A recent report ongoing study by Infinium Global Research on the industrial scrap market provides in-depth analysis of segments and sub-segments in the global as well as regional industrial scrap market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional industrial scrap market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global industrial scrap market. According to the report, the global industrial scrap market is projected to grow at a healthy CAGR over the forecast period of 2022-2028.
Industrial scrap is a global business, with the movement of scrap driven by the demands and needs of industrial consumers worldwide. Each year steel mills, foundries, wire, and brass mills, and others consume more than 800 million metric tons of scrap for new consumer and industrial products. Manufacturers of products such as cars, appliances, consumer electronics, and others produce a lot of byproducts that cannot be used for any other process. Sometimes, manufacturers choose to junk a defective product if it is irreparable. Either way, there is a large amount of material that remains unutilized after the manufacturing process. This unused material is then sold for scrap.
The industrial scrap industry is growing against the backdrop of the increasing infrastructure expenditure in developing countries. The governments are planning to invest heavily in the infrastructure sector, mainly highways, renewable energy, and urban transport. Further, as recycled raw materials help to lower production costs for the industries, lower energy usage, and reduce the emission of greenhouse gases, the industrial scrap industry is witnessing immense growth. In addition, in recent years, construction spending across the world has been increasing. Thus, driving the growth of the industrial scrap market. However, the unorganized flow of waste metals and fewer scrap collection zones in developing countries is acting as a major challenge to the growth of the industrial scrap market. Moreover, the anticipated future growth in the industrial scrap market is due to an increasing number of government regulations on waste recycling and management. The scrap industry is actively promoted by the government as Carbon footprint reduction is a key priority, which will create new opportunities for the industrial scrap market.
The US and China are the major players in the global scrap marketplace. The U.S. is the largest supplier of industrial scrap in the world, and China is the largest consumer of industrial scrap. The USA a net exporter of scrap has a recycling rate of 80–90 percent and China is the largest importer of industrial scrap, and Europe has recycling rates in excess of 70 percent. China, the leading global metals consumer, has been keeping a check on scrap imports as part of a program against foreign solid waste, leaving overseas scrap exporters scrambling to find other markets. These increasing regulations on waste recycling and management in China are anticipated to boost the growth of the industrial scrap market in other developing economies. Moreover, private and public sectors are increasing their investments in scrap recycling in developing countries, which will greatly be beneficial for the growth of the industrial scrap industry. In addition, growing government initiatives to build organized flow in the scrap industry will also prove beneficial for the industrial scrap industry in the long run.
The report on the global industrial scrap market covers segments such as material type, and source. On the basis of material type, the sub-markets include bulk metal, bulk plastic, e-waste, and others. On the basis of source, the sub-markets include building & construction, automotive, electrical & electronics, packaging, and others.
The report provides profiles of the companies in the market such as Sims Limited, The David J. Joseph Company, OmniSource, LLC, Stena Metall Group, ATC Metals GmbH, Aadi Group, MTC Business Pvt. Ltd., Ferrous Processing & Trading Company, Commercial Metals Company, and ASM Recycling Inc.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the industrial scrap market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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