Rockville , April 24, 2023 (GLOBE NEWSWIRE) -- The global scrap metal recycling market is set to reach a valuation of US$ 70.5 billion in 2023 and is expected to grow at a CAGR of 5.5% during the forecast period of 2023–2033.
The demand for recycled metals, such as steel, aluminum, and copper, is growing due to environmental concerns, cost-effectiveness, and the need to conserve natural resources. The development of new technologies, such as automated sorting systems and advanced processing techniques, is making it easier and more efficient to recycle scrap metal. The scrap metal recycling market is growing rapidly in emerging economies such as China and India due to their increasing demand for raw materials and the development of their manufacturing industries.
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Governments across the globe are implementing laws and regulations coupled with investments to encourage recycling and reduce waste. For instance, the United States government has allocated US$ 9.7 million in funding for the development of recycling technologies.
Similarly, the European Union has set a target of recycling 75% of all metal packaging by 2025 and is investing in research and development of new recycling technologies.
These factors are expected to drive growth in the metal recycling industry during the forecast period.
Key Takeaways from Market Study
- The global scrap metal recycling market is projected to grow at CAGR of 5.5% to reach US$ 120.3 billion by 2033
- U.S. and China are the prominent regions driving the scrap metal recycling market
- American Iron & Metal (AIM), ArcelorMittal, DBW Metals Recycling, Kuusakoski, Metallon Recycling Pte Ltd., and OmniSource, LLC are prominent players in the market
- South Asia and East Asia hold ample growth opportunities for the market titans in the coming years
- Recycled metals are used to fulfill the appetite of the growing automotive industry
“Government Investment & Regulations Fuels the Recycled Metal Demand Which Drives Scrap Metal Recycling Market” says a Fact.MR analyst.
Key Companies Profiled in This Report
- American Iron & Metal (AIM)
- ArcelorMittal
- DBW Metals Recycling
- Kuusakoski
- Metallon Recycling Pte Ltd.
- OmniSource, LLC
- TKC Metal Recycling Inc.
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Market Growth Stratagems
Market players are adopting numerous organic and inorganic strategies to remain competitive in the market and opt for a major share of the global market. Investment in research and development coupled with capacity expansion remains the prominent go-to strategy for the market titans. Further, long-term trade relations with end-users enable market players to survive unfavorable trade situations.
For instance, In January 2021, the Australian scrap metal recycling company, Sims Limited, announced that it had acquired the US-based company, Al Metals, Inc. The acquisition will allow Sims to expand its presence in the US scrap metal recycling market and improve its processing capabilities.
Segmentation of Scrap Metal Recycling Industry Research
- By Metal Type :
- Ferrous
- Stainless Steel
- Carbon Steel
- Mild Steel
- Cast Iron
- Others
- Non-Ferrous
- Aluminum
- Copper
- Lead
- Nickel
- Zinc
- Brass
- Tin
- Gold
- Others
- Ferrous
- By Scrap Type :
- New
- Old
- By Industry :
- Building & Construction
- Automotive
- Industrial Manufacturing
- Electricals
- Shipbuilding
- Consumer Electronics
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the metal type (ferrous (stainless steel, carbon steel, mild steel, cast iron, and others), non-ferrous (aluminum, copper, lead, nickel, zinc, brass, tin, gold, and others), scrap type (new and old), industry (building & construction, automotive, industrial manufacturing, electrical, shipbuilding, consumer electronics, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, Middle East & Africa).
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U.S. Scrap Metal Recycling Market Share: The U.S. scrap metal recycling market is currently estimated at US$ 9.2 billion and is predicted to expand at a noteworthy CAGR of 5.4% over the forecast years of 2022-2032.
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