation industry, show strong growth indicators, which is due to the rising middle class which in turn has a positive impact on metal demand owing to its widespread use in automotive for structural applications.
The Indian automotive industry is expected to be worth more than USD $280 billion by 2025. India’s automobile production grew by 7% from 2013 to 2018 with nearly 30 million vehicles manufactured, such trends are forecast to show a similar growth rate over the forecast time frame subsequently boosting the recycled metal market size by 2025. However, unorganised flow of metals and poor scrap collection zones is anticipated to restrict the global recycled metal market size by 2025. In most developing countries there are no specially designated zones for metal recycling.
Recycled ferrous metal market size was valued more than USD $850 Million in 2018. These metals are used in different applications across electrical & electronics, construction, consumer goods, nuclear, consumer goods, military, transport and several other end-user industries. For instance, the overall recycling rate for steel used in construction is 98% for structural and 71% for rebar & reinforcement applications. Steel is among one of the few materials with a truly closed recycling loop. It is used again and again without any loss of strength or quality.
In terms of volume, recycled metal market for industrial machinery constituted over 15% of the total industry share in 2018. It is mainly due to extensive recycled metal applications in the production of various machinery used across different industries such as pharmaceutical, food, chemical, personal care, automotive industry, etc. Furthermore, non-ferrous metals including copper, aluminum, lead and brass are also used in industrial machinery. For instance, brass due to its excellent durability and corrosion-free nature in used in industrial machinery where it can cope with low-friction application without showing signs of stress. These factors will help make a positive impact on the overall recycled steel metal market size by 2025.
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