The global scrap metal recycling market size is projected to register a CAGR of 5.1% from 2022 to 2030. Scrap metal recycling is recovering and recycling metal materials from end of metal life products and structures. In other words, it can be noted as the process of reintroducing a raw material to produce new metal goods. The rising concerns about the rapid depletion of natural resources have motivated governments in numerous nations to implement advantageous rules governing the metal recycling industry, thereby boosting the market's growth. Moreover, rapid industrialization and urbanization in developing nations and increasing consumer awareness are other factors that contribute a tremendous growth in the market. In addition, the increasing scarcity of rare earth metals provides an opportunity for the global market.
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The global market is expected to be driven owing to the increased recycling efforts, especially for high, low-value metals which are easy to recycle, such as aluminum, iron, and copper. The implementation of Circular Economy Action Plans as a key target for countries to address environmental issues strengthens the market's growth. The favorable government policies among the emerging regions create a lucrative growth opportunity for the market over the forthcoming period.
Global Scrap Metal Recycling Market Dynamics
Driver: Limited Availability of Earth-Metals
Metal is the key component used in almost every industry, such as automotive, construction, healthcare, manufacturing, and many more. This forward thrust to the demand led to a scarcity of its existence. Thus, the limited availability of earth-metals and the high cost of mining earth is fuelling the scrap recycling market to meet the demand.
Driver: Growing concerns regarding greenhouse gas
Recycling aids in the reduction of greenhouse gas emissions by lowering energy usage. The use of recycled resources in the manufacture of new items lowers the requirement for natural aggregates. This reduces greenhouse gas emissions caused by extracting or mining natural raw materials. Furthermore, creating things from recycled materials uses less energy than manufacturing products from virgin materials.
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Restraints: Copper Separation and Purification Cost
Copper is considered precious metal used in electrical components due to its ability to conduct electricity safely and efficiently. Though, recyclers find it challenging to separate copper from scrap metal. Added purification costs for copper will create challenges for SMEs, thereby impeding the market's growth over the forecast period. Companies in the scrap metal recycling market are starting fixed sources for scrap copper to avoid additional purification and separation costs to overcome such a problem.
Opportunities: Non-ferrous Metals Demand in India
The global market is opportunistic for various scrap metal recycling companies. For instance, India's Ministry of Mines is working toward a sustainable scrap recycling ecosystem to adopt cutting-edge technology and optimal processes. The region's growing demand for metals has increased investors' and other stakeholders' interests in the scrap metal recycling sector. The Indian Government's Make in India initiative further fosters the market's growth in the forecast period.
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Global Scrap Metal Recycling Market Report Scope
The study categorizes the scrap metal recycling market based on type and end-use at the regional and global levels.
Global Scrap Metal Recycling Market, by Type
- Ferrous Scrap Metal Recycling
- Non-ferrous Scrap Metal Recycling
Global Scrap Metal Recycling Market, by End-Use
- Residential
- Commercial
- Industrial
Global Scrap Metal Recycling Market, by Region
- North America
- South America
- Europe
- Asia Pacific
- The Middle East & Africa
The ferrous segment is projected for the largest market share by type
Based on the type, the ferrous metal segment has accounted for the largest market share in 2021. Ferrous metal is any metal primarily composed of iron and has magnetic properties. Both internal and external methods can be used for recycling ferrous scrap metal (i.e., iron and steel).
External recycling has various applications in the ferrous metals industry. Scrap steel makes up a large portion of the fuel for electric arc and basic oxygen furnaces. Scrap comes from various production processes that use steel as a primary component and abandoned iron and steel products. The recycling of old automotive bodywork is one of the main sources of scrap steel.
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Asia Pacific accounts for the highest CAGR during the forecast period.
Based on the regions, the global scrap metal recycling market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global scrap metal recycling market during the forecast period. In Aisa Pacific, China is projected to be the fastest-growing region during the forecast period, 2022-2030. Emerging countries in the Asia Pacific, such as China, Indonesia, Malaysia, and India, have strong economic growth. Increasing demand for scrap products coupled with government rules and regulations is expected to boost the growth of the scrap metal recycling market.
Key Market Players
Every company follows its business strategy to attain the maximum market share. ArcelorMittal, Nucor Corporation, AIM Recyclage, Inc., Aurubis AG, Kuusakoski Oy, Sims Limited, Omnisource Corporation, DBW Metals Recycling, Metallon Recycling Pte Ltd, and TKC Metal Recycling Inc. are some of the leading players operating in the global scrap metal recycling market.