Product ID: SQSG15J2006
Report ID: SQSG15J2006 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 93 | Figures: 76
Metal Recycling Market size was valued at USD 46.28 billion in 2021 and is poised to grow from USD 50.03 billion in 2022 to USD 88.5 billion by 2030, growing at a CAGR of 8.12% in the forecast period (2023-2030).
The process in which waste metal is reprocess into new metal product is referred as metal recycling. In metal recycling new metal product reduce greenhouse gas emission levels, preserve natural resources, and mange energy consumption. The governments in developed regions such as Canada, U.S, UK, and others have taken measures to promote metal recycling industry with good waste collection system, separation and sorting processes. For instance, the government of Canada has been working with the provinces, territories and industries to promote the re-use and recycling of metal products.
Metal recycling is one of the industrially and environmentally important process. It involves recycling of the scrap metals to use it again. The metal recycling market encompasses a broad range of metals but most frequently recycled metals are stainless steel, copper, iron, lead, aluminium, and zinc. These are primarily categorized on the basis of ferrous content. Increasing usage of metals in various end-use industries is expected to drive the market growth.
Rise in urbanization and industrialization and increased consumption of commodities along with depletion of natural resources and re-utilizing these resources has created immense scope, which drive growth of the global metal recycling market.
US Metal Recycling Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global metal recycling market is segmented based on metal type, scrap type, end user, and region. On the basis of metal type, the Metal Recycling Market is segmented into ferrous metal and non-ferrous metal. On the basis of scrap type, the global metal recycling market is segmented into old scrap and new scrap. Based on end user,the Metal Recycling Market is segmented into building and construction, packaging, automotive, industrial machinery, electronics and electrical equipment, shipbuilding. Based on region, the is segmented as North America, Europe, Asia Pacific, and Middle East and Africa.
Metal Recycling Market Analysis by Metal Type
The ferrous segment is expected to be the fastest-growing market during the forecast period. Iron and steel scraps are among the most commonly recycled ferrous metals on the planet. This scrap is derived from end-of-life products as well as scrap generated during manufacturing processes. Scrap steel production has become an essential component of the steelmaking industry. According to the Bureau of International Recycling, scrap steel accounts for 40% of total steel production.
Metal Recycling Market Analysis by End user
In 2021, the construction sector led the market, accounting for more than 46.0% of global volume. Steel and aluminum are in high demand in the global construction industry. Rising urbanization as a result of rising disposable income levels in emerging economies is expected to contribute to the expansion of the construction industry, driving demand for construction metal products. This, in turn, is expected to propel the recycling industry forward.
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Asia pacific is fastest growing market for metal recycling due to its increasing economic growth. Increasing demand for metal from emerging nations like India and China is expected to boost the regional market growth. Asia Pacific accounted for major share of scrap global metal recycling market in 2021. Increasing demand for scrap products coupled with easy government rules and regulation are major factor expected to boost the growth of the global metal recycling market. According to World Steel, China is the largest producer of steel and it produced 996.3 Mn tons in 2019 and accounted for roughly 53% of the global crude steel production. China sources roughly 20% of the raw material required for steel making from scrap recycling.
Europe is the second largest global metal recycling market as a result of high consumer adoption rate. Largest consumer demand from automotive, building, and construction industries is observed in developed countries including Germany, UK, France and other. Europe is expected to show substantial growth attributed to the presence of large metal recycling company. Europe is expected to be the fastest growing market during the forecast period because of the rise in the usage of recycled scrap for secondary metal production in the region.
North America is expected to show considerable growth due to the stringent rules imposed by government authorities to stop illegal and exploitation of mines and metal reserves. Latin America exhibit moderate growth due to increasing mining activities. Middle East and Africa exhibit sluggish growth by the end of 2028.
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Metal Recycling Market Driver
Metal Recycling Market Restraint
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Global metal recycling market is disorganized and fragmented. Growing environmental concerns, rising end-use industry demand, and rising government regulations are expected to encourage manufacturers to source more raw materials from recycling. Tata Steel announced its intention to open its first recycling plant in the Indian state of Haryana in June 2019. This strategic initiative aims to help the company gain a competitive advantage in the Indian market.
Top Players in the Global Metal Recycling Market
Metal Recycling Market Recent Developments
Scrap metal recycling is extensively used in the automotive sector. According to World Auto Steel, steel and iron components make up around 65% of the average vehicle, and hence, scrap metal recycling materials, especially ferrous materials, are highly sought-after in this sector.
According to ISRI, ferrous scrap is the most recycled material in the world. The U.S Geological survey estimates that 65 million tons of iron and steel scrap was processed around world.
As per the report, producing steel from ferrous scrap requires 60% less energy and reduces CO2 emission and the produced steel can be used in construction of building, bridges, and new cars.
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According to our analysis, by using recycled steel and aluminium scrap, automotive manufacturers and their suppliers are able to conserve raw materials, energy, and miles of landfill space. The domestic steel industry recycles millions of metric tons per year of steel cans, automobiles, appliances, construction materials, and other steel products. Consumption of iron and steel scrap by remelting reduces the burden on landfill disposal facilities and prevents the accumulation of abandoned steel products in environment.
|Market size value in 2021||USD 46.28 billion|
|Market size value in 2030||USD 50.03 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Metal Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Metal Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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