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Metal Recycling Market size was valued at USD 46.28 billion in 2019 and is poised to grow from USD 50.03 billion in 2023 to USD 88.5 billion by 2031, growing at a CAGR of 8.12% in the forecast period (2024-2031).

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. 'Nucor Corporation', 'ArcelorMittal', 'Sims Metal Management Ltd.', 'Commercial Metals Company', 'Schnitzer Steel Industries, Inc.', 'Kuusakoski Group Oy', 'European Metal Recycling Ltd.', 'Aurubis AG', 'Novelis Inc.', 'American Iron & Metal Co.', 'Omnisource Corporation', 'Tata Steel Ltd.', 'Ferrous Processing & Trading Co.', 'Dowa Holdings Co., Ltd.', 'HKS Metals BV', 'ELG Haniel GmbH', 'Scrap Metal Services LLC', 'David J. Joseph Company', 'SA Recycling LLC', 'Upstate Shredding – Weitsman Recycling.'

Emerging automotive and construction industries are providing a forward thrust to the demand for metal in manufacturing parts and residential buildings. However, limited availability of earth-metals and high-cost of mining earth is fuelling the scrap recycling market to meet the demand. High demand for recycled metals in all of these industries is due to the fact that metals retain their properties even after multiple recycling. This property raises the demand for recycled metals.

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.

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 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 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 crude steel production. China sources roughly 20% of the raw material required for steel making from scrap recycling.

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Global Metal Recycling Market

Product ID: SQMIG15J2068