The scrap metal recycling market is a core component in most automotive recyclers’ businesses. As such, it is important to pay attention to the status of the market and the outlook that industry analysts have for this segment of the industry. In as recent study released by Fact.MR, the global scrap metal recycling market is expected to reach the valuation of US$ 70.5 billion in 2023, with an additional expected 5.5% growth by 2033, reaching a valuation of US$ 120.3 billion in 2033.
So what is driving this expected growth? The automotive industry is proving to have a growing interest in recycled aluminum, steel and copper, thanks in part to the environmental governance that is leading manufacturers to focus on growing environmental concerns.
Also leading the charge for recycling metals are China and India as their need for raw materials continues to grow and they continue to turn their attention to scrap metal recycling. In addition, some countries are investing heavily in advanced recycling technologies, including the U.S government, which has allocated US$ 9.7 million in funding for recycling technology development. Other countries are initiating recycling regulations and targets that will further drive the growth of scrap metal recycling.
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