By 2022, the market for recycled scrap metal is projected to exceed USD 61.45 billion. The automotive, shipbuilding, building, construction, and infrastructure sectors are expected to see rising demand for recovered scrap metal. The market is anticipated to grow at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2032, reaching a valuation of USD 103.97 billion by that year.
According to a recent analysis by Future Market Insights (FMI), the global recycled scrap metal industry is expected to expand at a steady CAGR of 7.1% during the forecast period between 2022 and 2032. The increasing production of iron and steel is driving demand for recycled scrap metals. Additionally, the growing use of scrap metals in steel production and non-ferrous metals processing is expected to further boost consumption.
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The rapid development of the building and construction sector is also propelling sales of recycled scrap metals. Moreover, increases in the production of automobiles, shipbuilding, and airplane manufacturing are bolstering the consumption rate of recycled scrap metal.
Production and processing of both ferrous and non-ferrous metals generate scrap. These scraps are then utilized in the production of various products to reduce waste generation. Growing demand for waste management and initiatives by regional government bodies to minimize waste are expected to bolster sales of recycled scrap metals over the forecast period.
“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.
Key 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.
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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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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