Metal Recycling Equipment Market – Key Players are Adopting Different Growth Strategies to Maintain Their Global Dominance
In 2022, it is predicted that the global market for metal recycling equipment will reach US$ 6.9 Bn. By the end of 2032, sales of metal recycling equipment are predicted to surpass US$ 11.5 billion, up from the US$ 6.5 billion recorded in 2021. During the forecast period of 2022–2032, the demand for metal recycling equipment is anticipated to grow at a CAGR of roughly 6%–7%, driven by rising concerns regarding the management of metal waste and the use of recycled products.
Metal waste recycling applications include collection and sorting, grinding, processing, melting, and purification. Metal recycling equipment is an industrial type of machinery like shredders, briquetting machines, granulating machines, baler presses, extruders, and others.
Key Opportunities Augmenting the Metal Recycling Equipment Market Growth
Due to the growing issues with the proper disposal of the metal waste that is being produced globally, metal recycling equipment is gaining tremendous traction. Metal is one of the most important materials used in the production of a variety of goods, including furniture, automotive parts, electronic appliances, beverage containers, and mechanical equipment.
As a result, recycling existing metals helps to meet the world’s growing demand for metal goods. In addition, tighter government regulations on recycling are expected to lead to increased revenue-generating opportunities in the global market for waste management and resource efficiency.
Restraints Dampening the Sales of Metal Recycling Equipment in the Market
Extruders, briquetting machines, granulating machines, and other expensive metal recycling equipment are preventing small and medium-sized businesses from adopting this machinery, which is stifling the market’s expansion.
Additionally, excessive wear and tear of parts like wear rings, rams, dies, barring, split dies, and others, along with high fuel and electricity consumption, are limiting the market’s ability to sell metal recycling equipment.
Growth Prospect for the Metal Recycling Equipment Market Growth Across Western Europe
Between 2022 and 2032, Western Europe is anticipated to hold a sizable share of the global market for metal recycling equipment, according to Future Market Insights.
A rapid increase in the adoption of metal recycling equipment is being seen throughout the U.K., Germany, Italy, and other countries due to the rising demand for metal, the growing metallurgy industry, and expanding recycling activities in Europe.
Leading players are aiming to release novel products, as a result, to take advantage of current opportunities. For instance, the Italian metal machinery manufacturer CMG SpA announced the introduction of a new line of low-speed screen-free metal granulators in 2021. These machines feature zero metal contamination and a cutting-edge rotor design. Numerous new product launches of this nature are anticipated to support market expansion in Western Europe.
The Asia Pacific Excluding Japan Accounting for the Largest Share in the Global Metal Recycling Equipment Market
According to FMI, during the forecast period of 2022–2032, the Asia Pacific region excluding Japan is expected to become the most lucrative market for metal recycling equipment.
A significant increase in building and construction activities is being observed in nations like China, India, South Korea, Australia, and others as the trend of urbanisation and industrialization continue to make deeper inroads throughout the Asia Pacific.
This is driving up demand for metal and metal products, in addition to increasing automotive vehicle production and sales. To meet this rising demand, many metal manufacturing and recycling businesses are concentrating on increasing their metal processing and recycling capacity. This is expected to increase demand for metal recycling equipment in Asia Pacific countries other than Japan.
Market Competition
Some of the leading players in the metal recycling equipment market are Nucor Corporation, CMG SpA, JMC Recycling Systems Ltd., Commercial Metals Company, SMIS Metal Management Limited, Hitachi Construction Machinery Co., Ltd., Metso Corporation, CP Manufacturing Inc., Green Machine Sales LLC, and others.
The market is highly competitive attributed to the presence of such a large number of participants and increasing adoption of product launch and collaboration, partnership, and acquisition strategies.
Access Full Insights on this Report: https://www.futuremarketinsights.com/reports/metal-recycling-equipment-market
