Scrap Metal Markets Set to Boom After Pandemic Slumber
COVID-19 hit the worldwide scrap metal sector hard. After a year of uncertainty, forced retail closures and reduced demand, the scrap metal industry suffered a significant blow following its previous years of prosperity. Referred to as ‘a five-year volatile period’, the scrap metal industry has seen wide scale fluctuations in pricing as a result of outsourcing and exportation costs, environmental consciousness and, of course, COVID-19.
However, recent reports seem to suggest that the scrap metal market is set to not only match, but supersede pre-pandemic demand. Predicted to experience the biggest boom to date, the auto recycling industry is expected to bounce back in a big way, becoming far more lucrative than ever before.
Public awareness surrounding the benefits of recyclable materials, and the need to prioritise sustainable resources, has seen a dramatic increase in the last decade. Environmental ethics is therefore a key concern for both governments and businesses alike. With pressure to implement more policies and pledges to reduce carbon emissions, it is likely that recyclable materials will increase in demand over the coming years.
As public demand for sustainable produce grows, manufacturers and businesses will need to drastically alter their production process in order to satisfy consumers. Ferrous metals expert Renate Featherstone has expressed her belief that government waste management projects, policy changes and initiatives will lead to an increase in recycled materials and a reduction in imported primary materials.
She continued to suggest that demand may become so great (particularly within Europe), that scrappage companies may not be able to keep up with the demand.
Such reports and speculations will come as encouraging news to those within the industry. Although the scrap metal sector certainly felt the pandemic’s full impact, the boost in global demand has seen the market boom almost as fast as it dropped.
If you’re looking to hand in your loved vehicle, Assington Autos collect and recycle all scrap cars, vans and motor vehicles no matter the time. Their experienced and friendly team will help you get the best price possible and will guide you through the process of scrapping your vehicle. With a five-star rating, years of experience and certification with the environmental agency, Assington Autos offer a safe, environmentally friendly and customer-oriented service.