by The Recycled Metal Market is estimated to be valued at US$ 54.48 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled Metal consists of ferrous and non-ferrous metals that are recovered from end-of-life products and manufacturing waste for reuse. Steel, aluminum, copper, and precious metals such as gold are some commonly recycled metals. Recycled metals help reduce mining activities, energy consumption, pollution and greenhouse gas emissions. It supports sustainable manufacturing processes and encourages waste reduction. Recycled metals find wide applications in automotive, construction, packaging, and shipbuilding industries due to their cost-effectiveness.
Market Dynamics:
Stringent government regulations regarding waste disposal and recycling are expected to be a major driver for the Recycled Metal Market. Various countries have implemented legislation promoting sustainable waste management practices and extended producer responsibility. This is compelling industries to adopt metal recycling. Growing environmental awareness among consumers is another key driver. Consumers are increasingly preferring green products manufactured using recycled content. Increased demand from the automotive and construction industries is projected to boost market growth during the forecast period. These industries extensively use steel, aluminum and other metals in manufacturing various components and construction materials.
Segment Analysis
The global recycled metal market is dominated by the ferrous metals sub-segment which accounts for over 60% share of the overall market. Ferrous metals such as steel have widespread usage in construction industry, industrial applications and automotive industry owing to their inherent strength and versatility. The ferrous metals sub-segment is dominating owing to robust growth in construction and infrastructure development activities globally which heavily rely on steel and other ferrous metals in building constructions and projects.
PEST Analysis
Political: Environmental protection laws implemented across various countries are promoting recycling of metals which is driving the recycled metal market growth.
Economic: Rising construction and industrial activities along with growth in automobile production is positively impacting the demand for recycled metal globally.
Social: Increasing awareness regarding sustainability and benefits of recycling is encouraging metal recycling practices.
Technological: Advanced scrap metal sorting technologies are helping improve sorting and segregation of ferrous and non-ferrous metals, thus enhancing the metal recycling process efficiency.
Key Takeaways
The global Recycled Metal Market Share is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing infrastructural development and industrialization across developing nations. The market size for recycled metal is expected to reach US$ 96 Bn by 2030.
Regional analysis
North America dominated the global recycled metal market in 2023 with over 30% share owing to presence of large industrial base and growing recycling rates in the US and Canada. Asia Pacific is expected to emerge as the fastest growing regional market exhibiting a CAGR of around 10% during the forecast period, led by China, India and other Southeast Asian countries where recycling of metals is gaining significant traction.
Key players
Key players operating in the recycled metal market are Sims Metal Management Ltd., Schnitzer Steel Industries, Inc., Nucor Corporation, European Metal Recycling Ltd., Kuusakoski Group, Novelis Inc., OmniSource Corporation, Ferrous Processing & Trading Co. (FTP), Metal Management Inc., ELG Haniel Group. Novelis Inc. and Nucor Corporation hold prominent shares in the global market owing to their diversified product portfolio and strong geographical presence across key regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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