Wilmington, Delaware, United States, April 29, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global recycled aluminum market stood at US$ 4.8 billion in 2022 and the global market is projected to reach US$ 10.3 billion in 2031. The industry is anticipated to expand at a CAGR of 8.9% between 2023 and 2031.
The market is expected to drive by the unique properties of metal. Metals do not lose their strength and usability when recycled this is one of the leading reasons for the growth of the recycled market, and due to this more and more industries starting to use recycled steel, iron, steel, and other ferrous metals for several applications like construction, industrial machinery manufacturing, appliance manufacturing, etc., there is a huge demand for recycled metal in the electronic industry.
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Recycling metal produces 36 times more jobs than delivering the same metal to an incinerator and 6 times more than transferring your metal to a landfill. Recycling industry earns a lot of money yearly for the economy. Products produced by the recycling processes are reused, whether this is going back into the shops, or being used in industries all over the place, this is creating a much more economically friendly cycle which is expected to increase the demand for recycled metal in the market.
Rising awareness among people regarding decreasing sustainable development, carbon footprint, and preservation of the environment, has changed the way companies used to work earlier now companies have become eco-friendlier and prefer recycled metal over fresh metal. Government policies have supported the use of recycled metal and several countries are now trying to incline more towards using more recycled metal, becoming an opportunity for the global recycled metal market to grow further.
A major reason for increasing the demand…