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Integration of advanced technologies such as automation, AI, and sensor-based sorting will broaden the application potential of scrap metal recycling.
ROCKVILLE, MD, UNITED STATES, December 9, 2024 /EINPresswire / -- The global scrap metal recycling
market is set to reach a valuation of US$ 307.5 Bn in 2024 and further expand at a CAGR of 6.5% to end up at US$ 577.2 Bn by the year 2034.
Demand for secondary metals like steel, aluminium, and copper is rising due to environmental concerns and cost efficiency. Recent technological advancements, such as automated sorting and improved processing methods, have made recycling scrap metal more effective and efficient. This industry is rapidly growing in emerging economies like China and India, due to increasing demand for raw materials and the expansion of their manufacturing sectors.
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Governments across the globe are implementing laws and regulations coupled with investments to encourage recycling and reduce waste. For instance, the United States government has allocated US$ 9.7 million in funding for the development of recycling technologies.
Similarly, the European Union has set a target of recycling 75% of all metal packaging by 2025 and is investing in research and development of new recycling technologies. These factors are expected to drive growth in the metal recycling industry during the forecast period.
Key Takeaways from the Market Study:
The global scrap metal recycling market is projected to grow at 6.5% CAGR and reach US$ 577.2 billion by 2034
The market created an opportunity of US$ 59.6 billion growing at a CAGR of 5.5% between 2019 to 2023
East Asia is a prominent region that is estimated to hold a market share of 31.6% in 2034
New Scrap under the Scrap type is estimated to grow at a CAGR of 6.2% creating an absolute $ opportunity of US$ 102.5 billion between 2024 and 2034
North America and East Asia are expected to collectively create an absolute $ opportunity of US$ 159.5 billion.
“Government Investment & Regulations Fuels the Recycled Metal Demand Which Drives Scrap Metal Recycling Market,” says a Fact analyst.
Leading Players Driving Innovation in the Scrap Metal Recycling Market:
ArcelorMittal; Baosteel Group Corporation; Commercial Metal Company; Nucor Corporation; Sims Limited; Tata Steel Limited; Toyota Tsusho; Omnisource Corporation; Radius Recycling (Schnitzer Steel); TMS International; Aurubis AG; European Metal Recycling (EMR); Kuusakoski Oy; REAL ALLOY (Acquired By Speira); Hindalco; Harsco (Enviri); Other Prominent Players.
Market Growth Stratagems
Different organic and inorganic strategies are being adopted by market players to remain competitive in the market and contributing major share of the global market. Investment in research and development coupled with capacity expansion remains the prominent go-to strategy for the market titans. Long-term trade relations with end-users enable market players to survive unfavourable trade situations.
In October 2023, Nucor Corporation's subsidiary, River Metals Recycling, has signed an agreement for the acquisition of Garden Street Iron & Metal based in Cincinnati for an undisclosed amount, adding one feeder and one shredder yard. With the latest buy, the total number of RMRs has reached 19 facilities. The combined capacity will support the recycling of scrap metal in a more sustainable way to feed the requirement of Nucor for its steel production.
In August 2023, Tata Steel inked an MoU with the government of Punjab to establish a 0.75 MnTPA steel plant with a scrap-based electric arc furnace for production of Construction grade steel rebar under 'Tata Tiscon' brand aligning with the Net Zero carbon emissions objective of Tata Steel by 2045.
Scrap Metal Recycling Industry News:
On November 15, 2023, ArcelorMittal at Aviles, Spain, made its first foray into additive manufacturing with a commercial-scale steel powder atomizer. As a testament of ArcelorMittal's dedication to sustainability and creative production, it is built to run on renewable energy and will create sustainable steel powders from waste metals.
Other alternative questions include: On November 17, 2023, Nucor Corporation stated that it would upgrade its steel plate factory in Tuscaloosa, Alabama, with an investment of $280 million. In addition to using steel scrap once more, the update will enable the mill to produce a wider range of products than previously, highlighting Nucor's commitment to sustainability and competitiveness in the global steel market.
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More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the scrap metal recycling market, presenting historical market data (2019-2023) and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on the By Metal Type (Ferrous [Stainless Steel, Carbon Steel, Mild Steel, Cast Iron], Non-Ferrous [Aluminium, Copper, Lead, Nickel, Zinc, Brass, Tin, Gold, Other]), By Scrap (New Scrap, Old Scrap), By Recycling Type (Shearing, Shredding, Baling), By End Use Vertical (Automotive Industry, Shipbuilding Industry, Construction Industry, Mining Industry, Energy & Power Industry, Railway & Transportation, Aerospace & Defence, Oil & Gas, Heavy Equipment Industry, Other) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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The global titanium scrap recycling market was valued at US$ 2,728.8 million in 2023 and has been forecasted to expand at a noteworthy CAGR of 6.6% to end up at US$ 5,512.5 Million by 2034.
Europe scrap metal shredder market is anticipated to project a valuation of US$ 390.5 million in 2023 and further expand at a CAGR of 5.2% to reach US$ 650.9 billion by the end of 2033.
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