Market Size of Iron Recycling Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Iron Recycling Market Analysis
The iron recycling market is expected to register a CAGR of 7.8% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. During the pandemic scenario, the construction and automotive manufacturing activities were on a temporary halt during the lockdown to curb the spread of new COVID-19 cases, thereby, decreasing the consumption of recycled iron from these end-user industries. However, the condition recovered in 2021, which is expected to benefit the market during the forecast period.
- Over the short term, an increase in urbanization and industrialization is expected to drive the market's growth.
- On the flip side, the unorganized flow of waste metals tends to act as a restraint on the growth of the market.
- Stringent regulations imposed by the government regarding metal mining act as an opportunity for the growth of the market in the near future.
- Asia-Pacific dominated the market globally, with the largest consumption from construction activities in countries such as India, China, and others.
