Aluminium closures recycling rate increases more than 50% in Europe, says EAFA

<p>According to a new report published by Allied Market Research, the global metal recycling market is estimated to be worth US$ 446,472 million, registering a compound annual growth rate of 4.5% during 2016-2022. Non-ferrous metals have by far, remained the fastest growing segment; by 2022 it is anticipated to grow at a compound annual growth rate of 4.9%.<br /><br />The report cites the European Aluminum Foil Association, which says the recycling rate of aluminium closures in Europe has increased to more than 50% owing to enhanced collection and newly initiated recycling schemes.<br /><br />The Asia-Pacific region is likely to &lsquo;dominate&rsquo; the metal recycling market throughout the analysis period. The region is anticipated to generate US$ 212,118 million by 2022 and is estimated to grow at a significant compound annual growth rate of 5.2% during the forecast period.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/recycling-cans.jpg" alt="News" width="500" height="226" /><br />Metal recycling encourages sustainable development of the industry, reduces future scarcity of high-value mineral resources, generates high economic value in reusable forms, minimizes harmful GHG emission levels, and reduces other environmental impact. Therefore, various initiatives are being undertaken by the countries across the world to create a proper, conducive environment for recycling metal waste generated through a wide range of end uses. <br /><br />{googleAdsense}<br /><br />&ldquo;In recent years, many countries have initiated specific recycling and environmental performance targets with an aim of encouraging people to recycle. The industrial demand for recycled products is universal,&rdquo; says AMR research analyst Smriti Loomba.<br /><br />&ldquo;International trade in recycled metals plays a vital role in supplying the world's mills and plants and is involved in increasing the benefits offered by the recycling industry,&rdquo; Loomba adds.</p>