The Metal Recycling Market Size is valued at 61.37 Billion in 2022 and is predicted to reach 111.31 Billion by the year 2031 at a 7.1% CAGR during the forecast period for 2023-2031.
Reprocessing scrap metal to create useful goods is known as recycling metal. The procedure is used to regulate energy usage, cut back on greenhouse gas emissions, and protect the environment. The process of taking waste metal, processing it, and turning it into a new substance is known as recycling metal. Products like poles, ropes and bars can be made with this recycled metal. Metals are employed in a range of industry sectors, including shipbuilding, packaging, automotive, and industrial machinery.
The development of the global market for metal recycling is anticipated to be fueled by an increase in construction activity in a number of areas, including Europe and Asia-Pacific. Urbanization and industrialization are increasing, and as economies develop quickly, so does the demand for metal recycling on a global scale. Manufacturers are being forced to adopt industrial metal recycling technology in their facilities due to the Environmental Protection Agency's claim that making steel from one fair amount of scrap steel can reduce CO2 emissions by a factor of 1.5. Manufacturers are compelled to do this because of this factor.
Additionally, the rising geopolitical unrest has driven manufacturers and government organizations in numerous countries to reduce their reliance on metal imports from other economies like China and India. China, India, and several more countries are among these. The reason for this is that there's a chance the conflict could get worse.
Competitive Landscape:
Some major key players in the Metal Recycling Market:
- ArcelorMittal
- Commercial Metals Company
- Aurubis AG
- SIMS Metal Management Limited
- Nucor Corporation
- European Metal Recycling Limited
- Tata Steel
- Dowa Holdings Co., Ltd.
- OmniSource Corporation
- Schnitzer Steel Industries, Inc.
- Kimmel Scrap Iron & Metal Co., Inc.
Market Segmentation:
The segmentation of the Metal Recycling market is on the basis of type, scrap type, equipment and end-user. Based on Type, the market is segmented as Ferrous and Non-Ferrous Metals. Secondly, the Scrap Type segment is divided into old scrap and new scrap, while the third segment, Equipment, is divided into Shredders, Shears, Granulating Machines, and Briquetting Machines. The End-User segment includes Building and Construction, Packaging, Automotive, Shipbuilding, and Electronics and Electrical Equipment.
Based On End-User, The Electronic Equipment Segment Is Accounted As A Major Contributor In The Metal Recycling Market
The electronic equipment category is expected to hold a major share of the global Metal Recycling market. Lead, copper, gold, and aluminium are among the valuable metals frequently found in large numbers in electronic gadgets; recycling these materials helps guarantee that natural resources are preserved to the maximum extent feasible. The electronics and electrical equipment business is expected to experience the highest growth rate during the time period under review as a direct result of this.
The Ferrous Segment Witnessed Growth At A Rapid Rate
The ferrous segment is projected to grow at a rapid rate in the global Metal Recycling market, and processing it results in the production of new metal. Iron can be recycled indefinitely without losing any of its material properties.
In The Region, The Asia Pacific Metal Recycling Market Holds A Significant Revenue Share
Asia Pacific is predicted to rule the industry due to its growing economy. In emerging nations like China and India, the need for metal is predicted to increase, which is anticipated to benefit the regional market. Given the enormous metal recycling sector there is, Europe is expected to grow significantly. North America is anticipated to witness tremendous growth as a result of the stringent rules put in place by government officials to prohibit the unauthorized use of mines and metal reserves. The mining industry will cause a moderate rise in Latin America. By the end of the predicted period, Middle East & Africa will show slow development.
Metal Recycling Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 61.37 Billion |
|
Revenue Forecast In 2031 |
USD 111.31 Billion |
|
Growth Rate CAGR |
CAGR of 7.1 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Scrap Type, By Equipment, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
ArcelorMittal, Commercial Metals Company, Aurubis AG, SIMS Metal Management Limited, Nucor Corporation, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., OmniSource Corporation, Schnitzer Steel Industries, Inc. Kimmel Scrap Iron & Metal Co., Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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