Global Aluminum Scrap Recycling Market Size to grow USD 25.12 billion by 2030 | CAGR of 8.16%Category: Advanced Materials
The Global Aluminum Scrap Recycling Market was valued at USD 5.60 billion in 2021 and is expected to reach USD 25.12 billion by 2030, growing at a CAGR of 8.16 % during 2021-2030. as per the latest research report by Spherical Insights & Consulting.
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Recycling is an important factor in the continuous use of aluminium, as it is one of the metal's key characteristics, with far-reaching economic, ecological, and social implications. More than half of all aluminium produced in the European Union (EU-25) comes from recycled raw materials, a trend that is expected to continue. Because of rising end-use demand and a lack of domestic primary aluminium production in this region of the world, Europe has a significant stake in maximizing scrap collecting and developing the most resource-efficient scrap treatments and melting processes. Because of increased energy constraints in this region, the need for efficient aluminium recycling will grow even more in the future. Independent of any legislative or political initiative, the high inherent value of aluminium scrap has always been the primary driver for recycling.
Browse key industry insights spread across 220 pages with 119 market data tables and figures & charts from the report Global Aluminum Scrap Recycling Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Aluminum Scrap Type (Cast Aluminum, Aluminum Cans, Sheet Aluminum and Others), By Category (New Scrap, Old Scrap), By Application (Building & Construction, Automotive, Electronics, Machinery & Equipment Packaging and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 in detail along with the table of contents https://www.sphericalinsights.com/reports/aluminum-scrap-recycling-market
However, in addition to the apparent economic aspect, rising environmental concerns and increased social responsibility, particularly in the last decade, have boosted recycling activities, as recycling uses only 5% of the energy required for primary aluminium manufacturing. The major advantages like saving energy, and less environmental impact the aluminium recycling market are expected to grow in the forecast period.
The high emissions toll associated with primary aluminium will be reduced by switching to secondary, or recycled, aluminium production. The sectors of automation and packaging offer the best chances for recovering aluminium scrap. Aluminium is known for its near-infinite recyclability, which not only makes it perfect for reducing waste in general but also provides an opportunity to reduce emissions within its industry. Closing the gap for aluminium emissions technologies to accelerate deep decarbonization of direct emissions, a new report from the aluminium for climate initiative emphasizes the need for a breakthrough technology to reduce direct emissions in aluminium manufacturing.
However, when it comes to decarbonizing the aluminium business, production emissions are only one element of the problem. To significantly reduce demand for high-carbon primary aluminium, the industry must increase circularity. According to the international aluminium Institute (IAI), global demand for aluminium would increase by more than 80% by 2050. Primary production is responsible for about 90% of current aluminium emissions. Secondary, or recycled, aluminium, on the other hand, consumes only 5% of the energy required for initial manufacture.
Moreover, after the COVID-19 pandemic, the global aluminium demand will see an increase of 40 per cent. Requires an additional production of 33.3 million tons, meaning the metal output should ideally improve from 86.2 million tons in 2020 to 119.5 million tons up to 2030. The demand from China is expected to be at 12.3 million tons, while from the rest of Asia 8.6 million tons.
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North America and Europe will account for 5.1 million tons and 4.8 million tons, respectively. Hence, with the increase in the growth of aluminium applications, increasing the aluminium scrap recycling demand in the forecast period. Furthermore, after the COVID-19 pandemic, the aluminium scrap recycling market is accomplished by the government. Therefore, the aluminium scrap recycling market is witnessing significant growth during the FY-2021 or the COVID-19 pandemic.
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