Metal Recycling Market to Reach USD 92.2 Billion by 2031 | CAGR 6.8% | Asia-Pacific Leads with 40% Share | Key Players: Gerdau, Nucor, ArcelorMittal, Schnitzer Steel, Aurubis, Novelis

Market Overview

The Global Metal Recycling Market reached US$ 54.5 billion in 2022 and is projected to grow to US$ 92.2 billion by 2031, expanding at a CAGR of 6.8% during the forecast period 2024-2031. The market growth is primarily driven by increasing environmental and sustainability concerns, which are motivating industries to prioritize recycled metals over primary extraction. Utilizing recycled metals helps companies reduce their environmental footprint while also mitigating volatility in global metal supply chains.

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Developing countries, in particular, are expected to ramp up the adoption of recycled metal components in manufacturing to lower production costs and maintain competitiveness amid rising labor expenses and fluctuating demand. For instance, the Indian automotive industry is projected to cut production costs by up to 30% through greater incorporation of recycled metal components, underscoring the economic as well as environmental incentives driving the market. The increasing regulatory focus on sustainable manufacturing practices and the global push for circular economy principles further bolster the growth prospects of the metal recycling market.

Recent Developments:

✅ November 2025: A major U.S. metal recycling company commissioned a new electric arc furnace (EAF) plant dedicated to processing recycled steel, significantly lowering energy use and emissions compared to traditional blast furnaces.

✅ July 2023: GSMA, the global association of telecom operators, announced plans to expand mobile phone take-back schemes by 2030. All collected phones will have their metals and other materials recycled for reuse, supporting circular economy initiatives in electronics.

Mergers & Acquisitions:

✅ October 2024: A major European metal recycling firm acquired a battery and e‐waste metal recovery specialist, enhancing its capabilities in critical metals and supporting growth in electric vehicle and electronics recycling.

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Key Players:

Gerdau holds an estimated 15% share, leveraging its extensive steel recycling operations across the Americas.

ArcelorMittal, one of the world's largest steel producers, contributes around 10% to the market, emphasizing sustainable metal sourcing and recycling initiatives.

Schnitzer Steel holds a 9% share, focusing on ferrous and non-ferrous metal recycling in North America.

Aurubis, a global leader in copper recycling, accounts for 8% of the market.

Novelis, specializing in aluminum recycling and rolled products, has a 7% share.

Market Segmentation:

By metal type, ferrous metals dominate the market with an estimated 65% share due to their widespread use in steel production and construction, while non-ferrous metals account for around 35%, driven by demand for aluminum, copper, and other valuable metals.

Among end-users, automotive is the largest segment with 28%, followed by construction and infrastructure at 22%, electrical and electronic equipment at 15%, industrial machinery and products at 12%, aerospace at 10%, shipbuilding at 8%, and packaging industry at 5%, showcasing the extensive adoption of recycled metals across multiple industries.

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Regional Insights:

Asia-Pacific is the largest regional market, accounting for approximately 40% of global metal recycling demand, fueled by rapid industrialization, a growing manufacturing sector, and increasing consumption of steel and aluminum in countries such as China, India, and Japan.

Europe follows with around 25% of the market share, driven by stringent environmental regulations, circular economy initiatives, and well-established recycling infrastructure in countries like Germany, France, and Italy. North America holds about 20%, supported by advanced recycling technologies, government incentives, and initiatives to recycle metals from automotive and electronic waste in the U.S. and Canada.

Market Dynamics:

Drivers:
The global metal recycling market is being increasingly shaped by the rising demand for lithium-ion batteries, fueled by the growth in consumer electronics and electric vehicles (EVs). Global smartphone shipments reached 1.2 billion units in 2022, while EV production has surged concurrently. Lithium-ion batteries, as the primary power source for these devices, are driving the need for lithium, cobalt, and nickel. Despite a quadrupling of global lithium mine output over the past decade, production will need to increase six-fold by 2030 to meet projected demand. This trend has encouraged industries to invest in lithium recycling initiatives. For example, in July 2023, UK-based Altilium partnered with Japan's Marubeni Corporation to develop a new facility in Devon, UK, for recovering and recycling lithium, nickel, and cobalt from used lithium-ion batteries, highlighting the integration of battery recycling into the broader metal recycling ecosystem.

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