SEATTLE (Recycling Monster): The global metal recycling market would be worth around $91.1 billion by 2028, as per findings of a new research by Zion Market Research. The market is projected to grow at a CAGR of approximately 7.5% from $52.8 billion in 2020 until the end of the forecast period.

The fast-paced industrialization, rising awareness about preserving natural resources, widespread understanding on the importance of managing waste, saving energy and lowering greenhouse gas emissions are cited as the primary drivers behind the projected growth of the global metal recycling industry.

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The global metal recycling market has been witnessing huge demand, due to the high costs of raw materials that are extracted from ores. As a result, most manufacturers try to recycle the metal rather than buying new ones. The use of recycled metals lowers the cost of metal production. Also, there has been a tremendous surge in demand for recycled metals from automotive sector.

The ferrous metals segment is projected to report fastest growth during the forecast period. The market share of ferrous metals in recycling was 73% in 2020. The steel production from scrap accounted for 42% of the total production in 2020. This is expected to further rise during the forecast period.