According to Report, the global scrap metal recycling market growth is expanding at a noteworthy CAGR of 6% during the forecast period 2021 to 2030 and is expected to reach US$ 516 billion by 2030.
The rising demand from the metal recycling industry is expected to boost the global scrap metal recycling market during the forecast period.
The scrap metal recycling market is expected to improve with technological advancements in recycling. Development of recycling facilities in developed and developing regions, better waste collection systems, and promotion of metal recycling by manufacturers and governments are likely to help in business growth, and create new business opportunities and increase employment. The Canadian Association of Recycling Industries (CARI) states that the scrap metal recycling industry in Canada employs 160,000 people directly and indirectly. The usage of rare metals in various products and their shortage is also expected to boost the scrap metal recycling market.
The U.S. exporters of scrap metals, paper, and plastic witnessed increased demand in 2020, as growing shipments to Southeast Asia, the Indian subcontinent, and Northern Europe offset a 20.2 percent decline in volume to China, which remains the primary market for recyclables. However, export of recyclables came crashing down in early 2020, due to both supply and demand destruction caused by the COVID-19 pandemic. On the supply side, the global pandemic has idled key industries and services that generate scrap paper and metals. Plunging oil prices have made recycled plastics uncompetitive with virgin plastics. These factors have created a huge slowdown in the scrap metal recycling market in 2020. However, overall the scrap metal recycling market is expected to witness huge growth in 2021 and 2022. The price of scrap metal recycling products also decreased during the COVID-19 pandemic.
Steel is the most recycled metal in the world. The growing consumption of steel in construction, automotive, electronics, and consumer goods industries is projected to fuel the demand for scrap metal recycling products during the forecast period.
Companies are increasing the usage of new recycled steel scrap and old recycled steel scrap, as it is available in good quality and low price. Moreover, small scale manufacturing units in automotive, oil & gas, construction, and other industries are increasing their overall budget for recycled steel procurement.
Factors, including the utilization of non-renewable resources, consumption of a large amount of energy, fluctuation in raw material prices, and regulations of mining ores have compelled manufacturers to adopt the Electric Arc Furnace (EAF) process over the Basic Oxygen Furnace (BOF) process for its utilization in crude steel production. This has led to increased demand for recycled steel across the world. The production of crude steel by the EAF process increased by 10.1% in 2018 in comparison to 2017, whereas the increase in total crude steel production was 7.04%.
Separation, Purification Costs of Recycling Scrap Copper to Hamper Market Growth
Copper is considered as a precious metal used in electrical components, owing to its ability to conduct electricity safely and efficiently. However, recyclers find it challenging to separate copper from scrap metal. Added purification costs for copper make it undesirable for recycling, since purified copper is necessary for maintaining the conductivity of the metal. Hence, companies in the scrap metal recycling market are establishing fixed sources for scrap copper to avoid additional purification and separation costs.
Apart from copper, iron and aluminum are largely recycled by companies in the scrap metal recycling market. Zato - an Italy-based specialist in scrap metal recycling is capitalizing on this opportunity to cost efficiently produce aluminum, which otherwise is a cost intensive process when done using extraction of the ore.
Production of Steel from Iron Ore Necessary for Scrap Steel Supply
Steel is gaining prominence in the scrap metal recycling market due to its potential to meet the goal for a fully circular economy. ArcelorMittal S.A. - a Luxembourgish multinational steel manufacturing corporation is augmenting steel’s advantage of high recyclability to eliminate all unnecessary landfilling of residues. High cost of steel production as compared to the supplies of scrap available is grabbing the attention of manufacturers in the scrap metal recycling market.
Even as recycling activities are picking pace, recyclers are expecting that by the end of 2050, there might be a scarcity for scrap steel. Hence, the production of steel from iron ore sources needs continuation in order to create abundance for scrap steel in the upcoming decades.
Advanced Sorting Systems Enable High Throughput for Alloy Compositions
Intelligent sorting systems are benefitting stakeholders in the scrap metal recycling market. Chrysalix Venture Capital - an investor in the technologies for the energy sector has announced to invest in Sortera Alloy’s intelligent sorting system for the upcycling of non-ferrous scrap metal such as copper, zinc, aluminum, and brass. Recyclers are opting for sorting systems that enable accurate and high throughput for the sorting of metals and alloy composition through a combination of sensor fusion and AI/ML (artificial intelligence/machine learning) image processing.
Advanced scrap feeder designs are gaining prominence in intelligent sorting systems. Circularity of metals has become important in the scrap metal recycling market.
Increasing Demand from Asia Pacific
Asia Pacific accounted for major share of the scrap metal recycling market in 2020. Increasing demand for scrap products coupled with easy government rules and regulations are major factors expected to boost the growth of the scrap metal recycling market.
Europe is the second largest scrap metal recycling market as a result of high consumer adoption rate. Largest consumer demand from automotive, and building & construction segments is observed in developed countries, including Germany, the U.K., France, and others.
Key players operating in the global scrap metal recycling market are ArcelorMittal, Aurubis AG, Kuusakoski Oy, Nucor Corporation, AIM Recyclage, Inc., Sims Limited, Omnisource Corporation, Metallon Recycling Pte Ltd, DBW Metals Recycling, and TKC Metal Recycling Inc.
Report Scope of the Scrap Metal Recycling Market
|Market Size||US$ 516 Billion by 2030|
|Growth Rate||CAGR of 6% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Companies Mentioned||ArcelorMittal, Aurubis AG, Kuusakoski Oy, Nucor Corporation, AIM Recyclage, Inc., Sims Limited, Omnisource Corporation, Metallon Recycling Pte Ltd, DBW Metals Recycling, and TKC Metal Recycling Inc.|
Global Scrap Metal Recycling Market: Segmentation
Scrap Metal Recycling Market, by Metal Type
Scrap Metal Recycling Market, by Scrap Type
Scrap Metal Recycling Market, by Industry
Scrap Metal Recycling Market, by Region
This report focuses on scrap metal recycling market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall scrap metal recycling market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global scrap metal recycling market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the scrap metal recycling market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the scrap metal recycling market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Scrap metal recycling market.
Market Segments: This part of the report discusses about product, application and other segments of the scrap metal recycling market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global scrap metal recycling market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the scrap metal recycling market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global scrap metal recycling market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global scrap metal recycling market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global scrap metal recycling market.
The study objectives of this report are:
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