Non-ferrous metals are metals or alloys that do not include large amounts of iron. Non-ferrous metals are used for a variety of reasons, including higher conductivity, lower weight, non-magnetic properties, and corrosion resistance. They are more expensive than ferrous metals in general. Nonferrous minerals are also used in the iron and steel industries. For example, bauxite is utilized as a flux in blast furnaces, while wolframite, pyrolusite, and chromite are used to make ferrous alloys. During the forecast period, the ferrous sector is predicted to grow at a faster rate than the rest of the market. Steel scrap is one of the most often recycled ferrous metals on the planet. This scrap is made up of objects that have outlived their usefulness as well as scrap generated during manufacturing processes. The building and construction industry is the fastest-growing segment of the metal recycling market. The goal to reduce the environmental impact of mining metals has prompted the usage of recycled metals in the building and construction industry.
COVID-19 Impact analysis
- The non-ferrous scrap recycling market was negatively affected due to the outbreak of COVID-19 pandemic.
- The industries such as building & construction, automotive, equipment manufacturing, shipbuilding, packaging, consumer appliances and others were shut down during the COVID-19 pandemic this decreases the demand for non-ferrous scrap recycling.
- The COVID-19 pandemic has caused the imposition of lockdown due to which the production of non-ferrous scrap recycling decreased and the global supply chain was affected.
- The non-ferrous scrap recycling market faced downfall of revenue due to the COVID-19 pandemic.
Top Impacting Factors.
Nonferrous metals such as aluminum, lead, nickel, copper, and zinc can be recycled numerous times without losing their chemical or physical properties. This capability increases demand for nonferrous scrap, which is collected from a number of end-use industries and processed at recycling facilities before being reused. A market growth element is increasing society awareness of environmental, economic, and energy conservation in terms of recycling these metals. Non-ferrous metals account for a lesser volume share of the sector than ferrous metals, but they account for a bigger value share. The large revenue share is due to a higher market price than ferrous, which is another reason to concentrate on recycling in order to reduce manufacturing costs. Consumers are encouraged to recycle because they can get a fair price from non-ferrous scrap dealers in exchange for their old things, which can subsequently be utilized to extract metals such as aluminum and copper, thanks to the high cost of these metals.
- Due to its continuous economic expansion, Asia Pacific is the fastest-growing market for metal recycling. According to a research published by World Economics, it accounted for almost a third of global GDP.
- The fastest-growing consumers of China, India, and other Asia Pacific countries have an estimated capacity of more than four billion people, according to the Population Reference Bureau.
- Over the next two decades, this is likely to be a major driver for global consumer durables consumption and the building and construction sector, resulting in the rise of the metal recycling market. Increased household earnings and the growing middle-class population are two further factors that will benefit this sector.
- Market players are adopting many strategies such as acquisition, mergers, contract, new product launch, agreement and partnership to expand their business.
- ArcelorMittal engaged in a new sustainability program in Europe in November 2019, with the goal of obtaining Responsible Steel site certification for all of its ArcelorMittal Europe - Flat Products locations.
- In May 2019, Nucor Corporation announced a capital investment at its bar mill in Darlington, South Carolina, that will add vacuum degassing to its designed bar capabilities. With this capability, the mill will be able to create designed bar products that fulfil some of the industry's most severe quality standards. The vacuum degassing system is scheduled to start up in late 2020.
- Aurubis AG bought the Belgian-Spanish Metallo Group in May 2019 in order to continue pursuing its multi-metal and recycling strategy. The acquisition boosts the company's multi-metal portfolio, particularly in the important metals copper, nickel, tin, zinc, and lead, thanks to its strong growth potential.
Key Benefits of the Report
- This study presents the analytical depiction of the non-ferrous scrap recycling industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the non-ferrous scrap recycling market share.
- The current market is quantitatively analyzed to highlight the non-ferrous scrap recycling market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed non-ferrous scrap recycling market analysis based on competitive intensity and how the competition will take shape in coming years.
Non-Ferrous Scrap Recycling Market Report Highlights
By Scrap type
Key Market Players
Wiscon Environmental Technology Inc., Haibao Machinery Technology Co., Ltd., Matalco Inc., Kuusakoski, REMONDIS SE & Co. KG, Aurubis AG, Hindalco Industries Limited, OmniSource,LLC, Sims Metal Management Ltd, SA Recycling LLC