The Scrap Metal Recycling Market was valued at US$ 2214.1 Mn in 2020 and is expected to reach US$ 3286.7 Mn by 2030. The scrap metal recycling industry collects and processes both ferrous and nonferrous metals. Metal scrap recycling benefits by avoiding expenditure on disposals and would likely preserve limited landfill space. Along with this, it also helps in conserving natural resources by replacing the need of raw materials with recycled scrap metal to produce better metal goods. Metal recycling has become popular over the few decades because of its offerings involving energy savings and cost benefits when compared with primary production, which requires extracting metals from mined ores. Furthermore, increasing government regulations toward scrap metal recycling such as initiatives by spreading awareness and making laws regarding scrap metal recycling, is attracting the growth of market.
Vendor Profiling: Scrap Metal Recycling Market: Dowa Holdings Co., Ltd., European Metal Recycling Limited, OmniSource Corporation (Steel Dynamics, Inc.), Schnitzer Steel Industries, Inc., Tata Steel, Arcelor Mittal, Aurubis AG, Commercial Metals Company, Nucor Corporation and SIMS Metal Management Limited
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Scrap Metal Recycling Market, By Metal Type
Scrap metal recycling is a multi-step process, which starts with the collection and transport of raw scrap, pre-treatment, melting, refining, forming and finishing. Ferrous scrap contains iron which is magnetic in nature, therefore, the recycling of iron and steel scrap could be easily done. However, unorganized metal waste collection from developing countries is one of the factor hindering the growth of market in developing regions. Moreover, with stringent government policies and systematic approach towards collection of metal scrap could likely grow the market.
Scrap Metal Recycling Market, By End-User
Automotive industry is anticipated to be the most attractive segment among the end-users of scrap metal recycling market, owing to huge production of metal scrap in automotive industry. Efficiency and profitability in scrap recycling operations is likely to increase with advancements in metal recovery technology. Automotive companies adopting initiatives such as zero waste or “nil to landfill” to recycle manufacturing materials, including scrap metal is attracting a likely growth of the industry.
Scrap Metal Recycling Market, By Region
North America region holds the largest market share among other regions for the market. The region accounts for major steel scrap and recycled iron for new steel and cast-iron products. Demand for the recycled metals is increasing which will lead to higher prices of processed scrap. According to USGS in 2011, there was increase in export demand for the iron and steel scrap, and also the U.S is less dependent on world iron ore market and most of the steel produced comes from mini malls and scrap. Expansion in building & construction and automotive industries in North America is likely to offer flexible opportunities to the recycling metal market.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
• Neutral viewpoint on the market performance
• Recent industry trends and developments
• Competitive landscape & approaches of major players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• Detailed analysis of the Scrap Metal Recycling Market
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