Recycled Copper Market: Introduction
- Copper recycling refers to the process of converting copper scrap into reusable material. It is an alternative for the conventional waste disposal, which can reduce primary metal consumption and greenhouse gas (GHG) emissions. Copper recycling is highly cost effective; consumes minimal energy; and preserves natural resources.
Key Drivers & Restraints of Global Recycled Copper Market
- Increase in the focus on secondary production of copper led by environment-related concerns, such as scrap disposal and minimal energy consumption, are key factors driving the global recycled copper market. As per European Copper Institute, recycling of copper requires up to 85% of less energy than primary production of copper. It saves 40 million tons of CO2 and 100 million MWh of electric energy annually.
- Increase in the volume of copper scrap along with surge in the demand for recycled copper material in several industries, such as electrical & electronics, transportation, metallurgy, and automotive, is expected to propel the global recycled copper market during the forecast period. As per European Copper Institute, since the mid-1960s, the global demand for refined copper has increased by over 250% (from 5 million to 20 million tons). Copper offers durability, resistance to corrosion, and flexibility, which makes it an ideal material for use in various industries.
- However, improper metal waste disposal is expected to restrain the global recycled copper market during the forecast period
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Electrical & Electronics Segment to Hold a Major Share of Global Market
- The global recycled copper market can be segmented based on application, scrap type, and region
- In terms of scrap type, the global recycled copper market can be divided into bare bright copper and others
- In terms of application, the global recycled copper market can be divided into electrical & electronics, construction, transportation, and others. Electrical & electronics is a major application segment of the global recycled copper market, due to high conductivity and high temperature tolerance of recycled copper.
North America to Hold a Major Share of Global Recycled Copper Market
- In terms of region, the global recycled copper market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The recycled copper market in North America is projected to witness rapid growth during the forecast period. This growth can be attributed to increase in the volume of metal scrap in the region. Furthermore, increase in the focus to maintain energy security is also expected to drive the market in the region during the forecast period.
- The recycled copper market in Asia Pacific is anticipated to expand at a significant pace during the forecast period, due to increase in investments in building and construction activities, primarily in developed as well as developing economies such as Japan, South Korea, India, and China, backed by rise in migration of population from rural to urban areas. In the building & construction industry, copper is used for facades and roofing, due to its attractive appearance and good corrosion resistance.
- The recycled copper market in Europe is also projected to witness significant growth during the forecast period, due to increase in investments in the development of electric infrastructure in the region. Copper is largely used in electric wiring, owing to its ability to offer high electric and thermal conductivity. The electric conductivity of copper is 1.5 times higher than that of aluminum, which makes copper a preferred input material for electrical mains.
- The recycled copper market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period. This growth can be attributed to increase in investments in the automobile industry in these regions. As per Aurubis, a leading player in the global recycled copper market, every mid-range car contains about 25 kilograms of copper.
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Key Players Operating in Global Market
Leading companies operating in the global recycled copper market are:
- Copper Recycling Company
- Rubicon Global Holdings LLC.
- Ram Iron & Metal Inc.
- Action Recycling Center
- QB Copper Recycling
- Penn Mar Recycle Company
- Elgin Recycling
- ASM Metal Recycling Ltd.
- Melbourne Metal Recycling
Global Recycled Copper Market: Research Scope
Global Recycled Copper Market, by Application
- Electrical & Electronics
- Building & Construction
Global Recycled Copper Market, by Scrap
- Bare Bright Copper
Global Recycled Copper Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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