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Scr*ap Gold Recycling Global Market Report 2024 Market Size, Growth And Overview Report 2024-2033
Sc*rap Gold Recycling Global Market Report
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According to The Business Research Company's, The sc*rap gold recycling market size has grown strongly in recent years. It will grow from $13.50 billion in 2023 to $14.73 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to fluctuating gold prices, increase in environmental regulations, rise in economic downturns fostering recycling incentives, growth in electronic waste generation, rise in corporate sustainability initiatives, and surge in consumer awareness of ethical sourcing practices.
The sc*rap gold recycling market size is expected to see strong growth in the next few years. It will grow to $21.10 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to evolving consumer preferences towards sustainable products, increasing regulatory push towards responsible sourcing, increasing electronic waste volumes, increasing industrial applications using gold, increasing volatility in gold prices, and expanding awareness of environmental impacts among businesses. Major trends in the forecast period include technological advancements in recycling processes, advancements in mining methods, adoption of sustainable practices, advancements in electronic waste recycling, and innovation in extraction processes.
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Market Drivers and Trends:
The rise in gold prices is expected to propel the growth of the scr*ap gold recycling market going forward. The increase in gold prices is attributed to economic uncertainty, inflation concerns, fluctuating currency values, and increased demand for safe-haven assets among investors. The rise in gold prices incentivizes sc*rap gold recycling by making it more profitable for individuals and businesses to recycle and sell their gold, increasing the supply of recycled gold in the market. For instance, according to the World Gold Council, a UK-based international trade association for the gold industry, the global gold price increased from $58.72 per gram in January 2022 to $65.47 in January 2024. Therefore, the rise in gold prices is driving the growth of the sc*rap gold recycling market.
Major companies operating in the sc*rap gold recycling market are focusing on adopting innovative approaches, such as the mass balance approach, to verify claims of recycled content. The mass balance approach is used to trace and certify the proportion of recycled or sustainably sourced materials in a product or process. It ensures that the amount of recycled content used corresponds to the amount of recycled material inputted into the system, providing transparency and accountability for sustainability claims. For instance, in April 2024, Heraeus Precious Metals, a Germany-based precious metals industry, launched Circlear to meet the increasing demand for sustainable solutions in the precious metals industry. Circlear features 100% recycled-content precious metals such as gold, silver, and platinum, promoting a circular economy by reducing reliance on primary extraction. Certified by TÜV Süd, Circlear ensures high-quality standards while significantly lowering carbon emissions compared to conventional production methods.
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Major Key Players of the Market:
Glencore plc, Rio Tinto Group, Umicore N.V., Aurubis AG, Teck Resources Limited, Barrick Gold Corporation, Boliden AB, Dillon Gage Inc., Elemetal LLC, Sipi Metals Corporation, Metallix Refining Inc., Gannon & Scott, United Precious Metal Refining Inc., David H. Fell & Company Inc., RPM Industries LLC, Garfield Refining, Gold Refiners LLC, Mid-States Recycling & Refining Inc., Arch Enterprises Inc., Manhattan Gold & Silver, Northern Refineries Inc., Geib Refining Corporation, Republic Metals Corporation, Aurum Metals, Doral Refining Corporation
Sc*rap Gold Recycling Market 2024 Key Insights:
• The sc*rap gold recycling market size is expected to see strong growth in the next few years. It will grow to $21.10 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Impact of Rising Gold Prices on the Sc*rap Gold Recycling Market
• Leading Sc*rap Gold Recycling Companies Embrace Mass Balance Approach for Verified Sustainable Practices
• Europe was the largest region in the sc*rap gold recycling market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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