Recycled
Copper Market: Introduction
In
terms of value, the global
recycled copper market is anticipated to expand at a CAGR of 3.5%, in
terms of volume, from 2020 to 2030. Green manufacturing practices and recycling
of copper are being adopted by several manufacturers to meet the increasing
demand for copper across the globe. The implementation of stringent regulations
on CO2 emissions is expected to boost the production of recycled copper in the
near future. Building & construction is the leading application segment of
the global recycled copper market due to the increase in infrastructure
development activities across the globe. Regulations on the usage of recycled
copper in the industry are less stringent compared to those in automotive and
electrical & electronics industries.
Lack
of Consumer Awareness about Metal Recycling to Hamper Recycled Copper Market
The
recycled copper market is hampered by scrap metal theft. Theft of metal scrap
leads to substantial loss of precious metals present in the scrap. This, in
turn, significantly affects the economy of the recycling industry. Lack of
stringent rules and regulations to organize the flow of waste hinders the
recycled copper market in developing countries. A dearth in consumer awareness
about recycling of products hampers the scrap collection process. A negligible
percentage of discarded electronic goods and household appliances is directed
to scrap collectors in developing countries. Comparatively inferior quality and
purity of secondary copper metal obtained from recycling is expected to hamper
the demand for recycled copper during the forecast period.
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Building
& Construction to Offer Lucrative Opportunities
Based
on application, the global recycled copper market has been divided into
building & construction, transportation, industrial machinery &
equipment, electrical & electronic, and others. In terms of value, the
building & construction segment dominated the global recycled copper market
in 2019. The segment is anticipated to expand at a CAGR of more than 4% during the
forecast period. Copper is used in building & construction applications due
to its esthetic properties and high weather resistance. Copper, brass, and
recycled copper are materials of choice for usage in plumbing, taps, valves,
and fittings. The use of copper help prevent the transfer of microbes, as it
possesses antimicrobial properties. Copper roofing, in addition to being
attractive, is well-known for its resistance to extreme climatic conditions.
The increase in demand for copper in the building & construction industry
is estimated to drive the global recycled copper market during the forecast
period.
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Asia
Pacific to be Lucrative Region of Recycled Copper Market
Based
on region, the global recycled copper market has been split into North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of
volume, Asia Pacific accounted for a significant share of the global recycled
copper market in 2019. This trend is projected to continue during the forecast
period. China is a leading producer and consumer of recycled copper in the
region. India and China are the two leading economies in Asia Pacific. These
countries are anticipated to offer immense opportunities to the recycled copper
market in the near future. The demand for recycled copper is likely to rise
significantly in the building & construction application segment in Asia
Pacific during the forecast period due to rise in new construction activities;
growth in refurbishing and renovation activities; and infrastructure
development.
Europe
is a high potential region of the global recycled copper market. According to
the International Copper Study Group (ICSG), recycled copper accounts for around 50% of copper
consumed in Europe. Companies in the region are focusing on introducing
technologies to increase the efficiency of refining secondary (low grade) scrap
and processing it into high purity copper scrap.
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