Metal Recycling Market Size to Reach USD 368.7 Billion by 2030 at a CAGR of 5.2% | Valuates Reports

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04 Mar, 2022, 18:30 IST

BANGALORE, India, March 4, 2022 /PRNewswire/ -- The Metal Recycling Market is Segmented by Metal Type (Ferrous and Non-Ferrous Metals), Scrap Type (Old Scrap, and New Scrap), and End User (Building & Construction, Packaging, Automotive, Industrial Machinery, Electronics & Electrical Equipment, Shipbuilding & Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.

The global metal recycling market size was USD 217.0 Billion in 2020 and is expected to reach USD 368.7 Billion by 2030, registering a CAGR of 5.2% from 2021 to 2030.

Major Trends Influencing the Growth of Recycled Metal Market

The global metal recycling market is expected to grow due to an increase in construction activities in various regions such as Europe and Asia-Pacific. Furthermore, as people become more aware of rare earth metal depletion and government regulations become more stringent, the metal recycling market is expected to grow.

Furthermore, rising urbanization, industrialization, and the rapid growth of the automotive industry have increased the demand for metal recycling.

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TRENDS INFLUENCING THE GROWTH OF THE METAL RECYCLING MARKET

Rapid urbanization leads to increased government and consumer spending on residential and infrastructure construction, boosting the metal recycling market significantly. Manufacturers' high acceptance of the process for obtaining raw materials to manufacture finished goods without affecting their properties, as well as the presence of government-enforced laws and regulations, are propelling the metal recycling market forward.

Metal is also used extensively in the automotive industry. Steel is used to make engine parts and a variety of other auto parts, such as hoods, mufflers, basic vehicle frames for doors, and fuel tanks. This, in turn, is expected to propel the metal recycling market forward.

The metal recycling market appears to have a bright future, owing to the rapidly growing awareness of the benefits of metal scraps. Concerns about rare earth metal depletion, as well as stringent government regulations and environmental protection guidelines, are all key metal recycling market trends. Metal recycling technology is expected to provide significant benefits to both market participants and the economy.

Another factor driving the metal recycling market share growth is technological advancements in scrap metal purification.

However, the market's growth is expected to be hampered by an unorganized flow of waste metals and the lack of scrap collection zones. Conversely, increased building construction due to increased building waste disposal into landfills is expected to provide lucrative opportunities for the global metal recycling market to grow.

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METAL RECYCLING MARKET SHARE

Based on metal type, In 2020, the ferrous segment generated the most revenue. Scrap iron and steel are among the most commonly recycled ferrous metals on the planet. This scrap comes from products that have reached the end of their useful lives as well as scrap generated during manufacturing processes. The use of scrap in steel production has become a standard practice in the industry.

Based on scrap type, the Old Scrap segment is projected to grow at the highest CAGR of 6.0%.

Based on end-user, The automotive segment was the highest revenue contributor during the forecast period.

Based on region, Asia-Pacific held the dominant position in 2020 and is expected to grow at a significant rate during the forecast period.

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Key Players:

  • ArcelorMittal
  • Nucor Corporation
  • Commercial Metals Company
  • SIMS Metal Management Limited
  • Aurubis AG
  • European Metal Recycling Limited
  • Tata Steel
  • Dowa Holdings Co., Ltd.
  • OmniSource Corporation
  • Schnitzer Steel Industries, Inc.

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