Recycled metal Market Its Competitive Analysis Between 2018 – 2024
Recycled metal market has indeed carved out a momentous place for itself in the realm of advanced materials, plausibly on account of the growing concern among metal product manufacturers regarding the sustainability benefits of metal recycling. With the proliferation of rapid industrialization and urbanization trends across the globe, the demand for metals has observed a meteoric rise. However, having considered the adverse impact of mining on the environment, metal product manufacturers have been inclining toward recycled metals, thereby providing a major impetus to recycled metals industry.
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As of now, the crucial matter of contention about global warming due to rise in carbon dioxide emissions in the environment has been fueling the need for recycling. Consequently, activities such as mining and solid waste accumulation in landfills that lead to the destruction of biodiversity have been cast in a negative light, resulting in a massive shift of preference toward recycled metals. Also, regional governments and private companies are likely to save up on capital post adopting the practice of recycling metals, given that the energy consumed for metal recycling is far lesser as compared to extracting ores. In effect, metal recycling only serves to give rise to a sustainable economy that seems to be the need of the hour, the recognition of which has led to a major spurt in recycled metals demand across myriad geographies.
Speaking about the initiatives taken by the regional governments with regards to metal recycling, it would be imperative to mention the instance of the Rwanda government having undertaken significant steps to strengthen the industrial sector in the region by encouraging the practice of metal recycling. In accordance, the government has taken efforts to establish metal scrap collection centers from where the waste metal can be recollected and recycled into construction materials like iron bars.
The Rwanda government also framed a national e-waste management strategy through which it has been providing incentives for metal scrap collection and establishment of dismantling facilities. The efforts undertaken by the Rwanda administrative body are indeed an apt instance demonstrating the role that governments have to play in the growth of recycled metal industry.
The adoption of highly strategic business tactics is certain to have a transformational impact on the growth of recycled metal industry share. Additionally, the increasing awareness among regulatory bodies and private companies about the economic benefits of using recycled metal for new product manufacturing and infrastructure developments is also likely to augment the commercialization scale of this business space.
Driven by the extensive consumption of recycled metal across myriad industry verticals such as automotive, construction, aerospace, construction, F&B, consumer electronics, and packaging, recycled metal market will surpass a revenue collection of USD 125 billion by the end of 2024.
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