There are about 12-15 million cars that reach their terminal use every year in the United States. This has opened up doors for the establishment of an auto recycling industry. This is because many people realized that such vehicles are a goldmine in disguise. Most people don’t know this, but about 80 percent of a car that has reached its end life can be recycled.
That said, it is clear that your vehicle will be a source of recyclable materials in the near future when it has ultimately served its purpose.
Facts and figures about automobile recycling:
1. Cars are the most recycled commodity in the entire globe. Last year there were more than 10 million cars that were recycled in the United States and about 8 million in Europe.
2. Slightly over 25 million tons of materials are recovered every year from recycled vehicles.
3. In the United States, the auto recycling industry is the biggest. Annually, this industry kicks in about $25 billion into the country’s economy. There are over 7000 auto recycling installations in the US that has employed about 100,000 people. The industry spends about $25 billion every year to pay these people.
4. The auto recycling industry in the United States and Canada produce enough metal to manufacture about 13 million new cars every year.
5. The North American recycling industry reports that they save about 85 million barrels of oil every year. This oil could have been used to make new auto parts as well as replacement parts.
6. The scrap metal processing industry in North America receives about 40 percent of its ferrous metal from the automotive recycling industry.
7. The international automobile industry has been operational for about 75 years now.
8. In 1997, the United States and Canada received an annual gross revenue of $7.05 billion and $1.15 billion respectively from the automobile recycling industry. That year, the recyclers from both countries received about 4.7 million vehicles, which they recycled. 6 million car tires and about 11 million barrels of oil were recycled that year. The strange bit is that in that year both industries spent about $50 million collectively on environmental abidance.
9. The amount of oil and other hazardous fluids that are safely recovered by the auto recycling industry every year are sufficient enough to cause 8 Exxon Valdes disasters.
10. Most retail and wholesale auto shops that sell quality auto parts receive most of their parts from auto recycling companies at 20-80 percent discounted prices.
11. About 14 million tons of steel that are recycled every year comes from junk vehicles. New cars have about 25 percent of scrap metal used to make their bodies.
12. In the United States, blast furnaces and smelters receive about 40 percent of their ferrous metals from the auto recycling industry.
13. Most car tires are recycled to produce roadways and sandals.
14. About 90 percent of the aluminum in a car is recovered and recycled.
These facts and figures show us how vibrant the auto recycling industry is. With the demand for cars increasing especially in economies such as India and China, the industry poses as an excellent investment opportunity for people wishing to get into entrepreneurship.