The scrap metal recycling market size is anticipated to rise due to the growing need for waste management and recycling infrastructure globally. Furthermore, the governments enforce policies that promote metal recycling in various industrial sectors. Metals such as aluminum can be recycled many times and can be used to produce a variety of consumer products such as packaging. Furthermore, it can be utilized to make a range of consumer goods, including packaging. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Scrap Metal Recycling, 2025-2032”.
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Forecast Growth Projected:
The global scrap metal recycling market size was valued at USD 407.02 billion in 2023. The market is projected to grow from USD 420.83 billion in 2024 to USD 568.76 billion by 2032 at a CAGR of 3.8% during the forecast period.
List of the Key Players in the Scrap Metal Recycling Market:
- ArcelorMittal (Luxembourg)
- Aurubis AG (Germany)
- Kuusakoski Group Oy (Finland)
- Nucor Corporation (U.S.)
- AIM Recycling (Canada)
- Sims Limited (U.S.)
- OmniSource, LLC (U.S.)
- Metallon Recycling Pte Ltd (Singapore)
- SA Recycling LLC (U.S.)
- TKC Metal Recycling Inc. (Canada)
Segmentation -
On the basis of type, the market is bifurcated into non-ferrous and ferrous. On the basis of end-user, the market is fragmented into consumer appliances, automotive equipment manufacturing, building & construction, packaging, and others. Geographically, the market is classified into Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa.
Drivers & Restraints –
High Demand for Recycling Metal Scrap and Waste Management to Drive Market Growth
The growing demand for waste management and recycling infrastructure around the world is driving the industry. As a result of government mandates in numerous industries, scrap metal recycling is becoming more widespread to the energy required for virgin metal fabrication; recycling scrap metals saves a significant amount of energy. Recycling one ton of steel, for example, can save 2500, 1400, and 120 pounds of coal, limestone, and iron ore, respectively.
Report Coverage –
The report delivers an in-depth analysis of the market, including the current trends, drivers, restraints, and potential for growth. Furthermore, the report highlights the regional scrap metal recycling market growth and several strategies adopted by prominent players to gain a leading edge in the industry. Additionally, the report consists of the cumulative impact of COVID-19 in the market.
Competitive Analysis-
Key Players to Adopt Organic and Inorganic Strategies to Acquire Competitive Advantage
Metal recycling is a competitive market, and vendors use organic and inorganic growth tactics to acquire a competitive advantage. Metal recycling has changed the dynamics at many points throughout the value chain. Manufacturers, for example, might use recycling capabilities to obtain necessary raw materials for rapidly expanding production capacities without compromising their qualities. Metal recycling efficiently tackles one of the most significant problems of metal and metal product users, namely, the costs.
For instance, in May 2020, Aurubis AG purchased Metallo, a scrap metal recycling company. This purchase was made to increase the company's metal scrap manufacturing capability. It will also most likely assist Aurubis AG in expanding its global market penetration in metal recycling.
Key Industry Developments:
- April 2024: Brown Gibbons Lang & Co. announced the sale of Toledo Shredding LLC (a ProTrade Group subsidiary) to OmniSource LLC, the scrap processing arm of Steel Dynamics Inc.
- November 2023: Sims Ltd. began a strategic review of its U.K. scrap yard network, exploring a potential sale to enhance business performance and shareholder value.
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