In a recent market analysis, Future Market Insights (FMI) projects that the global recycled scrap metal market will grow at a consistent 7.1% CAGR between 2022 and 2032. Steel and iron production is expanding, which is driving up demand for recycled scrap metals. The rate of consumption of recycled scrap metals is also anticipated to increase due to the growing use of scrap metal in the manufacture of steel and the processing of non-ferrous metals.
Sales of recycled scrap metal are being driven by the building and construction industry, which is developing quickly. The rate of consumption of recycled scrap metal is also being boosted by increases in the construction of automobiles, ships, and airplanes.
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 are 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
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.
Top Players
- 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.
Increasing Iron and Steel Production Boosting Recycled Scrap Metal Sales
Rapid expansion of the construction sector, automotive production, industrial machinery, tools and equipment sector, and ship building is spurring the demand for iron and steel. Investment towards infrastructure, especially in developing nations is also boosting demand for iron and steel in civil construction. This is resulting in increasing sales of recycled scrap metals, and the trend is expected to continue over the forecast period.
Significant growth in the construction and infrastructure sector in China in the past few years has boosted the consumption of iron and steel, resulting in high demand for scrap metals for the production. As scrap metal utilization helps in reducing carbon emission and waste generation, key players are preferring scrap metals to produce iron and steel. This reduces overall production cost and helps companies in achieving their sustainability goals.
China also has significantly increased its steel production in the last decade, which has boosted the demand for recycled scrap metals. Overall increase in iron and steel production is anticipated to propel the consumption rate of scrap metals in the coming years.
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More Insights into the Recycled Scrap Metals Market Report
In its latest report, FMI offers an unbiased analysis of the global recycled scrap metal market, providing historical data for the period of 2016-2021 and forecast statistics for the period of 2022-2032. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of metal type (ferrous and non-ferrous), source (production scrap and post-consumer scrap) and end-use (transportation, building & construction, consumer electronics, packaging, equipment & tools, art, décor and home furnishing and jewelry) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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