Ferrous and Non-Ferrous Metal Industry Growth, Share and Demand in Forecasted Years
Scrap metal is classified as either ferrous or non-ferrous scrap. The ferrous metal contains iron as a component contrary to the non-ferrous metal that does not contain iron. The first metal used by humans for metallurgy was non-ferrous metal. The usage of ferrous metal is mainly done for their strength and durability, specifically mild steel that has helped in holding up the highest skyscrapers and some longest bridges over the globe. The demand for ferrous metal can also be seen in the housing construction, industrial containers, automobiles, knives, and some other tools and hardware you use around the house. Non- ferrous metal provides strength, these are majorly used where their differences from ferrous metal can provide an advantage. Non-ferrous metal is lighter than ferrous metal and that makes it best to work where the strength is needed.
Market Growth and Trend of Ferrous and Non-Ferrous Industry
The ferrous scrap metal is of high importance to the rise of a more sustainable economy. According to the Institute of scrap recycling industry (ISRI) that tracks industry statistics, found out that ferrous is the most recycled material in the world. The U.S. administered $15.9 billion of scrap worth in 2017. In the year 2019, the U.S. increased ferrous metals exports by approx. 24% to $19.7 billion. Steel scrap is also a valued commodity for all the local recyclers, presently selling for $339 to $1,086 a ton in the U.S. depending on the type. In 2018, 5 million tons more ferrous scrap was wrangled by the U.S. and there is no site that the industry’s appetite will decrease. In the forecasted period the demand will only increase.
The demand for non-ferrous metals has been growing at a steady pace with a CAGR of 2.8 % from 2013 to 2016 with global GDP growth of 3.4 % during the same period. Additionally, China alone accounts for almost half of the globe’s consumption of non-ferrous metal such as aluminum, copper, lead, and zinc. The Indian demand for the non-ferrous metal is anticipated to rise at 8 % between 2016 and 2021, in line with higher economic prospects and thrust on manufacturing sectors although stronger government support is needed to motivate the industry.
The Growth of Non-Ferrous Metal Industry
The international price of three non-ferrous metals- aluminum, copper, and zinc have seen corrections of 20%, 13%, and 16% respectively in the last year. Throughout 2016-17 to 202-22, the demand for these metals is anticipated to reach heights. In India, the non-ferrous metals industry has been improving well in the last few years and has provided a push to the domestic economy. The industry of non-ferrous has been a partner of growth of development to some major industries such as defense, telecom, automobiles, and many more. It is anticipated that the growth of the non-ferrous industry in India will see better growth than the trend observed in the last five years.
India has also seen high growth in the recycling industry. Over time the share of recycled metals has increased considerably and currently is almost equal to the global level, the performance of the non-ferrous metals industry in India has outpaced the global trend of wide demand and relatively low cost of production.
NPCS has designed a project report on ferrous and non-ferrous metal. Where you can find a historical overview and in-depth study on the current and forecasted market of the ferrous and non-ferrous metal industry. The report also represents an overview of the ferrous, non-ferrous metals market size, share, and competitor segment with an idea of manufacturers, geographical regions, product type, and applications. The project report provides you all the valuable data from revenue, the market trend to capacity, and cost.