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Recycled Metal Market Research Report 2024-2033: Size, Forecast, and Insights
Recycled Metal Market Research
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According to The Business Research Company's, The recycled metal market size has grown strongly in recent years. It will grow from $69.28 billion in 2023 to $73 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to material specifications, evolving consumer preferences, market acceptance, infrastructure development, scra*p availability, demand from end-use industries.
The recycled metal market size is expected to see strong growth in the next few years. It will grow to $92.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to green manufacturing practices, supply chain transparency, investments in waste management, resource scarcity concerns, corporate sustainability commitments. Major trends in the forecast period include circular economy promotion, government regulations, resource scarcity concerns, green building practices, economic viability.
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Market Drivers and Trends:
The growing usage of steel in end-user industries is expected to propel the growth of the recycled metal market in the coming years. Steel is a kind of iron alloy composed largely of iron and a trace amount of carbon, generally ranging from 0.2% to 2.1% by weight. Recycled metal, frequently in the form of scra*p steel, plays an important role in the steel industry, contributing to environmentally friendly and sustainable steel manufacturing. For instance, in June 2023, according to the annual statistical report of the American Iron and Steel Institute, a US-based trade group representing steel producers in North America and including its predecessor organizations, imports of finished steel rose by 11.0 percent in 2022, accounting for 24% of apparent steel consumption. Therefore, the growing usage of steel in end-user industries is driving the recycled metal market.
Strategic partnerships and collaborations are shaping the recycled metals market. Major companies operating in recycled metals are entering into a partnership to leverage each other's resources and expand into a new market. For instance, in July 2022, Novelis Inc., a US-based recycling company partnered with Sortera Alloys Inc. Through this partnership, Novelis aimed to keep raising the percentage of recycled material in its automotive alloys, thereby lowering the carbon footprint. Sortera Alloys Inc. is a US-based company that recycles industrial scra*p metal. In addition, in February 2022, Daimler India Commercial Vehicles Pvt. Ltd., an India-based company that manufactures and sells commercial vehicles partnered with an India-based Cero - Mahindra MSTC Recycling Pvt. Ltd. (MMRPL). This partnership helped customers to replace their outdated fleet with brand-new, domestically produced BSVI BharatBenz vehicles that include cutting-edge technology and high standards of safety, quality, comfort, and manufacturing. Cero - Mahindra MSTC Recycling Pvt. Ltd. (MMRPL) is an India-based automotive and steel recycling facility.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
ArcelorMittal S.A., Nucor Corporation, Commercial Metals Company, Sims Metal Management Limited, Aurubis AG, Novelis Inc., ELG Haniel Group, Kuusakoski Group Oy, Tata Steel Ltd., Steel Dynamics Inc., Norsk Hydro ASA, GFG Alliances, China Baowu Group, HKS Scra*p Metals B.V., AMG Resources Corporation, European Metal Recycling, Schnitzer Steel Industries Inc., OmniSource Corporation, Alter Trading Corporation, Ferrous Processing & Trading Co., Metal Management Inc., Tube City IMS LLC, SA Recycling LLC, Upstate Shredding LLC, PSC Metals Inc., American Iron & Metal Company, Southern Recycling LLC, Gerdau S.A., Dowa Holdings Co. Ltd., Liberty Steel Group, Sims Limited
Recycled Metal Market 2024 Key Insights:
• The recycled metal market size is expected to see strong growth in the next few years. It will grow to $92.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Building A Sustainable Future Growing Demand In Construction Sector Drives The Recycled Metal Marke
• Forging Sustainable Alliances Novelis Inc. Partners With Sortera Alloys And Daimler India Collaborates With Cero - Mahindra Mstc Recycling In The Recycled Metals Market
• Asia-Pacific was the largest region in the recycled metal market in 2023
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