BANGALORE, India, June 10, 2024 /PRNewswire/ -- Copper Scrap Market is Segmented by Type (Copper, Copper Alloys), by Application (Transportation, Construction, Electrical and Electronics, Industrial Machinery, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global Copper Scrap market was valued at USD 63010 Million in 2023 and is anticipated to reach USD 84900 Million by 2030, witnessing a CAGR of 4.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Copper Scrap Market:
The market for copper scrap is expanding due to the growing need across several industries, such as electronics, manufacturing, and construction, for affordable and sustainable raw materials. In line with global sustainability goals, recycling copper waste lowers its environmental effect and energy consumption when compared to mining fresh copper. The market's growth is further aided by the economy's benefits of recycling and the varying costs of copper. The rise of the copper scrap market is further supported by government rules that encourage recycling and the circular economy, as companies strive to decrease waste and comply with environmental requirements.
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TRENDS INFLUENCING THE GROWTH OF THE COPPER SCRAP MARKET
The market for scrap copper is primarily driven by the wide range of uses for copper in the transportation industry. In the automotive sector, copper is widely utilized to create electrical components, wiring, motors, and batteries, particularly for electric vehicles (EVs). The production of electric vehicles (EVs), which require more copper than automobiles with internal combustion engines, is increasing the demand for recycled copper. The metal's employment in the construction of various electrical systems and components for trains, aircraft, and marine transportation raises the need for copper scrap even more. Recycling copper is encouraged in order to provide a steady supply and reduce its detrimental effects on the environment due to the growing need for copper in transportation.
The market for copper scrap is mostly driven by the metal's usage in construction. Because of its strength, electrical conductivity, and corrosion resistance, copper is highly prized in the construction sector and is perfect for plumbing, roofing, electrical wiring, and heating systems. The current worldwide building boom, especially in developing nations, requires a lot of copper, thus recycling activities have risen to keep up with the demand. Recycling copper scrap from obsolete infrastructure, crumbling buildings, and construction trash supports cost-effectiveness and sustainability while meeting the demands of the construction sector.
The market for copper scrap is expanding as a result of the usage of copper alloys in several end-user sectors. Copper alloys, which include bronze and brass, are highly valued in industries such as electronics, manufacturing, maritime, and aerospace because of their superior mechanical qualities, resistance to corrosion, and ability to transfer heat and electricity. These sectors frequently need high-performance materials, and recycling copper alloys lowers manufacturing costs and has a positive environmental impact while ensuring a consistent supply. The recycling of copper alloys is further encouraged by the rising need for sustainable practices across sectors, which propels the growth of the copper scrap market.
Because copper is so important to so many different industries-including electronics, building, and renewable energy-its demand is rising continuously on a worldwide scale. Utilizing copper scrap increases in appeal as a means of satisfying the growing demand for copper as primary copper sources become increasingly costly and difficult to obtain. The market for copper scrap has been supported by strict environmental rules that are meant to reduce carbon footprints and promote sustainability. In comparison to the mining and processing of new copper, recycling copper waste uses a lot less energy, which lowers greenhouse gas emissions and supports global sustainability goals.
There are significant financial advantages to recycling copper. Compared to virgin copper, which must undergo lengthy mining, shipping, and refining procedures, recycled copper is less expensive to produce. Manufacturers benefit from these cost reductions, which raises demand for recycled copper. Copper scrap processing is becoming more effective and efficient thanks to technological advancements in recycling. Higher recovery rates and purer copper outputs are made possible by advancements in sorting, smelting, and refining technology, which increases the viability of recycled copper for high-quality applications.
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COPPER SCRAP MARKET SHARE ANALYSIS
The Asia-Pacific region now has a dominant share of the worldwide market for copper scrap, mostly due to the rapid industrialization and urbanization of countries such as China, India, Japan, and South Korea. The world's largest consumer of copper, China, is a key driver of the market's expansion. The substantial industrial sector and expanding infrastructure projects in the country are the main drivers of the demand for recycled copper. India's building sector growth and recycling initiatives are also contributing significantly to the country's development. Moreover, recycled copper is more in demand due to the large electronics manufacturing industries in South Korea and Japan, which ensure a steady supply for a variety of applications.
Key Players:
- Jansen Recycling Group
- Aurubis
- Commercial Metals CMC
- Sims Metal Management
- European Metal Recycling EMR
- HKS Metals
- Kuusakoski
- Mallin Companies
- Wieland Group
- OmniSource Corporation
- Reukema
- David J. Joseph
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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