Global Metal Recycling Plant Based Foods Market: By End-Use (Electronic and Automotive sector), By Channel (Direct Sales, Online Segment) and Geography, and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview:

The strategic metal recycling platform market size was valued at USD 5900 million in 2023 and is projected to expand at a CAGR of 5.4% from 2024 to 2028. The metal recycling market is oriented towards the recovery and reuse of valuable metals such as rare earth elements, lithium, cobalt, and others that are essential for various high-tech and industrial applications. The regular advancements in technology, rising stability in supply chains, and escalation of demand of electric vehicles have majorly accredited to the growth of the market in the forecast period.

Market Size for Global Strategic Metal Recyling Market on the Basis of Revenues in USD Bn, 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of Strategic Metal Recycling Market:

• Recycling provides a stable and sustainable source of these metals, reducing dependence on primary mining and mitigating supply chain risks. Additionally, the geopolitical landscape has impacted the supply of raw strategic metals, leading to volatility in prices. This has led to augment the growth of the metal recycling market.
• Persistent advancements in technology have improvised the sector positively. Moreover, numerous governments are implementing stringent environmental regulations and policies aimed at reducing electronic waste and promoting recycling of the metals. These measures are taking place at a global level, which is expected to inflate the growth of the market revenue.
• Furthermore, as the prices of raw materials fluctuate, recycling becomes a cost-effective alternative, attracting investments and encouraging industry players to adopt recycling practices. The reduction of price is also expected to drive the growth of the market in the upcoming years.

Which Industry Trends have been Fueling the Growth?

Performance By Key Players: Many key companies are driving innovation, efficiency, and sustainability in the recycling industry, contributing to environmental conservation and resource management.Umicore is a leading player in the strategic metal recycling market,which focuses on recovering precious and strategic metals from various waste streams, including electronic waste and industrial by-products. The company is majorly contributing to increase the market share of the global metal recycling market.

Integrating demand of Electric Vehicles: The strategic metals such as lithium, cobalt, and rare earth elements are used in the making of electric vehicles. The regular recycling of these metals from end-of-life products is essential to meet the growing demand and support the transition to a sustainable, circular economy.Hence, the adoption of electric vehicles is predicted to drive the growth of the market in the upcoming years.

 Innovations in Technology: The rising prevalence of hydrometallurgy and pyrometallurgy, have significantly improved the efficiency and cost-effectiveness of the recycling market.Moreover, it is observed that techniques like sorting and processing enable the extraction of high-purity metals from complex waste streams, enhancing the growth of the market.

What is the Current Structure of the Global Metal Recycling Market?

By Channel Type, Direct Sales Dominated the Largest Market Share in the Strategic Metal Recycling Market

The direct sales involve transactions between recyclers and end-users. It ensures a streamlined supply of recycled metals to industries requiring specific materials, enhancing efficiency, and reducing lead times. Furthermore, the rise of online platforms and digital marketplaces has augmented the recycling industry. These platforms enable recyclers to connect with potential buyers globally, increasing market accessibility and promoting transparent transactions. This is predicted to expand the growth of the market in the upcoming years.

By End-Use, Electronic Industry Registered the Largest Market Revenue Share in the Global Market

The recycling initiatives in this sector focus on recovering valuable metals from discarded devices such as smartphones, laptops, and other electronic gadgets, hence a steady supply of critical materials is ensured. Additionally, the automotive industry, particularly the EV segment, relies heavily on strategic metals for battery production. These variables are driving the growth of the market.

By Region, North America Holds the Highest Revenue in the Global Market

The region’s robust technological infrastructure, combined with stringent environmental regulations, and the presence of major automotive industries drives the demand for recycled strategic metals in the market. Furthermore, numerous regions of Asia-Pacific are booming electronics and automotive sectors, coupled with government initiatives to promote recycling and sustainable practices, are key factors that are predicted to propel the growth of the market in the upcoming years.

Competitive Analysis

The major key players focus on expanding their recycling capabilities, significant growth, driven by technological advancements, environmental regulations, and increasing demand and developing innovative solutions to recover high-purity metals efficiently.As the world continues to emphasize resource conservation and environmental sustainability, the strategic metal recycling market will play a pivotal role in supporting a circular economy and ensuring the availability of critical materials in the forthcoming years.The key players profiled in the global metal recycling market include ArcelorMittal, Nucor Corporation, Commercial Metals Company, SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., OmniSource Corporation, and Schnitzer Steel Industries Inc.

Market Segmentation

Strategic Metal Recycling Market, By End-Use

• Automotive Manufacturers
• Electronics Producers
• Aerospace Industry
• Manufacturing Sector

Strategic Metal Recycling Market, By Application Type

• Automotive
• Electronics
• Aerospace
• Industrial Machinery

Strategic Metal Recycling Market, By Channel Type

• Direct Sales
• Distributors
• Online Marketplaces
• Recycling Facilities

Strategic Metal Recycling Market, By Region Type

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Key Players

• Umicore
• Glencore
• Johnson Matthey
• Sims Metal Management
• American Manganese Inc.
• Aqua Metals
• Dowa Holdings
• Exide Technologies
• Fortum
• Teck Resources
• Stena Metall
• Recylex
• ERI
• Aurubis AG
• Cronimet
• EnviroLeach Technologies
• Kuusakoski
• Metallon
• Hensel Recycling
• Boliden AB