Did you know that the scrap metal industry is estimated to grow to over 75 billion dollars by the year 2025? With the increase of recycling in all industries, as well as demand from the growing population, scrap metal is more valuable than ever before.
Are you interested in learning about scrap metal research and trends in the industry? Here are some of the scrap metal trends to look out for now and in the near future.
The Best Scrap Materials to Recycle
If you are just getting into scrap metal recycling, it is important to know which materials will provide the most value in the long run. You can allocate your time and effort accordingly to yield maximum benefit from these materials.
Steel and iron are by far the two most popular scrap metals to recycle. They are almost always in high demand and they can save a significant amount of energy that it takes to produce new raw materials for metals. Other profitable materials include aluminum, zinc, and copper.
If you want to make the most out of your scrap metal, you should consider getting a remelt furnace. You can use a machine such as an Electric Arc Button Remelt Furnace to create samples for element analysis and alloy research.
New Industry Investors
China is emerging as a major player in the scrap metal industry. China currently has a large monopoly on the global steel industry, meaning that scrap metal is more valuable than ever as steel prices continue to rise. China is also investing in large iron ore mines, showing that the country is confident about the need for metal in the coming years.
In addition, the relationship between the United States and China could also play a major role in scrap metal trends. The potential removal of tariffs on China by the Biden administration may cause the price to dip, as well as the devaluation of the dollar.
The Effect of COVID-19
Unlike many industries that were forced to shut down due to the coronavirus pandemic, the scrap metal industry has remained relatively stable. However, the rising demand for construction materials could lead to a spike in the pricing of scrap metal due to limited resources.
Although the industry as a whole was not affected by the pandemic, smaller manufacturers may have trouble staying afloat. With China’s industry dominance on the rise, the only path to survival could be the consolidation of resources and smaller companies merging with larger producers.
Know the Latest Scrap Metal Trends
When it comes to scrap metal, it is important to stay informed on the scrap metal trends that could shape this vital industry. With these tips, you can learn how the scrap metal industry will change in the future and how best to prepare for it.
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