The unprecedented growth pace of global recycled metal market is rather evident from the technology giant, Apple Inc.’s recent announcement of using recycled rare earth metals in its iPhone’s Taptic Engine. It has been recorded that the Tactic Engine accounts for about one quarter of the rare earth metals used to manufacture an iPhone. This step proves the company’s ecofriendly quotient towards a sustainable future.
Another instance demonstrating the increased popularity of the recycled metals market business space is the medal production for the Olympics 2020. Apparently this mega-event was to be held in Japan this year, but got delayed to 2021 due to the novel coronavirus outbreak. According to the Olympics organizers, all the medals at 2020 Olympics and Paralympic Games in Tokyo were required to be made from recycled electronic waste. Moreover, recycled metals were collected from Japanese public as well as businesses and industry to furnish the demand.
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These initiatives undertaken worldwide have established new avenues for the global recycled metal market. Global Market Insights, Inc., predicts that the recycled metal industry size may hit USD 85 billion by 2025, with surging demand across building and construction, electronics and electricals, automotive, and other applications.
Recycled steel materials for building and construction applications
Steel is deemed to be a superior construction and world’s most recycled material with umpteen benefits associated like high durability, strength, sustainability, and versatility. The robust quality and performance of steel have enabled it to dominate commercial interior wall framing application for many years now. Builders and developers have been massively opting for cold formed steel as the main structural material for vivid construction applications.
However, builders have been relying on the use of recycled steel owing to its environment friendly properties. As per estimates, steel framing, that forms a framework for any building, contains of at least 25% recycled steel and is completely recyclable for the future use. The use of recycled steel takes the pressure off renewable resources.
Furthermore, it has been reported that recycling of steel scrap can help save landfill space and natural resources as one ton of recycled steel conserves over 2500 pounds of iron ore, 120 pounds of limestone, and 14000 pounds of coal, aiding the preservation of natural and valuable resources requirement for sustainable living.
Intervention of government regulations to propel recycled metal industry dynamics
Speaking of the initiatives taken by various regional and central governments with regards to metal recycling, it is prudent to mention the instance of Rwanda government taking appreciable steps to strengthen the industrial sector in the province by encouraging the practice of metal recycling. The government had in 2017, established metal scrap collection centers that furnished the process of collection of waste metal and recycling of it into construction materials.
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In line with this, the regional government also outlined national e-waste management strategy through which it is potentially providing incentives for metal scrap collection and establishment of dismantling facilities. Apparently, the efforts taken by Rwanda legislative body are indeed an ultimate instance portraying the role that various other state governments must play in the growth of recycled metal market size.
Ineffective recycling process to impede the growth of recycled metal market
Although metal recycling has been observing humongous gains over the recent years, one of the major factors hampering the overall market is the ineffective recycling process which can be attributed to involvement of machinery that are incompetent in attaining desired scrap from the total waste generated.
However, constant technological advancements and ascending focus on metal recycling given the enforcement of stringent laws are forecast to enhance the metal recycling rate, thereby contributing to substantial proceeds for recycled metal industry in the upcoming years.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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