Strategies and Processes | Energy and Environmental Factors to Boost Market Growth | Technavio
The aluminum scrap recycling market is expected to grow by 12.61million MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Aluminum Scrap Recycling Market 2020-2024 (Graphic: Business Wire)
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The global aluminum scrap recycling market is mainly driven by the increasing preference toward extracting primary aluminum from aluminum scrap. This is because the recycling process of aluminum significantly reduces manufacturing costs and energy consumption compared to the extraction of aluminum from raw materials. Also, the process helps conserve natural resources and reduce landfill waste. Moreover, rising emission standards worldwide have further increased the process of recycling of aluminum scrap. All these factors are fueling the growth of the global aluminum scrap recycling market.
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As per Technavio, the increasing use of aluminum in the automobile industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Aluminum Scrap Recycling Market: Increasing Use of Aluminum in the Automobile Industry
Aluminum is one of the most preferred material in the automobile industry due to its lightweight, cost-effectiveness, and eco-friendliness. It helps automobile manufacturers improve dent resistance by increasing the thickness of body panels while maintaining a low overall weight of the vehicle. Also, the use of aluminum enhances handling, fuel-efficiency, braking, and acceleration of the vehicle. With growing concerns over global warming, major automobile manufacturers are increasing the use of secondary aluminum. For instance, Nissan has created a network for sorting and collecting aluminum wheels separately from Nissan vehicles. Therefore, the increasing use of aluminum in the automobile industry will have a positive impact on the growth of the global aluminum scrap recycling market during the forecast period.
"Increased adoption, construction of green buildings, and the expansion of aluminum recycling facilities will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Aluminum Scrap Recycling Market: Segmentation Analysis
This market research report segments the aluminum scrap recycling market by End-user (Secondary smelting and Downstream) and Geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the aluminum scrap recycling market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to increased demand for beverage cans and foils in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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