Recycled Scrap Metal Market to Exceed US$ 98.5 Bn by 2031 as Application for Recycled Ferrous Metals Continue to Gain Momentum: Future Market Insights
- Future Market Insight's (FMI's) latest report on the recycled scrap metal market provides in-depth analysis for the present decade. It studies the market in terms of various segments including metal type, source type, and end user across several countries and regions.
DUBAI, UAE, Nov. 3, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: Sales of global recycled scrap metal market are poised to total 58.3 Bn in 2021, opines FMI. Increasing demand for recycled scrap metal across industries such as automotive, shipbuilding, and infrastructure is expected to increase the sales.
Application of recycled scrap metals for the production of machinery, industrial tools, and equipment is facilitating the market growth. On account of this, the market is predicted to surpass US$ 98.5 Bn by 2031-end.
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Historically, the market grew at 0.9% CAGR between 2016 and 2020. Increasing demand for waste scrap generated during the production of steel, iron, and other metal products owing to its low-cost and rising concerns regarding emission control is augmenting the product sales.
Driven by this, the market is anticipated to expand at a healthy CAGR of 5.4% over the forecast period 2021-2031.
Rapid urbanization and industrialization, especially across developing economies such as China, India, and others are propelling the demand for iron and steel across the building & construction and industrial sector.
In addition to this, increasing iron and steel production across East Asia is expected to drive the sales of recycled scrap metals at a year-over-year (YoY) growth of 5.2% in 2021.
As per FMI, the ferrous metals segment will continue to dominate the global market, projecting a year on year (Y-o-Y) growth of 5% in 2021. Increasing use of ferrous metals in the manufacturing of consumer electronics, vehicles, and ships is driving the growth in the segment.
"Growing emphasis on waste management and rising number of government initiatives to minimize the industrial waste and reduce greenhouse gas emissions is expected to accelerate the growth of the market," says a FMI analyst.
Key Takeaways from Recycled Scrap Metal Market Study
- The market in the U.S. is projected to reach a valuation of US$ 8.4 Bn in 2021, expanding at a Y-o-Y growth of 4.9% in 2021.
- Russia is anticipated to emerge as a highly remunerative market, projecting sales growth at 4.4% Y-o-Y in 2021.
- China is projected to emerge as the fastest growing market in East Asia, surging at a CAGR of healthy 5.8% during the forecast period.
- South Korea and Japan are estimated to collectively account for nearly 9.9% of the global revenue share between 2021 and 2031.
- On the basis of source type, post-consumer scrap metal is expected to dominate the segment, accounting for over 85% of the overall sales in 2021
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Key Drivers
- Increasing government investment in the building and construction industry along with growing focus on conservation of natural resources across China, the U.S., India, and others are propelling the demand for recycled scrap metals.
- Growing sales of automotive vehicles, consumer electronics, and electrical equipment across the globe will spur the sales of recycled aluminum and copper across the non-ferrous metal segment.
Key Restraints
- Low tensile strength, high malleability, and high cost of copper, tin, and other non-ferrous metals compared to ferrous metals are expected to limit the sales across the non-ferrous metal segment.
Competitive Landscape
The leading players in the global market are Hesteel Group, ArcelorMittal, China Baowu Steel Group Corp., Nucor Corporation, Aurubis AG and others. These companies are projected to account for nearly 32% of the total revenue share in 2021.
Key players are focusing on strengthening their global presence through strategic collaborations, mergers, acquisitions, and partnerships. Further, prominent companies are aiming at reducing carbon emission by recycling and utilizing waste in their manufacturing processes. For instance:
- In September 2021, Nucor Corporation, a producer of steel and related products, announced acquiring, a leading metal processing company in the U.S., Grossman Iron & Steel Company. The acquisition will assist company to enhance its production capacity and to reach its sustainability goals.
- In May 2019, Aurubis AG announced the acquisition of a Belgian-Spanish company, Metallo Group to pursue the company's multi-metal and recycling strategy. The acquisition will assist Aurubis AG to strengthen its multi-metal portfolio, especially in the key metals nickel, copper, zinc, tin, and lead.
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Some of the key players operating in the market profiled by FMI are:
- ArcelorMittal
- Aurubis AG
- China Baowu Group
- HBIS Group
- Sims Metal Management Ltd.
- HKS Metals
- Nucor Corporation
- AMG Resources Corporation
- Celsa Group
- EMR Group
- CRONIMET Holding GmbH
- GLE Scrap Metal
- Tucson Iron and Metal
- ELG Haniel GmbH
- Atlantic Recycling Group, LLC
- Baroni Scrap Metal LLC
- Kuusakoski Group Oy
- IMR Innovative Metal Recycling GmbH
- Romukeskus Oy
- Commercial Metals Co (CMC)
- MetalCirc Oy
- GMH Recycling GmbH
- Eco-Bat Technologies Ltd.
- Evraz plc.
More Valuable Insights on Recycled Scrap Metal Market
FMI, in its new report, offers an in-depth study of the global recycled scrap metal market, highlighting the growth prospects of the market through 2021 and beyond. The survey reveals demand outlook of recycled scrap metal market with detailed segmentation:
By Metal Type:
- Ferrous Metals
- Iron
- Steel
- Non-Ferrous Metals
- Aluminum
- Copper
- Precious Metal
- Tin
- Zinc
- Others
By Source Type:
- Production Scrap
- Post-Consumer Scrap
By End-Use:
- Transportation
- Building & Construction
- Consumer Electronics
- Packaging
- Equipment & Tools
- Art, Decor & Home Furnishings
- Jewelry
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Key Questions Covered in the Report
- The report offers insight into recycled scrap metal market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for recycled scrap metal market between 2021 and 2031
- Recycled scrap metal market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Recycled scrap metal market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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