Recycled metal market value at US$476.2B by 2024

The opportunity in this market is poised to be worth US$476.2 billion by 2024, rising from US$312.9 billion in 2015.

While China is the leading revenue generator in the Asia Pacific recycled metal market, India is estimated to expand at the fastest pace over the course of the forecast period. Other countries such as Malaysia, Singapore, Indonesia, South Korea, and Thailand also play a major role in the demand for recycled metal. The continuous growth in economy and the rising GDP in these nations have rendered a tremendous boost to industries such as automotive, construction, and industrial machinery and also resulted in the surge in infrastructure activities. This, in turn, has contributed toward the demand for recycled metal in Asia Pacific.

"The demand for recycled metal in the building and construction industry has risen owing to the surge in construction-related activities, especially in emerging economies," the author of the study notes. "This can be attributed to the rapid pace of urbanisation and industrialisation in these developing regions and the surge in infrastructure development."

The demand for recycled metals in the automotive sector is likely to increase at the fastest pace from 2016 to 2024. The segment is anticipated to register a 4.5% CAGR during the forecast period, driven by the rising demand for recycled steel, iron, and aluminium.

The market for recycled metals is a massive one. The market is estimated to be worth US$476.2 billion by the end of the forecast period, increasing from US$312.9 billion in 2016 at a 4.8% CAGR therein. The global demand stands to grow at a 4.1% CAGR from 2016 to 2024. Asia Pacific is the largest regional market for recycled metals enjoying a volume share of 45.2% in 2015. By product, ferrous metals are estimated to continue leading the recycled metals market in terms of volume, registering a 4.1% CAGR during the forecast period.