The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence.
WILMINGTON, DELAWARE, UNITED STATES, June 3, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Recycled Aluminum Market,” The recycled aluminum market was valued at $49.1 billion in 2022, and is estimated to reach $101.7 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.
The global recycled aluminum market is expected to possess high growth potential in the coming years owing to the surge in focus on sustainability and reducing environmental impact, in which recycled aluminum helps conserve natural resources and reduces energy consumption, greenhouse gas emissions, and waste generation associated with primary aluminum production. In addition, the concept of a circular economy, which promotes the recycling and reuse of materials, has gained traction. Aluminum is highly recyclable, and the demand for recycled aluminum aligns with the principles of the circular economy. Industries and governments are actively promoting the use of recycled materials, including aluminum, to close the loop and reduce reliance on virgin resources.
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Recycled aluminum refers to aluminum that has been recovered and processed from post-consumer or post-industrial waste materials rather than being extracted from raw sources such as bauxite ore. It involves collecting aluminum , such as beverage cans, automotive parts, construction materials, and industrial waste, and then processing it to remove impurities and contaminants.
Recycling aluminum can be cost-effective for manufacturers. The energy savings contribute to lower production costs. In addition, recycled aluminum is often less expensive than newly produced aluminum, making it an attractive option for wire manufacturing. This has surged the demand for recycled aluminum obtained from wire . Moreover, manufacturing aluminum from recycled materials requires significantly less energy compared to producing aluminum from raw materials. It is estimated that recycling aluminum saves approximately 95% of the energy required for primary aluminum production.
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Moreover, the lightweight nature of recycled aluminum allows automakers to design and manufacture vehicles with reduced weight. Lighter vehicles require less energy to propel, resulting in improved fuel efficiency and lower greenhouse gas emissions. This makes recycled aluminum an excellent choice for achieving stricter fuel economy standards and reducing environmental impact. This factor may further drive the growth of the recycled aluminum market during the forecast period.
Key benefits for stakeholders:
►This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the recycled aluminum market analysis from 2022 to 2032 to identify the prevailing recycled aluminum market opportunities.
►The market research is offered along with information related to key drivers, restraints, and opportunities.
►Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
►In-depth analysis of the recyced aluminum market segmentation assists to determine the prevailing market opportunities.
► Major countries in each region are mapped according to their revenue contribution to the global market.
►Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
► The report includes the analysis of the regional as well as global recycled aluminum market trends, key players, market segments, application areas, and market growth strategies.
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Key findings of the study
►By type, the wire segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.0% from 2023 to 2032.
►By end-user, the building and construction segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.6% from 2023 to 2032.
► Asia-Pacific garnered the highest share of 49.1% in 2022, in terms of revenue, growing at a CAGR of 8.0%.
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Frequently Asked Questions:
Q1. What are the upcoming trends of Recycled Aluminum Market in the world?
Answer: Escalating demand from building and construction sector and robust demand from automotive and transportation sector are the upcoming trends of recycled aluminum market.
Q2. What is the leading application of Recycled Aluminum Market?
Answer: Building & construction, automotive, electronics, and others are the leading applications of recycled aluminum market.
Q3. Which is the largest regional market for Recycled Aluminum?
Answer: Asia-Pacific is the largest regional market for recycled aluminum market.
About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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Allied Market Research
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