The international scrap metal market was valued at approximately US $ 65 billion (€ 58 billion) in 2018 and will grow to US $ 85 billion by 2025, according to new market data.
“However, it is expected that the disorganized flow of metals and poor scrap collection areas will limit the volume of the global market in the coming years,” analysts say Global Market Insights. They note that one notable problem is that most developing countries do not have dedicated areas for metal recycling.
India's auto industry is expected to surpass US $ 280 billion by 2025. Car production in the country grew by 7 percent from 2013 to 2018, during which time nearly 30 million cars were produced there. A quarter of the steel used in modern cars is recyclable, with a passenger car containing approximately 65 percent steel and other metals.
Scrap Markets Outlook
Research has shown that the market for recycled ferrous metals was valued at more than USD 850 million last year. Analysts point out that the overall recycling rate for steel used in construction is 98 percent for structures and 71 percent for reinforcing elements.
"By volume, recycled metal for industrial equipment accounted for more than 15 percent of the total industry share in 2018," new data show. This is mainly due to the widespread use of recycled metal in the manufacture of machinery used in the pharmaceutical, chemical and automotive industries.
In addition, non-ferrous metals such as copper, aluminum, lead and brass are becoming increasingly popular in this technique. Their superior durability and lack of corrosion will help have a positive impact on the overall recycled metal market by 2025.
