Metal Recycling Market to Reach USD 92.2 Billion by 2031 | CAGR 6.8% | North America Leads with 28% Share | Key Players: Gerdau, Nucor, ArcelorMittal, Schnitzer Steel, Aurubis, Novelis, Steel Dynamics

Market Size & Overview

The Global Metal Recycling Market reached US$ 54.5 billion in 2022 and is projected to reach US$ 92.2 billion by 2031, growing at a CAGR of 6.8% during the forecast period 2024-2031. The market growth is largely driven by rising environmental awareness and increasing sustainability initiatives, as industries aim to reduce dependence on primary metal extraction and mitigate volatility in global metal supply chains.

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The adoption of recycled metals is becoming increasingly important in manufacturing, particularly in developing economies, where companies seek to control production costs while maintaining competitiveness amid rising labor costs and slowing global demand. For instance, the Indian automotive industry could potentially reduce production costs by up to 30% by increasing the utilization of recycled metal components. As manufacturers worldwide prioritize sustainability and cost efficiency, the demand for recycled metals is expected to expand across automotive, construction, electronics, and machinery sectors, further fueling market growth.

Recent Developments:

✅ May 2025: Sims Metal Management launched a blockchain‐based traceability platform to authenticate recycled material content throughout the supply chain, enhancing transparency, sustainability reporting, and regulatory compliance.

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Key Players:
Gerdau | Nucor | ArcelorMittal | Schnitzer Steel | Aurubis | Novelis | Steel Dynamics | Voestalpine | JSW Steel | United States Steel Corporation

Key Highlights:

Gerdau - 12%

Nucor - Holds an 11% share, supported by electric arc furnace (EAF) operations and investments in sustainable metal recovery solutions.

ArcelorMittal - 10%

Schnitzer Steel - Holds an 8% share, driven by its robust collection, processing, and resale of ferrous and non-ferrous metals across North America.

Aurubis - Holds a 7% share, supported by its focus on non-ferrous metal recycling, particularly copper, and closed-loop smelting operations.

Novelis - Holds a 6% share, fueled by aluminum recycling innovations and high-volume production for automotive and beverage can markets.

Steel Dynamics - 5%

Voestalpine - Holds a 4% share, supported by high-end specialty steel recycling and metallurgical innovations.

JSW Steel - 3%

United States Steel Corporation - 3%

Market Segmentation:

By Metal: The market is dominated by Ferrous Metals, accounting for approximately 65% of global recycling volume, driven by widespread use in construction, automotive, and industrial machinery. Non-Ferrous Metals account for around 35%, led by aluminum, copper, and precious metals, which are highly valued for aerospace, electronics, and packaging applications due to their lightweight and corrosion-resistant properties.

By Mode of Recycling: Shredding is the most widely used method, representing 40% of the market, enabling efficient size reduction and separation of metals. Shearing accounts for 15%, mainly used for structural steel and large components. Baling and Crushing collectively hold 25%, applied to transport and prepare metals for smelting. Torching contributes 20%, primarily for heavy or complex ferrous structures requiring precise cutting.

By End-User: The Automotive sector is the largest consumer at 30%, leveraging recycled metals for vehicle components to reduce costs and meet sustainability goals. Construction & Infrastructure accounts for 25%, utilizing steel and aluminum from demolition projects. Electrical & Electronic Equipment contributes 15%, followed by Industrial Machinery & Products at 10%, Shipbuilding at 8%, Packaging Industry at 7%, and Aerospace at 5%, reflecting growing demand for high-performance non-ferrous metals in lightweight, durable applications.

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Regional Insights:

North America dominates the metal recycling market with a 28% share (USD 15.3 billion in 2024). The region benefits from well-established recycling infrastructure, stringent environmental regulations, and high adoption of advanced recycling technologies. The U.S. leads the market due to extensive automotive, aerospace, and industrial manufacturing sectors, where recycled metals are increasingly used to reduce costs and carbon footprint.

Asia-Pacific is the fastest-growing market, accounting for 30% share (USD 16.4 billion in 2024), with a projected CAGR of over 8.5% during 2025-2032. Rapid industrialization, urbanization, and growing demand for automotive, electronics, and construction materials in China, India, and Japan are driving the adoption of metal recycling practices. Government initiatives promoting sustainability and recycling infrastructure are further accelerating market expansion.

Market Dynamics:

Rising Production of Lithium-Ion Batteries
The rapid growth in global smartphone production and electric vehicle (EV) adoption is driving a surge in demand for lithium-ion batteries, which serve as the primary power source for consumer electronics and EVs. In 2022, approximately 1.2 billion smartphones were shipped globally, while EV production also saw substantial growth. This escalating demand for lithium has highlighted the importance of recycling, as even with a four-fold increase in lithium mine output over the past decade, production must increase six-fold by 2030 to meet projected demand. As a result, industries are increasingly investing in lithium recycling infrastructure. For example, in July 2023, UK-based Altilium partnered with Japanese conglomerate Marubeni Corp. to develop a facility in Devon, UK, aimed at recovering and recycling lithium, nickel, and cobalt from used lithium-ion batteries.

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