Aluminum Scrap Recycling Market to Grow by 12.61 million MT during 2020-2024

Strategic Insights -

The aluminum scrap recycling market is driven by the increasing preference toward extracting primary aluminum from aluminum scrap, which reduces manufacturing costs and energy consumption compared to extracting aluminum from raw materials. The process of recycling aluminum scrap also helps conserve natural resources and reduce landfill waste. The growing 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.

Key Takeaways:

  • The aluminum scrap recycling market is expected to grow by 12.61 million MT during 2020-2024, driven by the increasing preference toward extracting primary aluminum from aluminum scrap.
  • 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.
  • The APAC region is expected to register the highest incremental growth due to increased demand for beverage cans and foils in the region.
  • The market is segmented by End-user (Secondary smelting and Downstream) and Geography (APAC, North America, Europe, MEA, and South America).
  • Major automobile manufacturers, such as Nissan, are increasing the use of secondary aluminum, which will further boost market growth during the forecast period.
  • The market will be driven by increased adoption, construction of green buildings, and the expansion of aluminum recycling facilities.

Statistics:

  • The global aluminum scrap recycling market is expected to grow by 12.61 million MT during 2020-2024.
  • The APAC region led the aluminum scrap recycling market in 2019, followed by North America, Europe, MEA, and South America respectively.
  • The APAC region is expected to register the highest incremental growth due to increased demand for beverage cans and foils in the region (44% by 2024).
  • The increasing use of aluminum in the automobile industry will contribute to a significant growth of 65% by 2024.
  • The market will be driven by increased adoption, construction of green buildings, and the expansion of aluminum recycling facilities, which will lead to a growth of 25% by 2024.

Sources:

  • Technavio, Global Aluminum Scrap Recycling Market 2020-2024
  • Business Wire, Aluminum Scrap Recycling Market to Grow by 12.61 million MT during 2020-2024
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  • Business Wire, View source version on businesswire.com: https://www.businesswire.com/news/home/20200920005027/en/