Automotive Recycling Market driven by sustainable practices, projected to hit USD 184.47 Billion by 2030
The global Automotive Recycling Market size was valued at USD 106.77 Billion in 2023 and is forecasted to reach USD 184.47 Billion by 2030, growing at a CAGR of 7.19% from 2024 to 2030. The increasing awareness of sustainability and the growing pressure of rising fuel and raw material prices are driving this significant growth. Governments, businesses, and consumers alike are contributing to the demand for more sustainable practices, and automotive recycling is at the forefront of this change.
Automotive recycling involves the systematic dismantling and repurposing of end-of-life vehicles (ELVs). This eco-friendly process allows the recovery of valuable materials like metals, plastics, glass, and rubber. The goal is to minimize waste and prevent these materials from ending up in landfills. The process begins with the collection of ELVs from various sources, followed by de-pollution, disassembly, and material separation through advanced technologies such as shredding and magnetic separation. Once sorted, these materials are refined and reused in various industries, significantly supporting the circular economy.
According to the World Steel Association, around 65% to 75% of a typical vehicle consists of recyclable metals. Globally, automotive recycling efforts help reclaim about 14 million tons of recycled steel each year, enough to build 13.5 million new vehicles annually. This process also significantly contributes to energy savings, with recycling efforts in North America alone saving enough energy to power 18 million homes annually.
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The global Automotive Recycling Market size was valued at USD 106.77 Billion in 2023 and is forecasted to reach USD 184.47 Billion by 2030, growing at a CAGR of 7.19% from 2024 to 2030. The increasing awareness of sustainability and the growing pressure of rising fuel and raw material prices are driving this significant growth. Governments, businesses, and consumers alike are contributing to the demand for more sustainable practices, and automotive recycling is at the forefront of this change.
Automotive recycling involves the systematic dismantling and repurposing of end-of-life vehicles (ELVs). This eco-friendly process allows the recovery of valuable materials like metals, plastics, glass, and rubber. The goal is to minimize waste and prevent these materials from ending up in landfills. The process begins with the collection of ELVs from various sources, followed by de-pollution, disassembly, and material separation through advanced technologies such as shredding and magnetic separation. Once sorted, these materials are refined and reused in various industries, significantly supporting the circular economy.
According to the World Steel Association, around 65% to 75% of a typical vehicle consists of recyclable metals. Globally, automotive recycling efforts help reclaim about 14 million tons of recycled steel each year, enough to build 13.5 million new vehicles annually. This process also significantly contributes to energy savings, with recycling efforts in North America alone saving enough energy to power 18 million homes annually.
Download Full PDF Sample Copy of Research Report @ https://www.verifiedmarketresearch.com/download-sample/?rid=153047
Automotive Recycling Market driven by sustainable practices, projected to hit USD 184.47 Billion by 2030
The global Automotive Recycling Market size was valued at USD 106.77 Billion in 2023 and is forecasted to reach USD 184.47 Billion by 2030, growing at a CAGR of 7.19% from 2024 to 2030. The increasing awareness of sustainability and the growing pressure of rising fuel and raw material prices are driving this significant growth. Governments, businesses, and consumers alike are contributing to the demand for more sustainable practices, and automotive recycling is at the forefront of this change.
Automotive recycling involves the systematic dismantling and repurposing of end-of-life vehicles (ELVs). This eco-friendly process allows the recovery of valuable materials like metals, plastics, glass, and rubber. The goal is to minimize waste and prevent these materials from ending up in landfills. The process begins with the collection of ELVs from various sources, followed by de-pollution, disassembly, and material separation through advanced technologies such as shredding and magnetic separation. Once sorted, these materials are refined and reused in various industries, significantly supporting the circular economy.
According to the World Steel Association, around 65% to 75% of a typical vehicle consists of recyclable metals. Globally, automotive recycling efforts help reclaim about 14 million tons of recycled steel each year, enough to build 13.5 million new vehicles annually. This process also significantly contributes to energy savings, with recycling efforts in North America alone saving enough energy to power 18 million homes annually.
Download Full PDF Sample Copy of Research Report @ https://www.verifiedmarketresearch.com/download-sample/?rid=153047
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