The practice of recycling is not a modern industry and has been around since mankind learned to melt and reform a broken tool. Today recycling companies are part of a sophisticated global industrial sector that is driven by basic supply and demand. In the present, a huge percentage of the world’s various metals is created from recycled materials and Canadian recyclers are processing about 16 to 18 million tonnes of scrap metal every year. Different metals still make up the biggest part of the recycling market, such as nickel and cobalt recycling, but other materials like electronics are also gaining popularity.
In the U.S., the value of nickel that has been recycled both from old and new scrap has reached more or less one thousand million dollars worth of money. Now, what really is nickel and what makes it a great recycling element? It is a transition metal that is mostly used in creating high-grade steel products and structures. Just last year, the world production of nickel was approximately to be about 2.3 million metric tonnes. It is very interesting to note that among the various metals and minerals, nickel reserves have the least remaining life years. Fortunately, nickel and cobalt recycling offers a big promise as the element is highly recyclable.
Nickel and cobalt recycling and other used materials and products are very important for the Canadian economy. Research has shown that the recycling industry creates 10 times more jobs and revenue than the waste industry. In fact, experts have concluded that the recycling industry directly employs more than 30 thousand workers and recyclers have exported almost 6 million tonnes of metal worth $3.6 billion in Canadian dollars. Reports and studies conducted in Canada, the United States, and Europe share the same findings. That is the recycling industry helps boost the economy. It does so by reducing production costs while allowing manufacturers to become more competitive and driving the development of innovative products and technologies. All these results in economic growth.
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