SEATTLE (Recycling Monster): The latest research report published by GMI Research predicts significant CAGR growth of 5.8% to metal recycling market over the period from 2022 to 2029.
The market is likely to be driven by rising concerns over greenhouse gas emissions and climate change, tougher recycling regulations imposed by various governments across the world, escalating steel demand and rising demand for finished goods production. The growing application of metals in various industries including automotive and packaging too tend to promote growth of metal recycling market, the report said.
On the contrary, the increasing availability of cheaper alternatives is likely to hinder market growth.
Based on metal type, ferrous metals segment is predicted to record significant growth. The building and construction segment is projected to expand at remarkable rate over the forecast period.
The highest share of the global metal recycling market will be held by the Asia-Pacific region. This is mainly on account of presence of leading players in the region and comparatively higher number of construction projects across the region, mainly in China, India and Japan.
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