The market for recycled metals is massive and growing. This growth is based on the rising awareness regarding the benefits of recycled metals and legislation on industries such as construction, automotive and machinery manufacturing. The urgent need to decrease greenhouse gas emissions has also compelled industries to turn to eco-friendly raw materials and lower their environmental footprint.
Ferrous and non-ferrous metals are the two key product segments contributing to this growth. The building and construction sector will continue to be the largest end user of recycled metals. The automotive sector is projected to expand at the fastest pace between 2016 and 2024. Worldwide the Asia Pacific region is the largest market for recycled metals.
Going into the numbers, Transparency Market Research (a US based market intelligence company) predicts a steady growth of the global recycled metal market for the period 2016 to 2024. The opportunity in this market is poised to be worth USD 476.2 billion by 2024, rising from USD 312.9 billion in 2015. These dynamics in the global recycled metal market are beneficial for both FrontMet B.V. and its subsidiaries in the years to come. FrontMet B.V. will continue to strengthen its position as a leading secondary metals supplier through innovative technologies to recover metals from waste and by establishing long term relationships.
Source: Transparency Market Research