The value of the recycled scrap metal market is to exceed USD 61.45 Billion by 2022. Demand for recycled scrap metal in the automotive, shipbuilding, building, construction, and infrastructure sectors is expected to expand.
It is projected that between 2022 and 2032, the market would expand at a compound annual growth rate of 5.4% to reach a valuation of USD 103.97 Billion by 2032.
Sales of recycled scrap metal are on the rise due to:
| Attribute | Details |
|---|---|
| Recycled Scrap Metal Market Estimated Size (2022) | USD 61.45 Billion |
| Recycled Scrap Metal Market Projected Size (2032) | USD 103.97 Billion |
| Recycled Scrap Metal Value-based CAGR (2022 to 2032) | 7.1% |
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Rising recycling rates are anticipated to boost the recycled scrap metal market. The growth of the recycled scrap metal industry, along with the creation of new job opportunities, is predicted to benefit from the improvement of waste collection systems, the expansion of recycling facilities in both developed and developing regions, and the promotion of metal recycling by manufacturers and governments.
According to CARI (Canadian Association of Recycling Industries), 160,000 Canadians are employed directly or indirectly by the recycled scrap metal business. The scarcity of rare metals and their widespread use in modern manufacturing are both factors that could drive growth in the recycled scrap metal industry.
As technology progresses, scrap metal recycling items are expected to become increasingly obsolete. During the forecast period, the recycled scrap metal market is expected to be driven by increasing industrialization and urbanization, increased disposable income, and awareness.
In order to recycle metals like aluminum and steel, it is necessary to manually sort them out from other recyclables like paper and plastic.
The quality of things made with recycled e-waste metals might vary, as metals decay with each reuse cycle (particularly aluminum), yet most metals are never completely beyond being recycled. Recycling scrap metal results in energy consumption, albeit 95 percent lower than that of brand-new production.
Some jurisdictions have passed legislation requiring scrap metal recycling. The county of Lee in Florida mandates the recycling of metals and another scrap to reduce recycling costs in the future. Before putting any material to use, consumers should double-check applicable laws and requirements. This is restricting the recycled scrap metal market development.
Principal Consultant
According to Future Market Insight’s recent intelligence research, the global recycled scrap metal market grew at a CAGR of almost 5% between 2016 and 2020, reaching USD 57.1 Billion by the end of that year.
The economic slump and sluggish growth of end-use sectors related to COVID-19 lowered expectations in the fourth quarter of 2019 and persisted until the middle of 2020. The recycled scrap metal market started to rebound with rising manufacturing activities and is expected to top USD 103 Billion by 2031's end.
As we look ahead to the years 2021 to 2031, we anticipate the global recycled scrap metal market to expand by over 6%. While China and Asia are expected to lead, the North American recycled scrap metal market is expected to develop at the fastest rate of all regions because of increased demand from the automotive and electrical industries.
One of the key reasons propelling the expansion of the recycled scrap metal market is the worldwide rise in urbanization and industrialization.
The presence of laws and regulations enforced by governments, as well as the widespread acceptance of the procedure by manufacturers for acquiring raw materials to make finished items without compromising their attributes, are driving the expansion of the recycled scrap metal market.
To give just one example, the recycling sector in the USA generates USD 116.8 billion in gross domestic product. The worldwide metal recycling market is expanding because of rising awareness about the need to reduce emissions of greenhouse gases and rising environmental consciousness among the general public.
However, the presence of fewer scrap collection zones and the disorganized flow of waste metals are expected to restrain the development of the recycled scrap metal industry.
On the flip side, the worldwide recycled scrap metal market is expected to expand owing to a plethora of attractive opportunities created by the rise in construction activity, which has resulted in a corresponding rise in the amount of garbage sent to landfills.
Since metals may be recycled indefinitely without any loss of quality in a closed-loop system, recycling scrap metals helps reduce landfill waste and, by extension, the cost of acquiring new metal.
Ferrous metals recycling creates various metal grades well-suited for use in the production of components for electric vehicles and airplanes. For instance, the Indian government is implementing programs like the National Steel Policy 2017 (NSP-2017), the goal of which is to make India's steel industry more competitive on the global stage by increasing steel production capacity to 300 million TPA by 2030, with 35 to 40% of that coming from the electric arc furnace (EAF) and induction furnace (IF).
Although scrap is the principal raw material for the secondary sector, it is also used by the primary sector at a rate of 15% in the charge mix of BOF to boost productivity, cut costs, and meet other process requirements.
The duration of the construction stage grows in tandem with the quantity of waste produced. Undoubtedly, a major component in this development is the consistently rising human population. When populations grow, so does the amount of waste they generate. But ever since the advent of consumer culture and the global economy, the amount of waste generated has grown at an alarming rate.
A sizeable amount cut down the quantity of waste generated, and any possibility of giving previously used materials a new function was explored before anything was discarded. Because of this, there are expected to be lucrative opportunities in the recycled scrap metal market.
