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Saudi Arabia Industrial Scrap Market Was Valued at USD 21.27 Billion in 2022 and is Expected to Reach USD 37.51 Billion by 2030 and Grow at a CAGR of 7.55% Over the Forecast Period 2023-2030.

Infograph - Saudi Arabia Industrial Scrap Market Was Valued at USD 21.27 Billion in 2022 and

By Infinium Global Research Feb, 2024

Saudi Arabia presents a promising growth trajectory in the industrial scrap market, propelled by its burgeoning manufacturing landscape. Manufacturers in various sectors, including automobiles, household appliances, and consumer electronics, generate significant byproducts that often hold no further utility. Sometimes, these manufacturers discard faulty products that can't be repaired, leaving a considerable volume of unused material post-production. This surplus material is subsequently marketed for scrap. Crucial industries heavily rely on recycled metals as their primary production resource. The automotive sector, a notable contributor to global scrap metal utilization, depends on recycled materials for vehicle production and maintenance. The country's commitment to combat climate change and enhance environmental sustainability is driving ambitious initiatives. These endeavours encompass diverse strategies, such as robust energy efficiency programs, substantial investments in clean hydrogen and renewable energy, recycling, and advancements in carbon capture technology. These actions are poised to foster market growth in the forthcoming years.

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