Scrap Metal Recycling Market Size, Share & Industry Analysis, By Type (Ferrous, Non-Ferrous), By End-Use Industry (Building & Construction, Automotive, Equipment Manufacturing, Packaging, Consumer Appliances, Others) And Regional Forecast, 2024-2032

Scrap metals, produced during final product development, can be used as a raw material for the production of new products. It can be reprocessed without misplacing any of its properties. It serves a purpose of much lower carbon footprint and more convenient resource utilization than virgin metals. Meanwhile, steel is gaining traction in the market to meet the predefined sustainable goals. Efforts by a global steel company to highlight the benefits of steel recyclability in line with environmental goals to avoid possible drift into landfills are prime examples.

The market is being driven by the increasing need for waste management and recycling infrastructure globally. Government regulations are raising awareness on scrap metal recycling across the industrial sectors. Metals such as Aluminum can be recycled many times and can be used to produce variety of consumer products such as packaging. Recycling scrap metals saves considerable amount of energy as compared to the energy required for virgin metal manufacturing. For instance, one ton of recycled steel can reduce the use of 2500, 1400 & 120 pounds of iron ore, coal & limestone respectively. However, lack of adequate recycling infrastructure in most of the developing economies is impeding market growth.

Key Market Driver -

Increasing need for waste management coupled with government initiatives is driving the market.

Key Market Restraint -

Lack of recycling infrastructure and high operating cost are restricting the market growth

Market Segmentation:

The market for scrap metal recycling can be segmented on the basis of type, end-use industry, and region. The market is subdivided on the basis of type into ferrous, and non-ferrous. In terms of end-use industry, the market can be segmented into building & construction, automotive, equipment manufacturing, packaging, consumer appliances and others. From a geographical standpoint, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global & regional players operating in scrap metal recycling market includes ArcelorMittal, Aurubis AG, Kuusakoski Oy, Nucor Corporation, AIM Recyclage, Inc., Sims Limited, Omnisource Corporation, Metallon Recycling Pte Ltd, DBW Metals Recycling, TKC Metal Recycling Inc. and others.              

Key Insights

• New Advancements in Production Technologies


• Key Trends in the scrap metal recycling market


• New Product Launches, Expansions, Key Players


• Ranking of Key Players in the Market

Regional Analysis:

The Asia Pacific region accounted for a sizable portion of the scrap metal recycling market. Increased production for scrap products, as well as favourable government policies, are expected to augment the regional demand of the scrap metal recycling. Europe is the second largest scrap metal recycling market. Consumer demand from the automobile industry and construction divisions is highest in developed countries such as Germany, UK, France, and others. Aluminium production and imports in North America are increasing steadily, particularly in the U.S. The region makes up the bulk of steel scrap and recycled iron used in the production of new steel and cast iron products. The continued growth for metals in the region has gained the interest of investors in the scrap metal recycling. Middle East and African countries such as the South Africa and UAE have levied taxes on the export of scrap metal due to scarcity of scrap, thus boosting the domestic metal recycling market. Companies in Latin America are becoming increasingly aware about scrap metal recycling and are aiming to save energy consumption in the near future.

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Segmentation

Scrap Metal Recycling Industry Developments

• In October 2020, Integrated Metal Recycling Inc. was formed by the merger of ArcelorMittal and Triple M. Many of the recycling program of the two partners in Quebec will be combined in this joint venture. The revenue of the scrap metal recycling business is expected to increase as a result of this venture.


• In May 2020, Aurubis AG purchased Metallo, a scrap metal recycling company. This purchase was made to increase the company's metal scrap manufacturing capability. It will also most likely assist Aurubis AG in expanding its global market penetration in the metal recycling.