Metal Machining Scrap Equipment Market Size Set to Increase by USD 319.08 Million

The metal machining scrap equipment market size is forecast to increase by USD 319.08 million from 2022 to 2027, at a CAGR of 3.49%, according to the recent market study by Technavio. The report includes historic market data from 2017 to 2021. In 2017, the parcel sortation market was valued at USD 1,549.66 million. The growth of the market will be driven by the increasing demand for metal scrap in various application industries, the rising demand for housing projects globally, and the stringent government legislation to reduce environmental pollution.

Meanwhile, the scrap metal recycling market share is expected to increase to 340.73 million tons from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 8.15%. The metal machining market share is expected to increase to USD 13.52 billion from 2021 to 2026, at a CAGR of 3.24%.