Global Metal Recycling Market Expected to Reach $767.9 Billion by 2029, Driven by Rising Demand for Consumer Electronics
Dublin, June 14, 2024 (GLOBE NEWSWIRE) – The Global Metal Recycling Market is projected to experience significant growth, with a forecasted market value of $767.9 billion by 2029, according to a recent report by ResearchAndMarkets.com. The market size is estimated to be $551.9 billion in 2024, showcasing a promising CAGR of 6.8%.
The surge in demand for consumer electronics is a key driver behind the market’s expansion. With the proliferation of smartphones, laptops, tablets, and household appliances, the generation of electronic waste (e-waste) continues to rise. These devices contain valuable metals like copper, aluminum, gold, and silver, which can be recovered and recycled. The recycling of metals from e-waste is crucial for conserving natural resources and reducing the environmental impact of mining and processing new metals.
The fast pace of technological advancements and the frequent release of new electronic models contribute to a high turnover rate of consumer electronics, providing a steady supply of outdated devices for recycling. Governments and environmental organizations are implementing stricter regulations and initiatives to manage e-waste better, prompting both consumers and manufacturers to adopt recycling practices.
The report highlights that non-ferrous metals, which include aluminum, copper, lead, zinc, tin, nickel, and precious metals, are poised to witness significant growth during the forecast period. These metals play a vital role in various industries, including aerospace, automotive, construction, and electronics. The equipment manufacturing sector is also expected to exhibit substantial growth, driven by sustainability concerns, cost-effectiveness, technological advancements, and regulatory incentives.
The North American region is identified as the third-largest market for metal recycling, supported by stringent environmental regulations, technological advancements, and the increasing demand for sustainable products.
In conclusion, the Global Metal Recycling Market is on a growth trajectory, fueled by the escalating demand for consumer electronics, regulatory support for recycling practices, and the rising awareness of environmental sustainability. The market’s projected expansion underscores the importance of efficient recycling processes in recovering valuable metals and promoting sustainable practices across various industries.
