Aluminum recycling uses less energy than pure aluminum mining because secondary aluminum castings offer more usable characteristics with less work. This makes recycled aluminum a more energy-efficient choice than pure aluminum castings. Owing to aluminum's high profitability and widespread application, the sector employs a significant number of small and medium-sized businesses. Common recyclable items that can be reused include aluminum cladding, foil, beverage bottles, and auto parts.
Global Aluminum Recycling Market Driving Factors and Challenges
Global market demand is driven by rising environmental awareness and the desire to reduce carbon footprints. Because it uses a lot less energy than producing aluminum from scratch, it has a less environmental impact and emits fewer greenhouse gases. Because it is more environmentally friendly and conserves resources, recycled aluminum is a good fit for some applications. Furthermore, regulations and policies supporting recycling and the use of recycled materials have been put in place by governments everywhere. Green procurement requirements, tax incentives, and recycling targets are a few examples of these programs. An environment that is conducive to the growth of the recycled aluminum market is being created by government regulations and incentives.
The availability of recovered aluminum may be impacted by the collection and recycling infrastructure in existence. Market growth may be hampered by a lack of recovered aluminum due to insufficient collection networks, a dearth of recycling facilities, and inconsistent recycling rates. Furthermore, recovered aluminum may contain pollutants or impurities in the form of paints, coatings, and other materials. These contaminants might negatively impact the quality and performance of recycled aluminum, which would make it less desirable for various applications. The potential for overall market expansion is diminished by the fact that contamination removal and sorting can be an expensive and challenging process.
Impact of COVID-19 on Global Aluminum Recycling Market
Global supply chains were disrupted by the outbreak. Reclaimed aluminum goods became harder to come by as a result of movement restrictions and decommissioning techniques that significantly impacted scrap gathering. Because of funding for the restart of activities, the market recovery will improve. Because recycled aluminum adheres to circular economic principles and offers a green substitute for aluminum origin, the increased emphasis on sustainability has opened up new opportunities for the business. The product will offer recycled aluminum, as the secondhand market has expanded dramatically in the wake of the COVID-19 pandemic.
Global Aluminum Recycling Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Amag Austria Metall AG , Arfin India Ltd. , Aurubis AG , Chalco Aluminum Corporation, Commercial Metals Company, Fervent Global LLP , Kuusakoski Recycling, Matalco Inc , Real Alloy, Sims Metal Management Ltd.
Global Aluminum Recycling Market Segmentation:
By Type: Based on the Type, Global Aluminum Recycling Market is segmented as casting alloys, extrusion, sheet, and other types.
By End–User: Based on the End-User, Global Aluminum Recycling Market is segmented as automotive, aerospace and defense, building and construction, electrical and electronics, packaging, and other end-user industries.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.