The global metal recycling market size reached US$ 243.5 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 350.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.14% during 2023-2032. Continuous enhancements in collection systems and recycling technologies are encouraging the manufacturing of complex products using a wide array of alloys and metals, which is primarily driving the market growth.
Mexico, Canada, and the United States all witnessed production expansions, reaching production figures of 3.50 million units, 1.22 million units, and 10.06 million units, respectively. Similarly, countries, including South Korea, have experienced growth in the manufacturing of automobiles. According to the Korea Automobile Manufacturers Association (KAMA), the country produced 3.75 million vehicles in 2022, which represented a notable 9% increase compared to the previous year's production of 3.62 million units. Considering these factors, the rising global vehicle production provides a positive outlook for the metal recycling market's recent opportunities.
Furthermore, leading players are also entering into strategic agreements, which are anticipated to fuel the metal recycling market over the forecasted period. For instance, in December 2022, ArcelorMittal announced signing an agreement to acquire, Zakład Przerobu Złomu (Złomex), the Polish scrap metal recycling business. In line with this, the company also acquired Riwald Recycling (Riwald), a ferrous scrap metal recycling business based in the Netherlands.
According to the United States Census Bureau, housing has shown a notable increase in the United States, which indicates the residential construction sector. In addition to this, single-family housing starts also experienced a substantial growth rate of 18.5% in May 2023. As such, these figures indicate the expanding construction industry, thereby stimulating the demand for metal recycling processes in developing residential buildings.
According to the statistics provided by the association, nearly 75% of all the aluminum produced in the U.S. is still in use today. Apart from this, the inflating focus on energy conservation and the increasing usage of metal types, including copper, in the consumer electronics industry is expected to play a major role in catalyzing the segment growth over the foreseeable future.
Stringent government regulations on energy usage and the rising emphasis on circular economy are positively influencing the regional market. Apart from this, in North America, 42% of crude steel is produced using recycled materials. This indicates the significance of recycling in the region. Additionally, key players in various end use industries across countries are investing in recycling precious metals, which is expected to bolster the overall market growth in the coming years.
Global Metal Recycling Market Analysis:
- Major Market Drivers: The launch of favorable policies by government bodies to promote innovative ways to raise public awareness regarding the significance of recycling and putting waste into the appropriate recycling bins represents one of the primary factors positively influencing the metal recycling market outlook. Additionally, the widespread use of metals in the production of ships, airplanes, railways, trucks, cars, consumer electronics, domestic items, etc., is also acting as another significant growth-inducing factor.
- Key Market Trends: One of the emerging trends stimulating the metal recycling market demand includes the introduction of specialized risk management services and insurance solutions to meet the unique needs of recyclers. Moreover, the development of modern recycling technologies that can identify various types of metals effectively is further augmenting the metal recycling market revenue.
- Geographical Trends: The growing consumer environmental consciousness is inflating the popularity of metal recycling, as it does not emit harmful gases and aids in minimizing production costs. Besides this, the increasing demand for metals, including steel, iron, aluminum, etc., owing to the inflating levels of industrialization, is simulating the metal recycling market share in regions like Asia-Pacific.
- Competitive Landscape: According to the metal recycling market report, some of the prominent key players are ArcelorMittal, Aurubis AG, Commercial Metals Company, Dowa Holdings Co. Ltd., European Metal Recycling Ltd (Ausurus Group Ltd), Nucor Corporation, OmniSource LLC (Steel Dynamics Inc.), Schnitzer Steel Industries Inc., Sims Limited, and Tata Steel Limited, among many others.
- Challenges and Opportunities: According to the metal recycling overview, the presence of fewer scrap collection zones and an unorganized flow of waste metals are among the key restraints hampering the global market. However, the rising disposal of building waste into landfills is one of the key metal recycling market recent developments.
Global Metal Recycling Market Trends:
The Rising Applications in the Automotive Industry
The metal recycling process is gaining extensive traction in the automotive industry, owing to the rising focus of key players on sustainability and minimizing overall environmental impact. Additionally, recycled metals are utilized widely in the manufacturing of vehicle components, including fenders, trunk lids, doors, hoods, etc. For instance, the global automotive industry experienced a significant rise in vehicle production in 2022, with more than 85 million motor vehicles manufactured worldwide. This 6% growth compared to the previous year indicated the escalating demand for automobiles. Moreover, the growth in America's automotive production was particularly notable, with a 10% year-on-year increase in 2022.Mexico, Canada, and the United States all witnessed production expansions, reaching production figures of 3.50 million units, 1.22 million units, and 10.06 million units, respectively. Similarly, countries, including South Korea, have experienced growth in the manufacturing of automobiles. According to the Korea Automobile Manufacturers Association (KAMA), the country produced 3.75 million vehicles in 2022, which represented a notable 9% increase compared to the previous year's production of 3.62 million units. Considering these factors, the rising global vehicle production provides a positive outlook for the metal recycling market's recent opportunities.
