Unbeknownst to many consumers, metal products aren't always made of new metal. Thousands of everyday consumer, as well as business, products are made of recycled metal. The following report examines the global metal recycling market and where it's headed.
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Plastic isn't the only material that can be recycled. Most metals are also recyclable. According to the Environment Protection Agency (EPA), steel cans have a recycling rate of approximately 71.3%. In other words, nearly three-fourths of the steel used in a can can be reused for other properties. With such a high recycling rate, many environmental experts encourage consumers, as well as businesses, to recycle their steel cans.
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Steel cans, however, are just one of many metal products that can be recycled.
Statistics show that steel is the single most recycled material in the world. Steel is actually 100% recyclable. And contrary to what some people believe, recycled steel is just as strong and durable as new steel. The only difference is that it's made from other steel products that have been recycled.
How do recycling companies process and recycle metals like steel exactly? Although there are a variety of recycling processes available, it typically begins with heating metal products in a large, commercial-grade furnace. As the temperature of the metal products increases, they turn into liquid, molten metal. Next, the raw metal is separated from any impurities, after which it's used in the production of other metal products. Recycling is a relatively straightforward process that revolves around the heating metal products until they convert from a solid state into a liquid, molten state.
Some recycling companies even specialize in metal. They purchase used metal products in bulk and smelt them down into raw metal. Prices for recycled metal such as this vary depending on a number of factors. Perhaps the most influential factor in the price of recycled metal is supply and demand. Going back to the basics of economics 101, as the supply for a product decreases and the demand for a product increases, the product becomes more expensive.
The Metal Recycling Market by Metal Type (Ferrous and Non-ferrous Metals), End-user Industry (Automotive, Packaging, Shipbuilding, Industrial Machinery) - Global Opportunity Analysis and Industry Forecast, 2014 - 2022 report by Premium Market Insights is a comprehensive study of the global metal recycling market.
Some of the key metal recycling vendors profiled in this report include ArcelorMittal, Nucor Corporation, Commercial Metals Company, SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., Schnitzer Steel Industries, Inc., OmniSource Corporation, Tube City Inc., Ferrous Processing & Trading Co. (FTP), PSC Metals, AMG Resources Corp., Alter Scrap Processing, Joseph Behr & Sons Inc., Mervis Industries, Galamba Metals Group LLC, TSR Recycling GmbH & Co.