Metal Recycling Market- Global Industry Analysis and Forecast (2023-2029)

Metal Recycling Market was valued at US$ 65.81 Bn. in 2022 and is expected to reach US$ 113.52 Bn. in 2029, at a CAGR of 8.1 % during a forecast period.
Metal Recycling Market Overview:
Recycling is defined as the processing of spent metal by transforming scrap into a finished product that may be utilized to manufacture new items. Recycling helps to reduce the amount of solid waste accessible since if not recycled, this garbage will eventually wind up in barren landfills, causing environmental deterioration and pollution. Many metals, such as steel, are easily recyclable and retain all of their qualities, unlike plastic, which loses its usability after recycling.



To know about the Research Methodology :- Request Free Sample Report
Metal Recycling Market Dynamics:
The main factor driving the growth of the global recycled metal market is that metals do not lose their availability and strength when recycled. This is one of the main reasons for the growth of the market. This has led more and more industries to start using recycled iron, steel and other ferrous metals are used in many applications such as construction, home appliance manufacturing, and industrial machinery manufacturing. The electronics industry has a high demand for recycled metals. Due to urbanization, population growth and increased disposable income, more and more people are buying cars and houses, which also increases the demand for recycled metals in the automotive and construction industries.

As people are becoming more aware of reducing carbon footprint, sustainable development and protecting the environment, it has changed the way the company used to work, and now the company has become more environmentally friendly, preferring to recycle metal instead of unused metal. More and more government policies support the use of recycled metals, and many countries are working hard to use more recycled metals. These have become opportunities for further growth in the global recycled metal market.
Business Opportunities in Metal Recycling:
Metal recycling has traditionally been seen as a successful economic prospect. However, low prices have proven to be difficult in recent years. Starting a scrap metal collection business or becoming a scrap metal seller is a frequent entrepreneurial entrance point into the metal recycling business.

The high demand for recycled metals in all these industries is due to the fact that metals will not lose their characteristics even if they are recycled multiple times. This characteristic increases the demand for recycled metals. This high demand has promoted the growth of the global recycled metals market. The inefficiency of the metal recycling process and scrap or scrap recycling has severely inhibited the growth of the global recycled metal market. Recently, the complexity of machinery has become more and more complex, which makes the extraction and recycling of scrap metal parts very difficult, which has also become a restrictive factor in the global recycled metal market.
Challenges for the Metal Recycling Industry:
The types of metals are recyclable and the currently metal recovery rate of about 34% is unacceptable. There are still challenges in how to recover more materials for recycling. In this regard and growing community recycling programs and raising public awareness are helpful. Another important reason for the low recovery rate is related to the design of various metal products. The increasing complexity of various modern products and their material combinations makes recycling more and more difficult. For example, a smart phone can contain more than 70 different elements. Therefore, it is difficult to extract various materials from mobile phones and reuse them in the production of new products.
Metal Recycling Market Segment Analysis:
Based on Application, in 2022, the construction sector led the market, accounting for more than 46.0% of global volume. Steel and aluminum are in high demand in the global building industry. Rising urbanization as a result of rising disposable income levels in emerging nations is expected to contribute to the growth of the construction industry, fuelling demand for construction metal goods. This, in turn, is likely to propel the recycling industry forward.

Based on Product, steel segment held largest market share of xx% in 2022. Steel's widespread use in the building, automotive, and consumer goods industries is a primary element driving category growth. Aluminum is yet another commodity with enormous recycling possibilities. Aluminum is one of the most recyclable materials in the industry today, according to the Aluminum Association. According to the association's data, approximately 75 % of all aluminum produced in the United States is still in use today.
Metal Recycling Market Regional Insight:
Asia Pacific region held largest market share of xx% in 2022. This domination can be linked to the region's large metal production. In 2022, Asia Pacific generated 72 % of the world's steel and 66 % of the world's primary aluminum. As a result, the region boasts a thriving recycling business. Metal production in Europe is far lower than in Asia Pacific.

Europe, the use of recycled scrap for secondary metal production is significantly higher. The growing emphasis in Europe on the circular economy, combined with stronger government rules on energy usage, plays a significant role in supporting market growth in Europe. According to the Population Reference Bureau, China, India, and other Asia Pacific countries have a combined population of more than four billion people in their fastest-growing consumer markets 2022. This is likely to be a significant driver of global consumption of consumer durables and the building and construction sector during the next two decades, leading to the rise of the metal recycling market.

The objective of the report is to present a comprehensive analysis of the Metal Recycling market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Metal Recycling market dynamics, structure by analyzing the market segments and projects the Metal Recycling market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Metal Recycling market make the report investor’s guide.
Metal Recycling Market Scope: Inquire before buying



Metal Recycling Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 65.81 Bn.


Forecast Period 2023 to 2029 CAGR:
8.1%
Market Size in 2029:
US $ 113.52 Bn.


 Segments Covered:
by Product
Steel
Aluminum
Copper
Others


by Application
Construction
Automotive
Consumer Goods
Industrial Goods


by Metal Type
Ferrous Metal
Non-Ferrous Metal


by Scrap Type
Old Scrap
New Scrap



Metal Recycling Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Metal Recycling Market, Key Players
1.Nucor Corporation
2. ArcelorMittal
3.  Sims Metal Management Limited
4. CMC
5. DOWA HOLDINGS Co., Ltd.
6. Aurubis AG
7. Baosteel Group
8. Tata Steel
9. TOTALL Metal Recycling, Inc.
10. European Metal Recycling
11. Commercial Metals Company
12. Schnitzer Steel Industries
13. OmniSource Corporation
14. Tube City Inc.
15. Ferrous Processing and Trading Co.
Frequently Asked Questions:
1. What is the growth rate of Metal Recycling Market?
Ans: The Metal Recycling Market is growing at a CAGR of 8.1 % during forecasting period 2023-2029.

2. What segments are covered in Metal Recycling Market?
Ans: Metal Recycling Market is segmented into product, application and region.

3. Who are the key players in Metal Recycling Market?
Ans: The important key players in the Metal Recycling Market are – Nucor Corporation, ArcelorMittal, Sims Metal Management Limited, CMC, DOWA HOLDINGS Co., Ltd., Aurubis AG, Baosteel Group, Tata Steel, TOTALL Metal Recycling, Inc., European Metal Recycling, Commercial Metals Company, Schnitzer Steel Industries, OmniSource Corporation.

4. What is the study period of this Market?
Ans: The Metal Recycling Market is studied from 2022 to 2029.