The global Scrap Metal Recycling market is projected to reach $368.7 billion by 2030, growing at a CAGR of 5.2%
The global scrap metal recycling market is gaining significant attention aiming to reach extensive growth worth USD 105 billion by 2028 demonstrating a decent CAGR of 9.7% over the forecast years 2018 to 2028. The rapid evolution of the global scrap metal recycling market can be attributed to the skyrocketing demand for metals along with increasing user awareness of environmental hazard and proactive initiatives towards energy conservation which suffice as the prominent drivers accelerating the number of scrap metal recycling centers globally.
The urgency of reducing greenhouse gas emissions while preserving and optimizing natural resource dependence is a crucial factor augmenting the growth of the global scrap metal recycling market. Despite promising avenues and large-scale adoption, global scrap metal recycling market still faces stern challenges in terms of deficient machinery and incompetence in overall output of re-usable metal components, more specifically, iron and steel.
On the flip side, despite existing gaps, the impact of collective efforts at international levels to reverse environmental degradation has spurred high-value initiatives such as diverse action strategies to prioritize circular economy. This would act as a significant catalyst to further induce steady reliance on metal recycling activities and fueling expansion of the global metal recycling market.
Metal recycling has emerged to be a critical process that allows manufacturers to retain metals or other raw materials imperative to produce the target goal of finished goods without imposing a strain on the supply chain and degrading any properties. The scrap metal recycling locations have encouraged a wide range of industries to work towards the global targets of diminishing greenhouse gas emissions in the urban localities and thereby improve air quality.
Recent environmental focused trends are popularizing different means to achieve the ambitious clean air goals and scrap metal recycling has therefore gained momentum. The ability of generating the desired raw material with scraps of metal has a significant impact on the ecosystem. For instance, non-ferrous metals are crucial to achieve low-carbon future with scope of growth for electric vehicles, increased digitization, and solar energy.
The global scrap metal recycling market players are firmly placed with young market players entering the market with a view of transforming the traditional models of metal recycling and modernizing the approach and brining advanced technologies to the market. The fierce competition among new and old market players along with the introduction of novel strategies and upgraded technological systems to enhance the performance has resulted in market diversification. Commercial alliances, regional diversity, portfolio fortification and technological upgrades are some of the latest trends dominating the competitive arena in the global scrap metal recycling market.
The major players of the global scrap metal recycling market are Tata Steel, CMC, Schnitzer Steel Industries, European Metal Recycling, Norsk Hydro ASA, Novelis, GFG Alliance, Kimmel Scrap Iron & Metal, ArcelorMittal, Commercia Metals Company, Aurubis AG, Nucor Corporation, and SIMS Metal Management. The scrap metal recycling centers have both local as well as international entities with specific market experience and identity. In addition, the aforementioned market players are advancing the product development strategies and introducing innovative strategies to scale up system efficiency and remain competitive in the global market.
Scrap Metal Recycling Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 105 billion|
|Growth Rate||CAGR of 9.7% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Tata Steel, CMC, Schnitzer Steel Industries, European Metal Recycling, Norsk Hydro ASA, Novelis, GFG Alliance, Kimmel Scrap Iron & Metal, ArcelorMittal, Commercia Metals Company, Aurubis AG, Nucor Corporation, and SIMS Metal Management|
Key Segments of the Global Scrap Metal Recycling Market
Type of Scrap Overview, 2018-2028 (USD Billion)
Application Metal Recycling Overview, 2018-2028 (USD Billion)
- Construction and Building
- Consumer Goods
- Industrial Goods
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the study
- The main objective of the primary and secondary research on global scrap metal recycling market is to offer an exhaustive survey of the market along with competitive benchmarking.
- The report allows you to remain competitive amidst the innovations introduced by the key players accelerating the market.
What does the report include?
- The study on the global scrap metal recycling market includes latest trends and industry dynamics along with qualitative factors such as the drivers, restrains and opportunities.
- The report compiles detailed assessment of competitive landscape encompassing the existing and prospective players of the global scrap metal recycling market along with their strategic significance in enhancing product development and company revenues.
- The study deliverables incorporates both qualitative and quantitative analysis of the different market segments based on the type of metal and technology applications. Key geographies are evaluated with a similar analytical approach.
- Market sizes, share, and future forecasts along with historical data have been provided for each of the market segment.
Who should buy this report?
- The report on the global scrap metal recycling market provides appropriate analysis and insights suitable for market players across the recycling industry including the scrap traders, recyclers, establishments, end-user companies and the consumers.
- Venture capitalist firms and business investors looking for a comprehensive guide on the global scrap metal recycling market outlook to aid in business decisions.
- Consultants, analysts, government bodies, private and public institutions seeking insights shaping the global scrap metal recycling market.
Frequently Asked Questions (FAQ) :
Rapid rise in energy saving initiatives in last decade and the pressing need to reduce greenhouse gas emissions are boosting the growth of the global scrap metal recycling industry. Fast-paced modernization and industrialization accelerating evolution of technologies in the developing regions along with rapidly growing consumer awareness of the product and product development systems are among the driving factors enhancing the scope of growth of the global scrap metal recycling market. In addition, burgeoning demand for metals and depreciating reserve of rare earth metals is expected to offer lucrative opportunities for the expansion of scrap metal recycling centers. Increasing government participation in spreading awareness of the rising pressure on the Earth reservoirs to meet industrial needs and implications of the traditional industrial processes that neglected waste management are pushing industries towards adopting an eco-friendly approach on metal recycling. Manufacturers are more inclined to connect with scrap metal recycling locations in order to satisfy the raw material needs.
Metal scrap includes Iron and steel two of the most predominantly recycled ferrous materials. The ferrous segment is expected to register highest growth over the forecast years owing to greater usage of products like steel across manufacturing processes generating a greater demand for recycling of ferrous products. Non-ferrous segment is also anticipated to experience optimum growth with components such as aluminum and copper due to the rising awareness of energy conservation achieved by recycling these products.
Based on applications of metal recycling, the market has various end-use applications. The construction segment dominated the market largely through the historic years and is likely to maintain the stance over the forecast years as the industry is a major source for massive steel and aluminum demand.
Rapid urbanization coupled with rising disposable income are enhancing the growth prospects of the construction industry thus contributing to the segment growth. Automotive industry is another crucial metal consumer with significant demand for steel in developing components such as mufflers, vehicle framers, fuel tanks, doors, and hoods.
Asia Pacific is the flagbearer of the global scrap metal recycling market with exponential growth anticipated over the forecast years. The region is estimated to lead the market owing to the rapidly escalating economic growth of countries across the region. It is the fastest growing metal recycling market with massive metal production and demand. The region has a well-established robust metal recycling industry with establishment of some of the major players of the market.
With a constantly rising population in countries like China and India, the construction sector is expecting significant boost in the future with rising consumption of consumer durables. Europe and North America are also anticipated to experience sustainable growth over the forecast years as the former displays a favorable environment with government regulations and focus on circular economy and the latter increasing its reliance on recycled metals.