The report of Global Car Recycle Market by Type (Metals, Polymers, Others), Application (New Products Manufacture, Reusable Parts), and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ XX Bn by 2027, at a CAGR of 5.2% during a forecast period.
The growing benefits of car recycling, for instance, the prevention of hazardous liquid from going to landfills each year and savings worth millions of barrels of oil, which can be used for other purposes, are further boosting the market growth. The rising requirements to offer higher levels of customer service and greater ease of recycling drive the growth of efficient recycling and resource recovery in the global car recycling market. The increasing rate of unorganized treatment of waste metals and the convenience of relatively few scrap collection zones is expected to restrict the global car recycling market growth.
The new product manufacture segment is expected to account for the largest XX% market share by 2027.
End-of-life vehicles (ELVs) are continuously recycled to produce new components, vehicles, and consumer products, propelling the new products manufacture segment growth throughout the forecast period. Recycling companies, for example, SIMS, ArcelorMittal, Aurubis AG among others are some of the notable players with advanced tools and facilities, converting the scrap into high-quality over and semi-finished goods done sorting and shredding.
North America is projected to witness the fastest growth during the forecast period.
North America is projected to witness the fastest growth during the forecast period. The North American automotive recycling industry saves nearly 85 million barrels of oil. The car recycling industry is the 16th largest in the US, contributing US$ X5 billion a year to the national GDP. The U.S. automotive recycling industry employs around 100,000 people and earns nearly $25 billion a year.
Key players operating in the Global Car Recycle Market are Scholz Recycling GMBH, Schnitzer Steel Industries, Inc., LKQ Corporation, Toyota Motor Corporation, Eco-Bat Technologies Ltd., Sims Metal Management Limited, European Metal Recycling (EMR), Hensel Recycling Group, Volkswagen AG, Tianqi Automation Engineering Co., Ltd. (Miracle Automation), Keiaisha Co., Ltd., INDRA
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Car Recycle Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Car Recycle Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Car Recycle Market positioning of competitors.
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