Global Scrap Metal Recycling Market Share Is Expected To Grow At A CAGR Of 7.20% By 2028

13-Sep-2022 | Facts and Factors

According to Facts and Factors, the global scrap metal recycling market size was worth USD 55.20 million in 2021 and is estimated to grow to USD 83.77 million by 2028, with a compound annual growth rate (CAGR) of approximately 7.20% over the forecast period. The report analyzes the scrap metal recycling market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the scrap metal recycling market.

Global Scrap Metal Recycling Market Size

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Scrap metal recycling is recovering metals from objects that have outlived their usefulness. Then, new items are made using the recovered scrap metal as a raw material. The two categories of these metals are ferrous and nonferrous. Nonferrous scrap does not contain any iron, but ferrous scrap does. These contain a variety of metals, including copper, zinc, aluminum, lead, and others. Nonferrous metals include, among others, copper, zinc, magnesium, brass, aluminum, tin, nickel, and lead. Nonferrous metals include rare and precious metals. In any form, precious metals like gold, silver, and platinum have a high market value. Exotic metals contain rare elements, including cobalt, mercury, and titanium. By recovering discarded metal, metal recycling brings considerable economic and environmental benefits. The first and most important argument is that metal recycling protects natural resources by reducing the need to extract virgin raw materials, which aids in the fight against climate change. Recycling discarded metal allows us to consume less energy, resulting in lower greenhouse gas emissions. According to the Business Innovation Observatory, recycling materials is a less expensive and easier source for manufacturers and producers.

Browse the full “Scrap Metal Recycling Market Size, Share, Growth Analysis Report By Type (Ferrous Metals, and Non-ferrous Metals), By Application (Residential, Commercial, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/scrap-metal-recycling-market

Due to its advantages for the economy and environment, which help to reduce pollution, the increased demand for scrap in various industries, including steel, metal manufacturing, automotive, construction, and others, is a major factor fueling the growth of the global scrap metal recycling market. Additionally, government-enforced laws & regulations, growing urbanization & industrialization, and technical advancements that are assisting in the improved recovery rate of waste from products have fueled the growth of this industry. Residential, commercial, and industrial sectors are increasingly using recovered scrap metal. Additionally, growing demand for these metals, which results in energy savings rather than mining for new materials, increased awareness programs for practicing sustainable waste management & effective use of natural resources, and rising environmental concerns have contributed to the market's growth. In addition, unrealized potential in developing nations, public-private partnerships, and metal recovery from slag residue is anticipated to create lucrative opportunities for this sector. However, unregulated metal waste collection in developing countries and stringent regulations that forbid fair and open trade in scrap metal are two issues that can restrain the market's expansion. Additionally, as products become more complicated, recycling becomes a more challenging procedure.

The global scrap metal recycling market has been segmented into type, application, and region. The scrap metal recycling market is segregated into ferrous and nonferrous metals based on the type. Among these, the ferrous metals segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the application, the scrap metal recycling market is segregated into residential, commercial, and industrial. Among these, the residential segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.

The global scrap metal recycling market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The Asia Pacific dominated the market for scrap metal recycling in 2021 due to the area being one of the world's main steel and aluminum producers. In April 2020, China produced more than 85 million metric tonnes of steel; in April 2021, that amount increased to more than 98 million metric tonnes. It is also projected that increased demand for scrap goods and a focus on efficient waste management by governments will support market expansion in the region. The scrap metal recycling market is expanding fastest in Asia, and China is anticipated to lead during the projected period.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 55.20 Million

Projected Market Size in 2028

USD 83.77 Million

CAGR Growth Rate

7.20% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

American Iron & Metal (AIM), Kuusakoski, Metallon Recycling Pte Ltd., ArcelorMittal, Aurubis AG, OmniSource LLC., DBW Metals Recycling, Nucor Corporation, Sims Limited, TKC Metal Recycling Inc.,K-Swiss Inc, and Others

Key Segment

By Type, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Key global scrap metal recycling market players include American Iron & Metal (AIM), Kuusakoski, Metallon Recycling Pte Ltd., ArcelorMittal, Aurubis AG, OmniSource, LLC., DBW Metals Recycling, Nucor Corporation, Sims Limited, TKC Metal Recycling Inc. and K-Swiss Inc.

Recent Developments-

  • September 2021: The Nucor Corporation has bought the renowned American metal processing business Grossman Iron & Steel Company.
  • May 2019: Announcing the acquisition of the Belgian-Spanish business Metallo Group, Aurubis AG is advancing its multi-metal and recycling strategy.

Global scrap metal recycling Market is segmented as follows:

By Type

  • Ferrous Metals
  • Non-ferrous Metals

By Application

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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