According to the Future Market Insights report, the South Korean market for recycled scrap metal is valued at US$ 24.25 Billion in 2021. By the end of 2032, the market is expected to reach a market worth US$ 58.5 Billion, growing steadily with a CAGR of 4.8% during 2022-2032. Recycling scrap metal involves removing metal from items that are no longer functional. The scrap metal that is recovered is then used as a raw material to create new products. These metals fall into two categories: nonferrous and ferrous. Iron is present in ferrous scrap but absent from nonferrous scrap. These are made up of several different metals, such as zinc, aluminum, lead, copper, and others.
Copper, magnesium, zinc, brass, aluminum, tin, and nickel lead are a few examples of nonferrous metals. Rare and precious metals are mostly nonferrous metals. Metal recycling has significant positive effects on the environment and the economy by reclaiming wasted metal. The first and most crucial justification is that recycling metals help to prevent climate change by conserving natural resources by lowering the need to mine new raw materials. This is why Korean manufacturers as well as consumers are supporting this trend. Eventually, such a system will help Korea to achieve a circular economy easily.
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Recycled scrap metal is being used more and more in industrial, commercial, and residential construction in Korea. Additionally, rising environmental concerns, greater awareness campaigns for sustainable waste management practices and efficient resource use, and growing demand for such metals—which leads to energy efficiency rather than mining for new materials—have all contributed to the market’s expansion. Furthermore, it is projected that this industry in Korea would benefit greatly from untapped potential in developing regions, public-private collaborations, and metal recovery from slag residue. Such factors can be expected to raise the demand in Korea eventually and compel the market for recycled scrap metal to expand with a CAGR of 4.5% during 2022-2032.
Key Takeaways
- By the end of 2022, it is anticipated that the Korean market for recycled scrap metal would be worth around US$ 28.2 Billion
- By metal type, the ferrous segment will account for more than 38% of the Japanese market share in 2022.
- By source, the post-consumer scrap segment will account for almost 25% of the shares in 2022.
- By end-user, the construction sector will take over 23.6% of the shares in 2022.
Competitive Landscape
The key players present in the Japanese recycled scrap metal market are Navi International Co. Ltd, Sopel Inc., Jeil Industrial Co., Ltd, Bluegold Metal, and Hana Metal Co. Ltd.
The key players in this region are focused on improving their efficiency with more technological advancements. With the rising demand from the construction as well as the automotive sector, the companies are aiming at making maximum use of the scrap metal in hand.
Recent Developments
- The top producer of flexible shaft cables, concrete vibrators, stainless steel strips, rubber hose, etc. in South Korea is HANA METAL Co. Ltd. The main goals of HANA METAL Co. Ltd are to create top-notch goods, offer first-rate services, and consistently create new technologies that advance the field of radiography.
- Jeil Industrial Development is a business that offers a variety of services, including materials science, construction engineering, and asphalt concrete. They also work with compounds such light potassium carbonate and ammonium nitrate, non-ferrous metals, and ferrous metals.
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Market by Category
By Metal Type:
- Ferrous Metals
- Non-Ferrous Metals
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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