The Global Scrap Market is classified on the basis of scrap type and geography. Scrap comprises recyclable materials left over from product manufacturing and consumption, such as parts of vehicles, building materials, excess materials and others. Unlike waste, scrap has economic value, particularly recovered metals, and non-metallic materials are also recovered for recycling.
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The factors that propel the growth of the Scrap Market include rise in automobile production to spur demand for steel and recycled steel scrap used in automobiles. In addition, the emerging regions will also have a positive impact on the growth of the market. On the other hand, there are factors that may hamper the market growth include harmful material present in scrap causing death, injury, or environmental hazard.
Scrap Market is classified on the basis of scrap type as recycling steel and iron scrap, recycling copper scrap, recycling aluminum scrap, recycling lead scrap, and recycling other nonferrous scrap metals. Based on geography, the global market spans as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
Some of the key players that fuel the growth of the Scrap Industry include Sims Metal Management, United Scrap Metal (USM), Peel Scrap Metal Recycling Ltd., SA Recycling, Far West Recycling, Metro Metals Recycling, EMR, CMA Recycling, R.S. Davis Recycling, Foss Recycling
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The North American region consists of the U.S., and Canada. Latin America region consists of Mexico and Brazil. The Western European region consists of Germany, Italy, France, England and Spain. The Eastern European region consists of Poland and Russia. Asia Pacific region consists of China, India, ASEAN, Australia & New Zealand. The Middle East and Africa region consists of GCC, South Africa and North Africa. Middle-East and APAC regions encompass a larger margin in the global market owing to tremendous market size and variety of large and small products. A North America and European region are expected to follow the trend owing to innovation in technology and is anticipated to rise at a higher CAGR in the forecast period.
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