Global aluminum scrap recycling market to grow 8 percent through 2021

London-based Technavio has released a report that projects growth in the global aluminum scrap recycling market to 32.12 million metric tons by 2021, at a CAGR of nearly 8 percent.

The report divides the market into secondary smelting and downstream segments, covering the APAC, Americas, and EMEA regions.

“APAC occupies the largest segment of the aluminum scrap recycling market, and is expected to show the fastest growth rate over the forecast period,” said Kshama Upadhyay, a lead analyst at Technavio for metals and minerals research. APAC provides a significant number of opportunities for the global aluminum scrap recycling market in the secondary smelting segment. Countries such as Hong Kong, Thailand, South Korea, Japan, and Malaysia contribute greatly to the secondary smelting capacity for aluminum globally.

Analysts forecast the aluminum scrap recycling market in the Americas to reach 5.26 million metric tons by the end of 2017 because of the high volume of aluminum beverage can recycling. A key factor in boosting market growth is increased focus in the U.S. aluminum scrap recycling industry on operations, including recovering aluminum and aluminum alloys from secondary smelting and scrap and converting them into ingots or billets.

“EMEA has witnessed a steady increase in the demand for aluminum scrap recycling supported by an increase in colocation of facilities both for primary aluminum and for its recycling,” said Upadhyay.

Currently, increased research in EMEA toward improving the quality of aluminum scrap recycling is expected to fuel demand for market growth in the region. Also, increased demand for fuel-efficient and lightweight vehicles to reduce CO2 emissions has increased the consumption of aluminum cast parts and indirectly affected market growth.

For more information on the report, visit www.technavio.com/report/global-aluminum-scrap-recycling-market?utm_source=discount&utm_medium=bw&utm_campaign=businesswire.