Burgeoning demand for metals and increasing government participation are encouraging ideal scope of opportunities for the global scrap metal recycling market growth.
With increasing pressure on the manufacturing plants to meet the constantly escalating demands for natural, earthy raw materials primarily metals are fueling the need for novel approach on resource fulfilment and conservation. Metal consumption and production rates increasing every year and a subsequent lack of fully replenished metal reserves are fueling the demand for metal recycling allowing the global scrap metal recycling market to reach USD 105 billion at a CAGR of 9.7% throughout the forecast years 2021 to 2028.
Metal recycling has become a very essential step in manufacturing industries for procuring desired amount of raw material without hampering properties. Scrap metals are taken up by the scrap metal recycling centers and molded into usable industry materials easing the burden of constantly mining fresh batches of metals from the planet. Recycling metals has emerged as a rather environmentally friendly alternative to source industrially essential raw materials whilst reducing the carbon footprint of industries.
The existing as well as future progress of the global scrap metal recycling market is illustratively structured to outline the market attractiveness shedding light on the market traction. Factors such as escalating metal demand coupled with rising consumer awareness associated with product consumption and generation, increasing government efforts to transform the conventional means to source raw materials and shifting recycling models rapidly adopted by manufacturing industries are heavily boosting the growth of the global scrap metal recycling market over the forecast period. Technological advancements and environment-focused projects led by industries and organizations are further propelling the growth of the global scrap metal recycling industry.
Adroit Market Research report on the global scrap metal recycling market delivers an all-inclusive research survey of the market between a time period from 2018 to 2028, throughout which qualitative factors such as the market drivers, restrains, trends, opportunities and challenges are assessed. The study has been conducted from the historic years spanning from 2018 to 2020, wherein 2020 is considered as the base year of market estimation and the future forecast analysis is covered from 2021 to 2028. The report concludes current market dynamics including the recent and emerging trends along with the future traits evaluated at global and further divided into country level analysis. The study provides a detailed overview of the market with a Porter’s five forces analysis and conducts positioning of major players based on their company profile, revenue patterns, geographic footprint, and product portfolio.
The global scrap metal recycling market showcases a strong competitive environment comprising of popularly known large scale players as well as new market players. Also, the scrap metal recycling industry players are anticipating future business prospects and relevant decisions including untapped markets with the objective of gaining competitive lead among other industry players through potential mergers with large scale entities, acquisitions and collaborations with young start-ups and business ventures thereby expanding business presence.
Based on the type segment, the market is split depending on the characteristics of the scrap metal resulting into ferrous-based scrap metals and non-ferrous scrap metals segment. Owing to the heavy use of component such as steel, the ferrous scrap metal segment is expected to grow at a significant rate over the forecast years whereas the nonferrous segment is expected to register sustainable growth with rising industry demand for aluminum and copper.
Asia pacific held a dominant position in the global scrap metal recycling market in the past and is anticipated to continue expanding at an exponential rate with developing economies like China and India recording massive metal production rates thereby resulting in an optimum scope of growth of metal recycling industry.
The global scrap metal recycling market in the US is thoroughly influenced by the massive construction industry boom which is one of the core consumers of scrap metals. North America and Europe with a relatively lesser dominance in the metal recycling market are also expected to grow gradually with increasing environmental awareness over the forecast years.
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 market consists of well-established local players along with the emerging international players. the recognized market players are putting forth an enhanced and modified product portfolio with advanced strategies and innovative technologies to gain competitive advantage.
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