Sustainability Push in Automotive and Construction Sectors Drive Scrap Metal Recycling Demand at 5.5% CAGR

NEW YORK, Sept. 28, 2021 /PRNewswire/ -- Fact.MR in its latest market analysis forecasts that the scrap metal recycling market to reach a valuation of around US$ 60 Bn in 2021. With growing interest towards reducing metal waste and carbon footprint across various industries, the global market is projected to register a CAGR of 5.5% between 2021 and 2031. The market has been forecast to reach a valuation of US$ 103 Bn by 2031.

Gradual depletion of natural resources, increasing demand for metals across various industries such as automotive and construction, and rapid industrialization are some of the key factors driving the scrap metal recycling market.

With soaring demand for metals such as steel, aluminum and iron, manufacturers have shown keen interest towards recycling of scrap metals. As this process is simple and more cost-efficient than manufacturing of new metal, the market is expected to witness robust growth during the forecast period.

Growing concerns pertaining to mounting metal waste has presented conducive environment for growth of the market. Some of the leading companies have been expanding their online presence to strengthen their footprint. For instance, in April 2021, TM Scrap Metals, a Los Angeles scrap metal recycling company located in Sun Valley, CA launched a new website. The new site makes it easier for scrappers to exchange metal for cash.

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As per Fact.MR, the automotive industry has emerged as the leading end user. The segment is projected to account for 60% of total scrap metal recycling sales between 2021 and 2031. North America dominates the scrap metal recycling market due to the presence of leading players. However, Asia Pacific is anticipated to register growth at a higher pace during the forecast period.

"Focus on expansion of online presence will present lucrative opportunities for the growth of the market. Besides this, market players are expected to focus on strategic collaborations as them aim for capacity expansion," says a Fact.MR analyst.

Key Takeaways from Scrap Metal Recycling Market Survey

• As per Fact.MR, Asia Pacific will dominate the scrap metal recycling market during the forecast period.
• The U.S. market is estimated to total US$ 25 Bn in 2021. With soaring demand for metals across automotive and construction sectors, the U.S market is set to register 5.5% CAGR between 2021 and 2031.
• China has emerged as the most lucrative market for scrap metal recycling. Increasing steel and crude steel production will continue supporting growth in China.
• Automotive scrap metal recycling segment is projected to account for 60% of total metal recycling market through 2031.
• Ferrous scrap metal recycling segment is expected to hold around 2/5^th of the scrap metal recycling market during the forecast period.

Key Drivers

• Increasing focus on sustainability in the automotive and construction sectors will spur the demand for scrap metal recycling.
• Innovations in countries like Japan, where scrap metal is used in the production of gold, silver, and bronze will create attractive opportunities for growth of the market.

Key Restraints

• Difficulty in extracting some metals is restraining the growth of the market.
• Unorganized metal waste collection in low and middle economies also impacts the market growth.

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Competitive Landscape

Key players operating in the scrap metal recycling market are focusing on expanding their presence by establishing new facilities. They are adopting various growth strategies such as mergers, acquisitions, advanced product development and collaborations to strength their presence in the global market.

• In July 2021, German copper producer Aurubis announced that it will invest US$ 32 million in the construction of a state-of-art recycling facility "Advanced Sludge Processing by Aurubis" (ASPA) at its Beerse site in Belgium. ASPA process will enable faster extraction of precious metals such as gold silver and tin from anode sludge.
• In September 2021, Gravita India started aluminum recycling plant in Mozambique, east Africa. The new plant has an annual capacity of 4000 million tonnes per annum (MTPA). Gravita will produce domestic aluminum scrap for production from the plant to cater to needs of aluminium die-casting components manufacturing industries of auto and FMCG sectors in South and East Asian markets.
• In August Tata Steel launched country's first scrap recycling plant in Rohtak Haryana. The plant is equipped with modern and mechanized equipment like shredder and baler. It will be used to recycle steel scrap collected through an App FerroHatt.

Some of the prominent players operating in the scrap metal recycling market profiled by Fact.MR are:

• 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.

More Insights on the Global Scrap Metal Recycling Sales Outlook

Fact.MR provides an unbiased analysis of scrap metal recycling market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for scrap metal recycling with a detailed segmentation on the basis of:

Metal Type

• Ferrous Scrap Metal Recycling
• Stainless Steel Scrap Metal Recycling
• Carbon Steel Scrap Metal Recycling
• Mild Steel Scrap Metal Recycling
• Cast Iron Scrap Metal Recycling
• Others
• Non-ferrous Scrap Metal Recycling
• Aluminum Scrap Metal Recycling
• Copper Scrap Metal Recycling
• Lead Scrap Metal Recycling
• Nickel Scrap Metal Recycling
• Zinc Scrap Metal Recycling
• Brass Scrap Metal Recycling
• Tin Scrap Metal Recycling
• Gold Scrap Metal Recycling
• Others

Scrap Type

• New Scrap Metal Recycling
• Old Scrap Metal Recycling

Industry

• Building & Construction Scrap Metal Recycling
• Automotive Scrap Metal Recycling
• Industrial Manufacturing Scrap Metal Recycling
• Electricals Scrap Metal Recycling
• Shipbuilding Scrap Metal Recycling
• Consumer Electronics Scrap Metal Recycling
• Others

Key Questions Covered in the Scrap Metal Recycling Sales Outlook Report

• The report offers insight into scrap metal recycling demand outlook for 2021-2031
• The market study also highlights projected sales growth for scrap metal recycling market between 2021 and 2031
• Scrap metal recycling 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
• Scrap metal recycling market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

Explore Fact.MR's Coverage on the Industrial Goods Domain –

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Metal Forging Market- As the number of electric automobiles grows, so will the demand for robust and durable forged components, driving the market's growth over the forecast period. Metal forging service providers will benefit from the increasing demand for forged steel in the automobile industry. Forged steel is a favored choice in automotive components because to its durability, strength, and dependability. The majority of closed dye steel forging is employed in the production of automobile components. Due to increased demand for commercial and passenger cars, demand for the product will increase over the predicted period.

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