Steel Scrap Market to grow by 62.78 million tonnes from 2022 to 2027, the increasing applications for steel scrap drive the market - Technavio

NEW YORK, Sept. 5, 2023 /PRNewswire/ -- The steel scrap market size is expected to grow by 62.78 million tonnes from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of  1.62% during the forecast period, according to Technavio. The increasing application of steel scrap is notably driving the steel scrap market. However, factors such as complexity in the sorting of steel scrap and the presence of impurities in steel scrap may impede market growth. The market is segmented by end-user (Construction, Automotive, Consumer goods, and Industrial goods) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Sample Report.

The increasing applications for steel scrap are notably driving the market growth. Globally, the use of scrapped steel is increasing to reduce the carbon footprint. The recycling of steel scrap improves the steel industry's economic viability and reduces the environmental impact by reducing the need for iron ore extraction for steel production. This significantly reduces CO2 emissions, minimizes energy and water consumption, and lowers air pollution. On average, 2.9 metric tons of CO2 is saved for each metric ton of scrap steel. Steel scrap has, therefore, become a preferred raw material for steel producers. Iron ore and steel or steel scrap can be used alone or in combination with other raw materials for the production of steel. The demand for steel scrap is highly affected by the fluctuating prices of iron ore. Owing to an increase in electricity and energy costs, manufacturers have started using steel scrap as the major raw material to reduce their overall cost of production. Thus, the increasing applications for steel scrap to produce steel products will drive the growth of the market in focus during the forecast period.

Steel Scrap Market 2023-2027: Company Analysis

We provide a detailed analysis of 20 companies operating in the steel scrap market including Ansteel Group Corp. Ltd., ArcelorMittal SA, Baosteel Group Corp., Benxi Steel Group Co. Ltd., China Baowu Steel Group Corp., Commercial Metals Co., EVRAZ Plc, Gerdau SA, JSW STEEL Ltd., Metalico Inc., Metinvest B.V, Nippon Steel Corp., Nucor Corp., Oryx Stainless AG, Schnitzer Steel Industries Inc., Sims Ltd., Steel and Scrap Pvt. Ltd., Steel Dynamics Inc., Tata Steel Ltd., and United States Steel Corp.

Company Offerings

• Ansteel Group Corp. Ltd. - The company offers steel scrap metal processing, distribution, and trade through various facilities.

This report provides a full list of key companies, their strategies, and the latest developments. Buy Now for detailed company information.

Steel Scrap Market 2023-2027: Segmentation

• End-user

The market share growth by the construction segment will be significant during the forecast period. The construction industry is a major contributor to the growth of the global steel scrap market. The construction of high-rise buildings, tech parks, roads, highways, and bridges globally drives the demand for steel. Owing to its high strength and ductility, steel is extensively used in the construction industry. It is typically used in the manufacturing of beams for structural frameworks, rectangular tubing for welded frames, and high-strength plates for highways and bridges. It is also used in manufacturing rebars and hollow structural sections. Durability, strength, economical nature, and suitability to long-term exposure to different kinds of weather increase the demand for steel in the construction sector. Moreover, the growing use of steel that is recovered from steel scrap used in the construction industry significantly increases the demand for steel scrap and, in turn, will drive the growth of the steel scrap market during the forecast period.

• Geography 

APAC is projected to contribute 66% of market growth by 2027. 

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View PDF Sample Report

Key Steel Scrap Market Challenge- The complexities in sorting steel scrap and the presence of impurities in steel scrap are major challenges to the global steel scrap market growth. 

Steel Scrap Market 2023-2027: Key Highlights

• Historic Market Size 2017-2021
• CAGR of the market during 2023-2027
• Detailed information on factors that will assist steel scrap market growth during the next five years
• Estimation of the composite rebar market size and its contribution to the parent market
• Forecasts on upcoming trends and changes in consumer behavior
• The growth of the steel scrap market
• Analysis of the competitive landscape and detailed information on companies
• Comprehensive details of factors that will impede the growth of steel scrap market companies

Related Reports:

The steel market is estimated to grow at a CAGR of 2.17% between 2022 and 2027. The size of the market is forecast to increase by 207.46 million tons. The upsurge in consumption of high-strength steel is notably driving the market growth.

The steel manufacturing market size is estimated to grow at a CAGR of 4.02% between 2022 and 2027. The market size is forecast to increase by USD 369.6 billion. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio