Maharashtra, India-based market research firm MarketsandMarkets has released a report forecasting growth for the metal recycling market to the year 2020. The report predicts that the market will grow from $277.12 billion in 2015 to $406.16 billion by 2020 at a compound annual growth rate (CAGR) of 7.95 percent.
The report is segmented by metal type, scrap type, end-use sector and region. Ferrous metals are expected to experience a high growth rate between 2015 and 2020.
According to the report, the market’s growth is driven by factors such as the increasing income and spending capacity of people in developing economies, as well as by increased demand for metal in construction, electronics, packaging and other fields and rapid urbanization of countries like China and India.
The increased need for recycled metal has led several private companies to offer metal collection and recycling services. These companies, including ArcelorMittal, Luxembourg, Sims Metal Management, Australia, and Nucor Corp., Charlotte, North Carolina, are key players in a strategy to invest in manufacturing facilities and acquire distribution centers in growing regions, the report says.
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