Rapid urbanization and industrialization in developing countries of the world is a key factor fuelling the scrap metal shredder market and is expected to continue to rise over the forecast period of 2020-2030. The humongous demand for metals for development of industrial units, residential structures, and commercial complexes is creating opportunities for metal shredder market.
High cost of fresh metal such as iron and aluminum warrants reuse of these metal for economic and environmental reasons. Industrial units that require large volumes of metal for fabrication of equipment rely on metal scrap to be economically viable. Metal scrap is obtained by disintegrating large metal pieces into small size ones, and are used for various purposes. This requires metal scrap shredder to disintegrate metal scrap to be reusable for various purposes.
Key segments of the scrap metal shredder market based on application are ferrous metals, e-scrap, steel, firearms, automobile, heavy scrap, and turnings.
The report on scrap metal shredder market pinpoints each and every vital parameter for in-depth understanding of the said market for the 2020- 2030 forecast period. The report covers demand drivers, challenges, and opportunities, along with a detailed overview of competitive landscape and regional outlook on the scrap metal shredder market that stakeholders can rely on for informed decision making.
The scrap metal shredder market is largely consolidated with the presence of some large well-entrenched players. Due to vast growth opportunities and untapped potential, the scrap metal shredder market is witnessing foray of small local players. This is intensifying the competition in the scrap metal shredder market.
Prominent players in the scrap metal shredder market include Forrec srl Recycling Systems, Granutech-Saturn Systems, Advance Hydrau Tech Pvt. Ltd., Williams Crusher, WEIMA, Coparm Srl, Komar Industries, JMC Recycling, SSI Shredding Systems Inc., and Idea Holding Limited.
One of the key factors fuelling the scrap metal shredder market is efforts to recover metal from scrap metal for economic reasons. Large industrial users such as iron and steel plants mostly spend large amount of money to own scrap metal shredder, to shred junk metal and vehicles for use as feedstock.
Efforts of governments to promote use of scrap metal for economic and environmental reasons is indirectly aiding the scrap metal shredder market. Several governments, especially in developing countries hold auctions for resell of metal scrap that finds use in industrial units. Both small and large industrial units participate in such auctions to purchase metal scrap at cheap prices. Large volume sale of metal scrap at auctions that needs to be used requires scrap metal shredder, thereby boosting the scrap metal shredder market.
Furthermore, use of novel technologies that has led to the development of eco-friendly scrap metal shredder is bringing new opportunities in the scrap metal shredder market.
On the downside, regulations of governments that mandate employing environment friendly scrap recycling processes is posing hindrance to the growth of scrap metal shredder market.
Asia Pacific is a key market in the metal scrap shredder market. Economic growth and rapid pace of industrialization in emerging economies of the region is paving way for the growth of scrap metal shredder market in the region. Metal scrap both ferrous and non-ferrous is required in large quantities for fabrication of equipment, metal conduits, and metallic frames among other uses. Nonetheless, scrap metal needs to be shredded before it can be of use. This requires scrap metal shredder, for shredding and disintegrating of scrap metal.
North America and Europe are fairly established regions in the scrap metal shredder market. Early industrial revolution and government-supported programs for sale of scrap metal are important factors contributing to the scrap metal shredder market in these regions