The global Recycled Scrap Metal Market is on the verge of remarkable growth, with a projected compound annual growth rate (CAGR) of 7.1% between 2022 and 2032, according to a recent comprehensive market analysis conducted by Future Market Insights (FMI). This robust growth trajectory can be attributed to the escalating production of iron and steel, driving the demand for recycled scrap metals. Furthermore, the increasing utilization of scrap metals in both steel production and non-ferrous metals processing is poised to further amplify the consumption rate of recycled scrap metals on a global scale.
Rapid development of the building and construction sector also is propelling sales of recycled scrap metals. Increments in the production of automotive, shipbuilding aero plane manufacturing are also bolstering the consumption rate of recycled scrap metal.
Production and processing of ferrous as well as non-ferrous metals produces scrap. These scraps are further utilized in the processing of various products to reduce waste generation. Growing demand for waste management and initiatives taken by regional government bodies to minimize waste is expected to bolster sales of recycled scrap metals over the forecast period.
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“Increasing production of electric vehicles in the automotive sector, along with rising sales of consumer electronics and wearables are anticipated to continue driving sales of recycled metal scraps over the assessment period,” says an FMI analyst.
Competitive Landscape
The key companies operating in the recycled scrap metal market 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.
Key players operating in the global recycled scrap metal market are focusing on increasing utilization of scrap metals to produce iron and steel to decrease waste generation and operating expenditure. Further, leading players are focusing on collaborations, mergers, and acquisitions to expand their production facilities and distribution channels. For instance:
- In Oct 2021, Nucor launched Econiq, a series of net-zero carbon steel products. By Econiq, Nucor is providing the lowest greenhouse emission gas steel products to steel consumers.
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- 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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