By 2022, the value of the recycled scrap metal market is expected to exceed US$ 61.45 billion. Demand for recycled scrap metal is expected to rise in the automotive, shipbuilding, building, construction, and infrastructure sectors. The market is expected to grow at a compound annual growth rate of 5.4% between 2022 and 2032, reaching a valuation of US$ 103.97 Bn by 2032.
Rapid development of the building and construction sector also is propelling sales of recycled scrap metals. Increments in the production of automotive, shipbuilding aero plane manufacturing are also bolstering the consumption rate of recycled scrap metal.
Production and processing of ferrous as well as non-ferrous metals produces scrap. These scraps are further utilized in the processing of various products to reduce waste generation. Growing demand for waste management and initiatives taken by regional government bodies to minimize waste is expected to bolster sales of recycled scrap metals over the forecast period.
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As per FMI, the East Asia region is anticipated to be a key consumer of recycled scrap metals owing to strong production of iron and steel, especially in China. Backed by the aforementioned factors, the global recycled scrap metal market is projected to top US$ 103.97 Bn by 2032.
Competitive Landscape
- American Iron & Metal (AIM)
- ArcelorMittal
- Aurubis AG
- DBW Metals Recycling
- Kuusakoski
- Metallon Recycling Pte Ltd.
- Nucor Corporation
- OmniSource, LLC
- Sims Limited
- TKC Metal Recycling Inc.
- K-Swiss Inc.
Increasing Iron and Steel Production Boosting Recycled Scrap Metal Sales
Rapid expansion of the construction sector, automotive production, industrial machinery, tools and equipment sector, and ship building is spurring the demand for iron and steel. Investment towards infrastructure, especially in developing nations is also boosting demand for iron and steel in civil construction. This is resulting in increasing sales of recycled scrap metals, and the trend is expected to continue over the forecast period.
Significant growth in the construction and infrastructure sector in China in the past few years has boosted the consumption of iron and steel, resulting in high demand for scrap metals for the production. As scrap metal utilization helps in reducing carbon emission and waste generation, key players are preferring scrap metals to produce iron and steel. This reduces overall production cost and helps companies in achieving their sustainability goals.
China also has significantly increased its steel production in the last decade, which has boosted the demand for recycled scrap metals. Overall increase in iron and steel production is anticipated to propel the consumption rate of scrap metals in the coming years.
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Recycled Scrap Metal Market by Category
By Metal Type:
- Ferrous Metals
- Iron
- Steel
- Non-Ferrous Metals
- Aluminum
- Copper
- Precious Metal
- Tin
- Zinc
- Others
By Source Type:
- Production Scrap
- Post-Consumer Scrap
By End-Use:
- Transportation
- Building & Construction
- Consumer Electronics
- Packaging
- Equipment & Tools
- Art, Decor & Home Furnishings
- Jewelry
- Others
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