Recycled Steel is fastest growing segment fueling the growth of Recycled Metal Market

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Recycled Steel is fastest growing segment fueling the growth of Recycled Metal Market

Recycled metals are materials that have been recovered from scrap or waste products and reprocessed into useful and valuable products. Recycled metals such as steel,

The global 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.

Recycled metals are materials that have been recovered from scrap or waste products and reprocessed into useful and valuable products. Recycled metals such as steel, aluminum, copper, lead and zinc help reduce energy usage and greenhouse gas emissions compared to primary metal production from mined ores. There is growing demand for recycled steel and aluminum especially in construction applications due to their cost effectiveness and sustainability benefits.

Market Overview:
Recycled metals include ferrous metals such as steel and non-ferrous metals such as aluminum and copper. Ferrous metals account for a major share of the overall recycled metal market. Growing construction activities globally along with stringent government regulations regarding waste management are fueling the demand for recycled metals.

Market key trends:
One of the key trends in the recycled metal market is robust growth in demand for recycled steel. According to estimates, around 30% of the global steel production comes from scrap steel recycled from end-of-life products such as automobiles and appliances. Recycled steel offers substantial benefits in terms of reduced energy usage, CO2 emissions and mining waste compared to primary steel production. Many construction companies are utilizing recycled steel in rebar, structural and other applications due to its cost advantages. This is expected to significantly drive the recycling rates of scrap steel over the forecast period.
Segment Analysis
The recycled metal market is segmented into ferrous and non-ferrous. The ferrous segment currently dominates the market as it accounts for over 70% of the total recycled metal market share. Steel is the most commonly recycled metal due to its widespread applications across different industries such as automotive and construction. The steel industry relies heavily on scrap steel as a raw material input, driving higher demand and volumes for ferrous scrap.

Key Takeaways
The global Recycled Metal Market Share is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing demand for recycled metals from different end-use industries such as construction and automotive. The global recycled metal market size is estimated to reach US$ 54.48 Bn in 2023.

Regional analysis - Asia Pacific region currently dominates the global recycled metal market with over 35% share of the total market revenue. China alone accounts for nearly 25-30% of global recycled metal demand due to presence of a large secondary steelmaking industry and rapid infrastructure development activities in the region. Europe is the second largest market for recycled metals owing to stringent environmental regulations encouraging metal recycling.

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., and ELG Haniel Group. Major players are focusing on capacity expansions as well as strategic partnerships to strengthen their presence across regions.