Scrap Metal Recycling Market Will Reflect Significant Growth Prospects during 20
Posted by Fred Williams on January 12th, 2022
Scrap Metal Recycling Market: Introduction
Transparency Market Research delivers key insights on the global scrap metal recycling market. In terms of revenue, the global scrap metal recycling market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global scrap metal recycling market.
The scrap metal recycling market is expected to improve with technological advancements in recycling. Development of recycling facilities in developed and developing regions, better waste collection systems, and promotion of metal recycling by manufacturers and governments are likely to help in business growth, and create new business opportunities and increase employment. The Canadian Association of Recycling Industries (CARI) states that the scrap metal recycling industry in Canada employs 160,000 people directly and indirectly. The usage of rare metals in various products and their shortage is also expected to boost the scrap metal recycling market.
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The U.S. exporters of scrap metals, paper, and plastic witnessed increased demand in 2019, as growing shipments to Southeast Asia, the Indian subcontinent, and Northern Europe offset a 20.2 percent decline in volume to China, which remains the primary market for recyclables. However, export of recyclables came crashing down in early 2020, due to both supply and demand destruction caused by the COVID-19 pandemic. On the supply side, the global pandemic has idled key industries and services that generate scrap paper and metals. Plunging oil prices have made recycled plastics uncompetitive with virgin plastics. These factors have created a huge slowdown in the scrap metal recycling market in 2020. However, overall the scrap metal recycling market is expected to witness huge growth in 2021 and 2022. The price of scrap metal recycling products also decreased during the COVID-19 pandemic.
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About the AuthorFred Williams
Joined: May 7th, 2020
Articles Posted: 371
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