Malaysia Metal Scrap Recycling Market is projected to grow at a CAGR of 5.6% during 2022-2028

Aluminum is the fastest growing segment in the Malaysia Metal Scrap Recycling Market- 6Wresearch

Rapidly increasing automobile production in the country reflects a lucrative opportunity to market ferrous metals in the automotive sector as the growing production trends would only be sustained through a seamless supply of ferrous metals to the industry as the strain on iron mining could hinder ferrous supply in future. Moreover, increasing construction activities in the country is levelling up both the generation and consumption of metal scraps across the country.

According to 6Wresearch, Malaysia Metal Scrap Recycling Market is projected to grow at a CAGR of 5.6% during 2022-2028. The market is propelling massive growth primarily due to the growing manufacturing sector and rapidly increasing urbanization and recycling rates. Urbanization has a crucial impact on the future of the metal industry as metal is the base for all infrastructural operations. A huge flow of population from rural to urban areas creates substantial demand for steel to be used in the infrastructure developments such as water, energy, and mass transit systems as well as major construction and housing programs eventually resulting in the generation of metal scrap in the country.

According to Ravi Bhandari, Research Head, 6Wresearch, “Industrial segment had acquired the highest revenue share in Malaysia Metal Scrap Recycling Market, and it is expected to follow the same drift in the forecast period owing to growth in industrial scrap generated by a flourishing manufacturing sector. Furthermore, scrap metal generated from industries can be repeatedly transformed into new materials suitable for manufacturing and construction fuelling the consumption of recycled metal scraps.”

Aluminum is expected to grow rapidly on the back of metal’s vast utility in the industrial and construction sector and due to its excellent scrap value and lower energy needs, is expected to grow significantly during the forecasted period.

“Malaysia Metal Scrap Recycling Market (2022-2028)” report provides an in-depth analysis with 20 figures and 6 tables, covered in 68 pages. Malaysia Metal Scrap Recycling market report comprehensively covers the market by metal types and applications. Malaysia Metal Scrap Recycling Market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.