Metal Recycling Industry is Expected to Reach $ 92.2 Billion by 2031 - Gerdau S/A, Nucor, Commercial Metals Company, Steel Dynamics

Global Metal Recycling Market reached US$ 54.5 billion in 2022 and is expected to reach US$ 92.2 billion by 2031, growing with a CAGR of 6.8% during the forecast period 2024-2031.

Environmental and sustainability concerns are driving the growth of the global metal recycling market. As industries seek to reduce reliance on primary metal extraction and mitigate supply chain volatility, the use of recycled metals is increasing. Developing countries, in particular, are expected to enhance their recycling practices to lower production costs and stay competitive amid rising wages and slowing demand. For instance, the Indian automotive industry could potentially cut production costs by up to 30% through increased metal recycling.

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Key Developments:

• In June 2023, the Metal Recycling Industry Association of South Africa reported that the government's ban on Metal waste exports, aimed at curbing copper theft, has led to the formation of cartels, negatively impacting the country's metal recycling sector.

• In July 2023, GSMA, the global telecom industry association, announced its plans to expand mobile phone take-back schemes by 2030. Phones collected through these schemes will be recycled to recover metals and other materials for reuse.

• In February 2023, India announced a reduction in the Goods and Services Tax (GST) on steel rubbish recycling from 18% to 5%, a move expected to benefit Indian steel recycling companies.

Market Trends:

The global production of lithium-ion batteries is surging, driven by increased smartphone and electric vehicle (EV) production. In 2022, 1.2 billion smartphones were shipped, and EV production also saw significant growth. As lithium-ion batteries power both consumer electronics and EVs, the demand for lithium is rising sharply.

Despite a fourfold increase in global lithium mine output over the past decade, production must expand six-fold by 2030 to meet demand. To address this, industries are boosting lithium recycling efforts. For example, in July 2023, Altilium, a UK-based recycling firm, partnered with Japan's Marubeni Corp. to establish a new facility in Devon, UK, focused on recycling lithium, nickel, and cobalt from used batteries.

Segment Covered in the Metal Recycling Market:

By Metal: Ferrous Metals, Non-Ferrous Metals.

By Mode of Recycling: Shearing, Shredding, Baling, Torching, Crushing.

By End User: Automotive, Aerospace, Electrical and Electronic Equipment, Shipbuilding, Construction and Construction, Industrial Machinery and Products, Packaging Industry, Others

Major Key Players:

• Gerdau S/A
• Nucor
• Commercial Metals Company
• Steel Dynamics
• Schnitzer Steel Industries, Inc.
• River Metals Recycling
• ArcelorMittal
• Aurubis AG
• Dowa Holdings Co. Ltd
• Novelis Inc.

*Note:

Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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