The Increasing Scrap Metal Processing Facilities
Metal recycling market companies across countries are emphasizing on introducing modern technologies that can identify numerous metals effectively. Consequently, they are extensively investing in developing specialized processing facilities, thereby fueling the global market. For example, in December 2023, Greenwave Technology Solutions, Inc. invested over US$ 10 Million in its scrap metal processing facilities. This was done to elevate the company's scrap metal processing capacity and boost its margins.Furthermore, leading players are also entering into strategic agreements, which are anticipated to fuel the metal recycling market over the forecasted period. For instance, in December 2022, ArcelorMittal announced signing an agreement to acquire, Zakład Przerobu Złomu (Złomex), the Polish scrap metal recycling business. In line with this, the company also acquired Riwald Recycling (Riwald), a ferrous scrap metal recycling business based in the Netherlands.
The Growing Demand in the Construction Industry
The widespread adoption of recycled metals in the construction sector to minimize the demand for raw materials, reduce carbon emissions levels, conserve energy, etc., is bolstering the metal recycling market's recent price. Continuous growth in this industry is presenting numerous opportunities for metal recycling processes, as they provide efficient usage of resources with no degradation of properties.According to the United States Census Bureau, housing has shown a notable increase in the United States, which indicates the residential construction sector. In addition to this, single-family housing starts also experienced a substantial growth rate of 18.5% in May 2023. As such, these figures indicate the expanding construction industry, thereby stimulating the demand for metal recycling processes in developing residential buildings.
Global Metal Recycling Market Segmentation:
The publisher provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on metal type, type, and end use industry.Breakup by Metal Type:
- Steel
- Aluminum
- Copper
- Others
According to the statistics provided by the association, nearly 75% of all the aluminum produced in the U.S. is still in use today. Apart from this, the inflating focus on energy conservation and the increasing usage of metal types, including copper, in the consumer electronics industry is expected to play a major role in catalyzing the segment growth over the foreseeable future.
Breakup by Type:
- Ferrous Metal
- Non-Ferrous Metal
Breakup by End Use Industry:
- Building and Construction
- Packaging
- Automotive
- Industrial Machinery
- Electronics and Electrical Equipment
- Shipbuilding
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Stringent government regulations on energy usage and the rising emphasis on circular economy are positively influencing the regional market. Apart from this, in North America, 42% of crude steel is produced using recycled materials. This indicates the significance of recycling in the region. Additionally, key players in various end use industries across countries are investing in recycling precious metals, which is expected to bolster the overall market growth in the coming years.
Competitive Landscape:
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:- ArcelorMittal
- Aurubis AG
- Commercial Metals Company
- Dowa Holdings Co. Ltd.
- European Metal Recycling Ltd (Ausurus Group Ltd)
- Nucor Corporation
- OmniSource LLC (Steel Dynamics Inc.)
- Schnitzer Steel Industries Inc.
- Sims Limited
- Tata Steel Limited
Global Metal Recycling Market News:
- January 2024: Metals recycling trade groups, including the Düsseldorf, Germany-based Federal Association of German Steel Recycling and Waste Management Companies (BDSV) and the Berlin-based Association of German Metal Traders and Recyclers (VDM), issued a circular economy report that pointed to the role of scrap metals in minimizing emissions levels.
- January 2024: GreenSpark Software announced the funding of US$ 9.4 Million to expand its modern operating system for the metal recycling industry.
- December 2023: Caterpillar, a leading player in construction equipment, invested a total of US$ 44 Million in Series B and non-dilutive financing in Massachusetts-based recycling company Nth Cycle, which specializes in critical metals refining.
- September 2023: Metaloop, a firm in Australia, raised a €16M series A for scrap metal recycling software.
Key Questions Answered in This Report
- How has the global metal recycling market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global metal recycling market?
- What are the key regional markets?
- What is the breakup of the market based on the metal type?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global metal recycling market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Metal Recycling Market
6 Market Breakup by Metal Type
7 Market Breakup by Type
8 Market Breakup by End Use Industry
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- ArcelorMittal
- Aurubis AG
- Commercial Metals Company
- Dowa Holdings Co. Ltd.
- European Metal Recycling Ltd (Ausurus Group Ltd)
- Nucor Corporation
- OmniSource LLC (Steel Dynamics Inc.)
- Schnitzer Steel Industries Inc.
- Sims Limited
- Tata Steel Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 143 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 243.5 Billion |
| Forecasted Market Value ( USD | $ 350.8 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
