Ferrous Scrap Recycling Market Report and Forecast 2024-2032

Global Ferrous Scrap Recycling Market Report and Forecast 2024-2032

Market Outlook

According to the report, the global ferrous scrap recycling market reached a value of USD 70.40 billion in 2023. Aided by the increasing demand for steel and the growing awareness of the environmental benefits of recycling, the market is projected to further grow at a CAGR of 7.4% between 2024 and 2032 to reach a value of USD 134.37 billion by 2032.

Ferrous scrap, consisting primarily of iron and steel recovered from end-of-life products and industrial waste, is a critical input for steelmaking. The recycling of ferrous scrap not only conserves iron ore, limestone, and coal but also significantly reduces energy consumption and greenhouse gas emissions compared to the production of steel from virgin materials. As such, ferrous scrap recycling is a key component of the steel industry's efforts to improve its environmental footprint and contribute to the global sustainability agenda.

Several factors contribute to the ferrous scrap recycling market growth. The expanding construction, automotive, and manufacturing sectors, which are major consumers of steel, drive the demand for recycled ferrous materials. Additionally, stringent environmental regulations and policies aimed at reducing carbon emissions and promoting recycling activities have bolstered the market.

According to the ferrous scrap recycling market analysis, technological advancements in scrap processing and steelmaking have also played a vital role. Innovations in sorting, processing, and melting technologies have improved the efficiency and quality of recycled steel, making it increasingly competitive with steel produced from virgin materials.

Moreover, the growing consumer and corporate commitment to sustainability has led to an increase in recycling initiatives and investments in recycling infrastructure. This societal shift towards environmental responsibility has further fuelled the demand for recycled ferrous materials.

The ferrous scrap recycling market outlook is being influenced by the trade flows of scrap metal crossing international borders to meet the demand of steel producers worldwide. The market dynamics are influenced by factors such as scrap availability, global steel demand, and fluctuations in commodity prices.

Regulatory frameworks play a crucial role in the market, with policies governing scrap collection, processing, and trade. Environmental regulations, particularly those aimed at waste management and emission reductions, also impact market operations. Compliance with these regulations ensures that recycling practices are environmentally sound and contribute to broader sustainability goals.

Market Segmentation

The market can be divided based on type, end use, and region.

Market Breakup by Type

• Heavy Melting Steel
• Old Car Bodies
• Cast Iron
• Pressing Steel
• Others

Market Breakup by End Use

• Construction
• Automotive
• Shipbuilding
• Equipment Manufacturing
• Consumer Appliances
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ferrous scrap recycling market. Some of the major players explored in the report are as follows:

• Sims Ltd.
• European Metal Recycling Ltd.
• OmniSource, LLC
• SA Recycling LLC
• Barna Steel S.A. (CELSA Group)
• Jansen Recycling Group BV
• Schnitzer Steel Industries, Inc. (Radius Recycling)
• REMONDIS SE & Co. KG (TSR Recycling GmbH & Co. KG)
• American Iron & Metal Company Inc.
• Donald Ward Ltd.
• Others

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