Metal market

Recycled Scrap Metal Market to Surpass US$98.5 Billion by 2031 as Application for Recycled Ferrous Metals Continues to Grow: Future Market Snapshot

– Future Market Insight’s (IMF) latest report on the recycled scrap metal market provides in-depth analysis for the current decade. It studies the market in terms of various segments including metal type, source type, and end user across several countries and regions.

DUBAI, WATER, November 3, 2021 /PRNewswire/ — Future Market Insights (IMF), Dubai: Global Recycled Scrap Market Sales are expected to total 58.3 billion in 2021, estimates IMF. Growing demand for recycled scrap metal in sectors such as automotive, shipbuilding and infrastructure is expected to boost sales.

Future Market Outlook

The application of recycled scrap metal for the production of machinery, industrial tools and equipment facilitates the growth of the market. For this reason, the market is expected to exceed US$98.5 billion by 2031-end.

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Historically, the market grew at a CAGR of 0.9% between 2016 and 2020. The increasing demand for scrap generated during the production of steel, iron and other metal products due to its low cost and concerns increasing concerns about emissions control increases product sales.

Driven by this, the market is expected to grow at a healthy CAGR of 5.4% over the forecast period 2021-2031.

Rapid urbanization and industrialization, especially in developing economies such as China, India, and others are propelling the demand for iron and steel in the building and construction and industrial sectors.

In addition, the increase in iron and steel production across East Asia is expected to drive recycled scrap metal sales to a year-over-year (YoY) growth of 5.2% in 2021.

According to the IMF, the ferrous metals segment will continue to dominate the global market, forecasting a year on year (YoY) growth of 5% in 2021. The increasing use of ferrous metals in the manufacture of consumer electronics, vehicles and ships is driving the growth of the segment.

“The growing emphasis on waste management and the growing number of government initiatives to minimize industrial waste and reduce greenhouse gas emissions is expected to accelerate market growth,” says an IMF analyst.

Main takeaways from recycled scrap Market research

  • The US market should reach a valuation of US$8.4 billion in 2021, with annual growth of 4.9% in 2021.

  • Russia is expected to emerge as a very profitable market, with sales growth of 4.4% year-on-year in 2021.

  • China is expected to become the fastest growing market East Asia, with a healthy CAGR of 5.8% over the forecast period.

  • South Korea and Japan are estimated to collectively account for nearly 9.9% of global revenue share between 2021 and 2031.

  • Based on source type, post-consumer scrap is expected to dominate the segment, accounting for over 85% of overall sales in 2021

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Key factors

  • The increase in public investment in the building and construction industry as well as the emphasis on the conservation of natural resources through China, United States, India, and others are driving demand for recycled scrap metal.

  • Growing automotive, consumer electronics and electrical equipment sales across the world will drive recycled aluminum and copper sales in the non-ferrous metals segment.

Key Constraints

  • Low tensile strength, high malleability and high cost of copper, tin and other non-ferrous metals compared to ferrous metals are expected to limit sales in the non-ferrous metals segment.

Competitive landscape

The major players in the global market are Hesteel Group, ArcelorMittal, China Baowu Steel Group Corp., Nucor Corporation, Aurubis AG and others. These companies are expected to account for nearly 32% of total revenue share in 2021.

The major players are focusing on strengthening their global presence through strategic collaborations, mergers, acquisitions, and partnerships. Additionally, leading companies are aiming to reduce carbon emissions by recycling and using waste in their manufacturing processes. For example:

  • In September 2021, Nucor Corporation, a producer of steel and related products, announced the acquisition of a major metal processing company in the United States, Grossman iron & Steel Company. The acquisition will help the company improve its production capacity and achieve its sustainability goals.

  • In May 2019, Aurubis AG announced the acquisition of a Belgian-Spanish company, Metallo Group, to continue the company’s multi-metal and recycling strategy. The acquisition will help Aurubis AG strengthen its multi-metal portfolio, particularly in key metals nickel, copper, zinc, tin and lead.

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Some of the key players operating in the market profiled by FMI are:

  • ArcelorMittal

  • Aurubis S.A.

  • China Baowu Group

  • HBIS Group

  • Sims Metal Management Ltd.

  • HKS Metals

  • Nucor Corporation

  • AMG Resource Company

  • Celsa Group

  • EMR Group

  • CRONIMET Holding GmbH

  • GLE Scrap

  • Tucson Iron and Metal

  • ELG Haniel GmbH

  • Atlantic Recycling Group, LLC

  • Baroni Ferraille LLC

  • Kuusakoski Group Oy

  • IMR Innovative Metal Recycling GmbH

  • Romukeskus Oy

  • Commercial Metals Co (CMC)

  • MetalCirc Oy

  • GMH Recycling GmbH

  • Eco-Bat Technologies Ltd.

  • Evraz plc.

More valuable information about recycled scrap Marlet

FMI, in its new report, offers an in-depth study of the global recycled scrap metal market, highlighting the market’s growth prospects to 2021 and beyond. The survey reveals the demand outlook for the Recycled Scrap Metal market with detailed segmentation:

By type of metal:

  • Iron metals

  • Non-ferrous metals

By source type:

  • Production waste

  • Post-consumer waste

By end use:

By region:

  • North America

  • Latin America

  • Europe

  • East Asia

  • South Asia & Pacific

  • Middle East & Africa

We offer bespoke solutions to meet your needs, request customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-14112

Key questions covered in the report

  • The report offers an overview of the demand outlook for the recycled scrap metal market over the forecast period 2021-2031

  • The market study also highlights the forecasted sales growth for the recycled scrap metal market between 2021 and 2031

  • A study on the Recycled Scrap Metal Market identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within industry

  • Recycled Scrap Metal Market share analysis, covering key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.

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About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. IMF is headquartered in dubai, and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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SOURCE Future Market Outlook