NEWARK, Del, May 17, 2022 (GLOBE NEWSWIRE) — The global recycled scrap metal market is expected to grow at a stable CAGR of 5.4% over the forecast period between 2021 and 2031, according to Future Market Insights (IMF) on a recent market an analysis. The increase in iron and steel production is driving the demand for recycled scrap metal. The increasing use of scrap metal in steel production and in the transformation of non-ferrous metals should also stimulate the rate of consumption of recycled scrap metal.
The rapid development of the building and construction sector is also propelling sales of recycled scrap metal. The increase in the production of automobiles, shipbuilding, airplanes and aircraft is also boosting the rate of consumption of recycled scrap metal.
The production and processing of ferrous and non-ferrous metals produces scrap metal. This waste is then used in the processing of various products to reduce waste generation. Growing demand for waste management and initiatives by regional government bodies to minimize waste are expected to boost the sales of recycled scrap metal during the forecast period.
According to IMF, the East Asian region is expected to be a key consumer of recycled scrap due to strong iron and steel production, especially in China. Supported by the aforementioned factors, the global recycled scrap metal market is expected to reach US$98.5 billion by 2031.
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“Increasing production of electric vehicles in the automotive sector, as well as rising sales of consumer electronics and wearables are expected to continue to drive scrap metal sales over the assessment period,” says an IMF analyst.
Key points to remember:
By metal type, the demand for ferrous metals is expected to increase at a CAGR of 5.4% during the forecast period.
The post-consumer recycled scrap segment is expected to hold around 85% of the total market share in 2021.
Applications of recycled scrap in the equipment and tools segment are expected to grow at a CAGR of 4.6% through 2031.
U.S. recycled scrap metal sales are expected to grow 4.9% year-over-year in 2021.
Russia will become an attractive market for recycled scrap, with sales growing at a CAGR of 4.4% in 2021.
China is expected to account for more than 80% of the recycled scrap metal market share in East Asia in 2021.
Japan and South Korea will collectively account for 9.9% of the total recycled scrap metal market share through 2031.
Key players of global recycled scrap metal market elaborated in the report include ArcelorMittal, Aurubis AG, China Baowu Group, HBIS Group, Sims Metal Management Ltd., HKS Metals, Nucor Corporation, AMG Resources Corporation, Celsa Group, EMR Group, CRONIMET . Holding GmbH, GLE Scrap Metal, Tucson Iron and Metal, ELG Haniel GmbH, Atlantic Recycling Group, LLC, Baroni Scrap Metal LLC, Kuusakoski Group Oy, IMR Innovative Metal Recycling GmbH, Romukeskus Oy, Commercial Metals Co (CMC), MetalCirc Oy, GMH Recycling GmbH, Eco-Bat Technologies Ltd. and Evraz plc.
Key players operating in the global recycled scrap metal market are focusing on the increasing use of scrap metal to produce iron and steel to reduce waste generation and operating expenses. Moreover, major players are focusing on collaborations, mergers and acquisitions to expand their production facilities and distribution channels. For example:
In October 2021, Nucor launched Econiq, a series of net zero carbon steel products. Through Econiq, Nucor provides steel consumers with the lowest greenhouse gas emissions steel products.
Increase in iron and steel production Stimulation of recycled scrap sales
The rapid expansion of the construction sector, automobile production, the industrial machinery, tools and equipment sector, and shipbuilding is boosting the demand for iron and steel. Investments in infrastructure, especially in developing countries, are also driving demand for iron and steel in civil construction. This translates into increased sales of recycled scrap, and the trend is expected to continue during the forecast period.
Significant growth in China’s construction and infrastructure sector in recent years has boosted iron and steel consumption, leading to strong demand for scrap metal for production. Since the use of scrap metal helps to reduce carbon emissions and waste generation, major players prefer scrap metal to produce iron and steel. This reduces overall production costs and helps companies achieve their sustainability goals.
China has also dramatically increased its steel production over the past decade, which has boosted demand for recycled scrap metal. The overall increase in iron and steel production is expected to propel the rate of scrap consumption in the coming years.
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Recycled scrap metal market by category
By type of metal:
- Iron metals
- Non-ferrous metals
- precious metal
By source type:
- Production waste
- Post-consumer waste
By end use:
- Building construction
- Consumer electronics
- Equipment and tools
- Art, decoration and furnishings
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Innovation / Development Trends
4. Key success factors
4.1. Product Adoption / Usage Analysis
4.2. Innovation and product diversification
4.3. Marketing and brand management
4.4. Supply chain management
5. 2016-2020 Global Recycled Scrap Metal Market Demand Analysis and Forecast, 2021-2031
5.1. Historical Analysis of Market Volume (Tons), 2016-2020
5.2. Current and Future Projections of Market Volume (Tons), 2021-2031
5.3. Analysis of annual growth trends
6. Global Recycled Scrap Metal Market- Price Analysis
6.1. Price analysis by type of metal
6.2. Cost Teardown Analysis
6.3. Price analysis by regions
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