Kenneth Research recently added a report on Research Report on Scrap Metal Import Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Research Report on Scrap Metal Import Market Products.
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According to the European Chemical Industry Council, Europe is the second largest producer of chemicals in the world. Out of the top 10 chemical producing countries in the world, two countries belonged to Europe in 2018, generating sales revenue of 19.1% of the total sales revenue globally. In addition to this, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Since China joined the WTO, demand for metallic materials in China has been rising with the economic development. In addition, China also imports a large quantity of scrap metal every year. In 2017, China’s scrap metal imports reached 8.07 million tons, or USD 13,244 million in value. China has been the world’s largest importer of scrap metals for many years in a row.
The import of scrap non-ferrous metals can cut raw material costs, save natural resources, and reduce cultivated land occupation and pollutant emissions (including solid waste and greenhouse gas emissions) caused by mining. For example, copper concentrate has an average grade of 28% to 30%, and contains 70% unrecyclable solid waste. While copper scrap contains less than 2% unrecyclable solid waste, and can also provide recyclable steel scrap and waste plastics. Obviously, importing scrap metal saves more resources and is more environmentally friendly than exploiting copper mines or importing copper concentrate.
In China, scrap metal imports include restricted scrap imports represented by stainless steel scrap, tungsten scrap and magnesium scrap as well as non-restricted ones represented by gold scrap, platinum scrap and nickel scrap. Besides, scrap hardware, electrical products, motors and wires that contain steel scrap, copper scrap and aluminum scrap are also subject to import restriction. China has the strictest supervision system and measures on scrap metal import in the world. Both foreign suppliers and domestic consignees need to be certified. And all the scrap metal imports will be inspected and classified upon arrival, with the allowed unrecyclable solid waste no more than 2%. Meanwhile, with the rising costs of labor, land, energy resources and other production factors, China is losing the comparative advantages of importing non-ferrous metals.
According to CRI, China’s scrap metal imports are dominated by copper scrap, steel scrap and aluminum scrap. In 2017, the imported copper scrap in China reached about 3.56 million tons while the recycled copper scrap amounted to only about 2 million tons, representing 64% reliance on copper scrap imports; the imported steel scrap reached about 2.32 million tons while the recycled steel scrap exceeded 100 million tons, representing less than 2% reliance on steel scrap imports; the imported aluminum scrap reached about 2.17 million tons, and the recycled aluminum scrap amounted to about 5 million tons, representing about 30.3% reliance on aluminum scrap imports. In 2017, the average price of imported aluminum scrap was about 1,303 USD/ton, which was only about 75% of that of domestic aluminum scrap; the average import price of copper scrap was about 2,571 USD/ton, which was only 60% of that of domestic copper scrap. Therefore, Chinese metal smelters can significantly lower their production costs by importing copper scrap and aluminum scrap.
In 2017, the U.S. directly provided 15% of China’s copper scrap imports and 28.5% of the aluminum scrap imports. Given that part of scrap metal imports from the Hong Kong actually came from the U.S., the proportions should be higher. If the Sino-U.S. trade war continues, China’s import of scrap metals, especially the import of copper scrap and aluminum scrap, will be adversely affected.
As China lacks metal mineral resources, it still needs to import a large quantity of scrap metal, especially copper scrap and aluminum scrap from 2019 to 2023. If the trade tensions between China and the U.S. subsides, the import volume of scrap metals in China will keep rising. Otherwise, it will probably see an ongoing contraction.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Research Report on Scrap Metal Import Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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