Recycled Metal Market: Major Trends Reshaping the Future of the Industry

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What Will the Recycled Metal Industry Market Size Be by 2025?
In recent times, the size of the recycled metal market has seen a consistent rise. It is projected to surge from $71.97 billion in 2024 to $75.5 billion in 2025 with a compound annual growth rate (CAGR) of 4.9%. Factors such as material specifications, changing consumer preferences, market adoption, infrastructure advancement, scra*p availability, and demand from end-use industries are behind the growth witnessed during the historic period.

What's the Long-Term Growth Forecast for the Recycled Metal Market Size Through 2029?
Expectations are high for substantial growth in the recycled metal market in the upcoming years. The market is projected to increase to a value of $97.72 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%. The anticipated growth during this forecast period is largely due to factors such as the adoption of environmentally-friendly manufacturing methods, supply chain transparency, investment in waste management, concerns over resource scarcity, and commitments to corporate sustainability. Key trends predicted for this period include the promotion of a circular economy, governmental regulations, heightened concerns over resource scarcity, the implementation of green building practices, and economic feasibility.

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What Are the Key Growth Drivers Fueling the Recycled Metal Market Expansion?
The surge in the construction sector is anticipated to fuel the growth of the recycled metal market. The construction industry includes businesses involved in the creation, maintenance, and repair of buildings, as well as mineral exploration and drilling. An upswing in construction tasks has been prompted by swift industrialization and urbanisation. These operations generate a high demand for recycled metals, which are cost-effective and eco-friendly. For example, the Office for National Statistics, a government agency in the UK, reported that new construction activities saw a surge of £18,161 million ($19.96 million) in 2022, with a growth of 16.8% in private sector projects and a 13.1% rise in public sector projects, recorded in November 2023. Consequently, the escalation in construction undertakings will stimulate the recycled metal market.

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What Are the Key Trends Driving Recycled Metal Market Growth?
The recycled metals market is being molded by various strategic partnerships and collaborations. Significant firms in the recycled metals industry are forming alliances to capitalize on each other's resources and penetrate fresh markets. For instance, Novelis Inc., an American recycling firm, joined hands with Sortera Alloys Inc. in July 2022. The goal of this collaboration for Novelis was to incrementally increase the ratio of recycled material in its automotive alloys, thereby reducing the carbon footprint. Sortera Alloys Inc. is a company specialized in the recycling of industrial scra*p metal based in the United States. Similarly, in February 2022, Daimler India Commercial Vehicles Pvt. Ltd., an Indian firm, engaged in the production and sale of commercial automobiles collaborated with Cero - Mahindra MSTC Recycling Pvt. Ltd. (MMRPL), another India-based company. This synergistic alliance aided their clients to swap their outdated fleet with newly produced BSVI BharatBenz vehicles exhibiting advanced technology and superior benchmarks of safety, quality, comfort, and manufacturing. Cero - Mahindra MSTC Recycling Pvt. Ltd. (MMRPL) is a recycling facility for automotive and steel waste, located in India.

How Is the Recycled Metal Market Segmented?
The recycled metal market covered in this report is segmented -

1) By Product: Steel, Aluminum, Copper, Other Products
2) By Metal: Ferrous, Non-Ferrous, Precious Metals
3) By End-User: Construction, Transport And Automotive, Industrial Machinery, Electronics, Defense, Packaging, Military, Consumer Goods, Other End-Users

Subsegments:
1) By Steel: Recycled Steel Scra*ps, Electric Arc Furnace (EAF) Steel
2) By Aluminum: Aluminum Cans, Aluminum Extrusions, Aluminum Alloys
3) By Copper: Copper Wire, Copper Tubing, Copper Sheet
4) By Other Products: Zinc, Lead, Nickel, Specialty Alloys

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Which Companies Are Leading the Charge in Recycled Metal Market Innovation?
Major companies operating in the recycled metal market are 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

Which Regions Are Leading the Global Recycled Metal Market in Revenue?
Asia-Pacific was the largest region in the recycled metal market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the recycled metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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