DUBAI (Scrap Monster): The research report published by Frost & Sullivan has provided a detailed analysis of the aluminum scrap market in the Gulf Co-operation Council (GCC) region. As per the report, the aluminum scrap market in the GCC region is expected to grow at a CAGR of 10.6% between 2010 and 2017.
According to Venkatesan Subramanian, Vice President, Metals & Minerals Practice at Frost & Sullivan, the Middle East region is one of the fastest growing aluminum scrap market in the world. The volume of aluminum scrap from the Middle East region is likely to touch 500,000 tonnes by next year. Out of these nearly 360,000 tonnes are likely to be exported to Asian countries including India, China, South Korea and Pakistan and also to European region and North America.
Presently, the aluminum scrap market in the region is at a nascent stage. The aluminum recycling rate in the Middle East region is only around 20%.
The report identifies Saudi Arabia as the major hub for scrap metal recycling, followed by the United Arab Emirates (UAE).
Frost & Sullivan is a global growth consulting firm headquartered in San Antonio, Texas, US. It provides market research and analysis, growth strategy consulting, and corporate training services across multiple industries.