March 07, 2022 06:04 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 07, 2022 (GLOBE NEWSWIRE) -- The global metal shredder machine market size is anticipated to hit USD 1,230.6 million by 2028 and exhibit a CAGR of 3.7% during the forecast period. Factors such as increasing industrialization, favorable government regulations, and rising technological developments are expected to boost market growth. Fortune Business InsightsTM has presented this information in its report titled, “Metal Shredder Machine Market, 2021-2028”. The market size stood at USD 928.6 million in 2020 and USD 956.0 million in 2021. Additionally, growing developments in waste management methods are projected to amplify market growth in the forthcoming years.
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Global Players in Metal Shredder Machine Market:
Pandemic Hampered the Market Growth
The product demand has experienced a drastic impact due to the coronavirus pandemic. Strict curfews and lockdowns imposed to curb the virus spread have hindered the market growth. The disruptions in supply chain networks and difficulty in raw material procurements have affected the market growth. Additionally, labor shortages and indefinite shutdowns of manufacturing plants have negatively impacted the market growth. However, the efficacious vaccination processes are helping the market to stabilize and grow.
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Type, Application, and Region Are Studied
On the basis of type, the metal shredder machine market is bifurcated into shock wave shredder machines and mechanical shredder machines. On the basis of application, the market is fragmented into aluminum, copper, iron & steel, and non-ferrous metals. Geographically, the market is classified into South America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Soaring Industrialization and Urbanization to Boost the Metal Shredder Machine Market Growth
The soaring urbanization and rising industrialization across developing nations, including Brazil, India, and China are primarily driving the global metal shredder machine market growth. Additionally, the growing necessity to recover metal from slag residue could open greater growth avenues for the market. End-use sectors utilize metal shredder machines to shred automobiles and other scrapped metals to use as raw materials.
Moreover, the growing developments in waste management techniques and expansion of recycling operations to complement the soaring urbanization are expected to fuel the market growth of metal shredder machine in the coming years.
However, the declining scrap demand, owing to diminishing commodity prices may hamper the market growth.
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Rising Economic Development to Fuel Growth in Asia Pacific
Asia Pacific is anticipated to emerge dominant in the global metal shredder machine market share. Rapid population growth, favorable government policies for waste management and environment protection, and rising economic development are expected to be the key factors driving the region’s market growth.
North America held the largest market share with a market size of USD 310.2 million in 2020. Leading manufacturers’ presence in the U.S. coupled with the rising metal scrap demand from various industries propels the region’s market growth. Additionally, the growing government's emphasis on reducing metal waste generation and supporting the circular economy fosters the region’s market growth.
Europe is expected to exhibit significant growth in the forthcoming years. Strict government regulations for energy consumption and high utilization of recycled scrap for secondary metal production are anticipated to bolster the regional market growth.
South America is expected to witness remarkable growth. The increasing middle-class population across Mexico, Brazil, and others coupled with growing industrialization is projected to boost the market growth.
The Middle East & Africa will exhibit considerable growth due to rising metal recycling across end-use industries.
Key Players Emphasize Implementing Industry-leading Technologies to Acquire Growth
The major metal shredder machine market players emphasize acquiring and implementing industry-leading technologies for several end-use applications. They are focusing on rebranding existing products and other strategical approaches to amplify their market penetration. They adopt acquisitions, mergers, collaborations, and new product launches to fortify their market presence. For instance, WEIMA launched drainage and packing presses to expand its product line in June 2021. The famous PÜHLER technology received a consistent, modern upgrade and now includes the superb WEIMA service.
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