Recycling Companies Maintain Steady Supply amidst COVID-19 for Business Continuity
The supply and demand for recycled copper have severely suffered during the COVID-19 pandemic. The corresponding downturn in the global manufacturing sector has further affected the growth of the recycled copper market. As such, U.S.-based recycling organizations are conducting a series of online events to assess the demand and supply of copper in upcoming months. With the help of virtual events, companies in the recycled copper market are gaining ideas of buoyancy to continue business in a slow growing market.
Recycling organizations have high hopes for the introduction of vaccines or intermediary antidotes to maintain business continuity and restore confidence of workers at manufacturing facilities. However, it has been found that the demand for recycled copper is gradually plummeting in the automotive sector. As such, recycling companies are maintaining steady supple chains to avoid supply shocks in crucial applications industries such as in electronics and wiring industries.
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Decline in CO2 Emissions Boosts Popularity of Recycled Copper in Electronics
Recycled copper is gaining popularity, owing to its cost efficiency since the production process consumes much less energy. Wiring and electrical applications are the key focus point for companies in the recycled copper market, since recycled copper retains its electrical conductivity. It has been found that recycled copper helped to increase energy efficiencies in many power systems. Moreover, copper recycling process consumes much less energy as compared to copper’s primary production. Hence, apart from electronics, manufacturers in the recycled copper market are exploring value-grab opportunities in the industrial machinery and equipment sector to broaden their revenue streams.
Recycling companies have been boasting about their credibility credentials, since individuals and governments are becoming increasingly aware about carbon dioxide (CO2) emissions. Recycled copper is being highly preferred in electrical applications, as its production process drastically reduces CO2 emissions.
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Need for Investment in Recycling Facilities in Europe Crucial for Market Growth
The recycling of rare metals gaining huge potential in Europe. Since copper deposits are depleting at a rapid pace in Europe, companies in the recycled copper market are tapping incremental opportunities in electrical & electronic applications. They are becoming aware about the concept of urban mines and material-flow analysis to draw an assessment of the metals currently being used for recycling. It has been found that recycling rate of copper is more than 50% in Europe. However, not all collected copper is recycled within Europe and most scrap copper is exported for recycling. Hence, companies in the recycled copper market should increase their investment in recycling facilities within Europe to retain their revenue in the continent.
Wiring and electrical infrastructure are key revenue generating sectors for recycled copper, as copper is being widely recycled without losing its chemical and physical properties.
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ompanies in the recycled copper market are exploring business opportunities in the industrial machinery & equipment sector. Surprisingly, most of renewable energy systems are being made from recycled copper to cut down on CO2 emissions. Manufacturers in the recycled copper market are sourcing their metals from e-waste, which is accumulating in landfills. Such developmental activities are contributing toward the growth of the global market, which is predicted to advance at a modest CAGR of 3.5%, in terms of volume, throughout the assessment period. Cellphones and computers being a boon and a curse for mankind has helped recycling organizations to source copper among other rare metals such as platinum, palladium, and gold.
It has been found that recovering precious metals from e-waste recycling is much cheaper than extracting metals from mines. Hence, copper recycling organizations are using the metal in automotive and electronics industries to leverage revenue opportunities.
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