Recycled Aluminum Market Size, Share & Trends Analysis Report By Type, By Application, Region, And Segment Forecasts, 2023 To 2030

Aluminum is the most abundant metal on earth, which is corrosion-resistant, durable, and has a high strength-to-weight ratio. Moreover, pure aluminum is very costly owing to the high energy cost of casting. This has accelerated the adoption of recycled aluminum, as it is much more cost-efficient and readily available.

Compared to casting pure aluminum, the casting of secondary aluminum is a more energy-efficient option because secondary aluminum casting can produce much usable material with little effort. When compared to mining for pure aluminum, recycling aluminum uses about 90% less energy.

Metal recycling is becoming more popular because so much of the material left after the manufacturing of primary equipment is wasted. Guidelines by UN environment program to reduce the disposal of solid waste are being adopted by the governments of various nations. The demand for recycled aluminum is expected to increase globally as a result of this factor.

A large number of small and large-scale manufacturers operate in the aluminum sector due to the metal's high profitability and wide range of applications. Aluminum siding, cans of beverages, foils, and vehicle parts are the main aluminum goods that can be recycled.

Recycled aluminum has a variety of uses across industry verticals, including industrial machinery, building & construction materials, and home appliances, among others. Because it has high corrosion resistance, it is a great option for businesses that are concerned about the environment.

On the basis of recycled aluminum by type, the market is segmented into scrap aluminum, scrap aluminum alloy material, and others. Scrap aluminum is a type of recycled aluminum that is left over after the production of the primary product. Scrap aluminum is expected to dominate the global recycled aluminum market, owing to the increasing scrap from the automotive and construction sector globally.

The recycled aluminum market, in terms of application, is segmented into automotive, machinery, food & beverages, electrical & electronics, and others. The automotive segment is expected to hold a major share of the market owing to the rising demand for automobiles globally coupled with the increasing spending power of citizens.

The Asia Pacific recycled aluminum market is anticipated to dominate the global market. The region is expected to dominate the market owing to the presence of large automotive production facilities in countries like China, and Japan. Additionally, the rising infrastructural development in the major economies, such as China, India, South Korea, etc., is also expected to bolster the product demand in the region.

Major players operating in the recycled aluminum market are Novelis Aluminum, Sumitomo, Kuusakoski Group, Hydro, Keiaisha, CCL Industries, Sigma Brothers, Mitsubishi Materials, Toyota Tsusho, Lizhong Alloy Group, Century Metal Recycling, Ye Chiu Group.