Covid-19 Impact on Wire & Cable Recycling Market Business Plan – North America Expected to Hold a Major Share
Wire & Cable Recycling Market: Introduction
- Wire and cable recycling refers to the process of converting wire and cable scrap into reusable material. It is an alternative for the conventional waste disposal, which can reduce greenhouse gas (GHG) emissions.
Key Drivers and Restraints of Global Wire & Cable Recycling Market
- Surge in the volume of wire and cable scrap has raised concerns about the environment, due to improper disposal of wire and cable wastes. This, in turn, is expected to drive the global wire & cable recycling market during the forecast period.
- Growing efforts to maintain sustainability of primary metal sources and increasing demand for copper from various industries, including electrical & electronics (E&E), automotive, and manufacturing, is projected to drive the global wire & cable recycling market during the forecast period. Furthermore, increase in efforts to reduce the production cost is also expected to propel the global market in the near future.
- Rise in investments in the construction industry led by improvement in the living standards, increase in the purchasing power, migration of people from rural to urban areas, and strong economic growth, in developing as well as developed countries, is anticipated to propel the global wire & cable recycling market during the forecast period
- However, improper waste disposal is expected to restrain the global wire & cable recycling market during the forecast period
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Electrical & Electronics Segment Expected to Hold a Major Share of Global Market
- The global wire & cable recycling market can be segmented based on application, metal type, and region
- In terms of metal, the global wire & cable recycling market can be divided into copper, aluminum, and others. Copper is predominantly used in the wire & cable industry owing to its high conductivity.
- In terms of application, the global recycled copper market can be divided into electrical & electronics, building & construction, power, communication, transportation, and others. Building & construction is one of the major end-users of wires and cables, due to increase in the demand for distribution of electricity from one point to another within electric appliances in residential establishments.
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North America Expected to Hold a Major Share of Global Wire & Cable Recycling Market
- In terms of region, the global wire & cable recycling market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The wire & cable recycling market in North America is projected to witness rapid growth during the forecast period. This growth can be attributed to increase in the volume of wire and cable scrap generated from residential and commercial establishments across the region.
- The wire & cable recycling market in Asia Pacific is anticipated to expand at a significant pace during the forecast period, due to the increase in investments in building and construction activities primarily in Japan, South Korea, India, and China backed by rise in migration of people from rural to urban areas
- The wire & cable recycling market in Europe is estimated to witness growth during the forecast period, due to surge in spending on the development of electric infrastructures. Wires are largely used in residential and commercial buildings to convey electric current to all power applications in a building or dwelling.
- The wire & cable recycling market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period. This growth can be attributed to increase in investments in the infrastructure sector in these regions. For instance, in 2019, Middle East & North Africa announced to invest US$ 209 Bn in the power sector in the next five years to fulfill the surging electricity demand, as countries in the region continue investing in renewable energy projects.
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Key Players Operating in Global Market
Leading companies operating in the global wire & cable recycling market include:
- REDOMA Recycling AB
- MTB Recycling
- Bolduc Metal Recycling Inc.
- The Angelus Corporation