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It is anticipated that ferrous metals would constitute the largest portion of the recycled scrap metal industry. In 2021, FMI anticipated the ferrous metals market to expand by 5.0% annually.
Growing demand for ferrous metals can be attributed to an uptick in the production of iron and steel. The expansion of the building and transportation industries is having a major impact on the growth of this market.
Additionally, over the predicted time period, sales of ferrous metals are driven by the rising production of industrial machinery, components, tools, and equipment and the creation of automobiles, trains, and ships.
Over 85% of the recycled scrap metal market in 2021 is forecast to come from post-consumer scrap metal consumption.
Sales of recycled scrap metal are being fueled by the abundant production of steel scraps and other non-ferrous metal waste from car recycling and other appliance recycling, and this trend is predicted to continue through 2031.
The revenue from the construction industry is predicted to increase by 5.3% from 2020 to 2021. However, between 2020 and 2021, the equipment and tool sector is forecasted to see a 4.6% CAGR growth in demand for recycled scrap metal.
The USA currently recycles more scrap metal than any other country in North America, and this trend is projected to continue until at least 2031. The USA economy is thriving owing to the highly developed automotive and construction industries.
It is projected that by 2021, the value of recycled scrap metal in the USA will have reached USD 25 billion, rising at a compound annual growth rate (CAGR) of 5.5%. In the current scenario, 75% of aluminum is still in use in the USA, while the lead recycling rate has reached 76%. The USA has the highest share of the regional recycled scrap metal market due to its extensive metal collecting and recycling.
Over the next few years, China is expected to continue to dominate the recycled scrap metal industry in the Asia Pacific, the world's fastest-growing metal recycling market.
China is a hub for scrap metal recycling businesses due to the country's significant need for recycled e-waste metals in the building and construction industry, which is bolstered by the country's highly developed manufacturing sector and developing construction and automotive sectors.
Based on 2019 data from World Steel, China produced 996.3 Million tons of steel or around 53% of global crude steel output. Approximately twenty percent of China's steelmaking inputs come from recycled e-waste.
Over the next two decades, the variables will likely encourage worldwide purchases of consumer durables and the building and construction industry. As a percentage of total sales, the Chinese recycled scrap metal market is expected to account for 55%.
Through mergers, acquisitions, strategic alliances, and partnerships, major players in the recycled scrap metal market are expanding their global footprint. Further, major firms are working to cut down on carbon emissions by boosting the use of waste products in production.
Recent developments in the recycled scrap metal market include:
The key companies operating in the recycled scrap metal market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered |
North America; Latin America; Europe; South Asia; East Asia; Oceania; the Middle East; and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Peru, Chile, Germany, United Kingdom, France, Spain, Italy, Russia, India, Thailand, Indonesia, Malaysia, China, Japan, South Korea, Australia, New Zealand, GCC Countries, Southern Africa, and North Africa |
| Key Segments Covered | Deployment, Speaker Design, Type |
| Key Companies Profiled | American Iron & Metal (AIM); ArcelorMittal; Aurubis AG; DBW Metals Recycling; Kuusakoski; Metallon Recycling Pte Ltd.; Nucor Corporation; OmniSource, LLC; Sims Limited; TKC Metal Recycling Inc.; K-Swiss Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global Recycled Scrap Metal market reached a valuation of USD 61.45 Billion in 2022
The key trends driving the global Recycled Scrap Metal market are the increase in consumer awareness and industrialization.
The leading countries in the global Recycled Scrap Metal market are the United Kingdom, the USA, and China.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Metal Type 5.1. Ferrous Metals 5.2. Non-Ferrous Metals 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Source Type 6.1. Production Scrap 6.2. Post-Consumer Scrap 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-Use 7.1. Transportation 7.2. Building & Construction 7.3. Consumer Electronics 7.4. Packaging 7.5. Equipment & Tools 7.6. Art, Decor & Home Furnishings 7.7. Jewelry 7.8. Others 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East and Africa 9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Key Countries Market Analysis 15. Market Structure 16. Competition Analysis 16.1. ArcelorMittal 16.2. Aurubis AG 16.3. China Baowu Group 16.4. HBIS Group 16.5. Sims Metal Management Ltd. 16.6. HKS Metals 16.7. Nucor Corporation 16.8. AMG Resources Corporation 16.9. Celsa Group 16.10. EMR Group 16.11. CRONIMET Holding GmbH 16.12. GLE Scrap Metal 16.13. Tucson Iron and Metal 16.14. ELG Haniel GmbH 16.15. Baroni Scrap Metal LLC 16.16. Kuusakoski Group Oy 16.17. IMR Innovative Metal Recycling GmbH 16.18. Romukeskus Oy 16.19. Commercial Metals Co (CMC) 16.20. MetalCirc Oy 17. Assumptions & Acronyms Used 18. Research Methodology
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October 2022
REP-GB-7560
250 pages
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Recycled Scrap Metal Market
