Scrap Metal Recycling Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[221+ Pages Report]  According to the report published by Facts & Factors, the global scrap metal recycling market size was worth USD 55.20 million in 2021 and is estimated to grow to USD 83.77 million by 2028, with a compound annual growth rate (CAGR) of approximately 7.20% over the forecast period. The report analyzes the scrap metal recycling market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the scrap metal recycling market.

Scrap metal recycling Market: Overview

Recovering metals from objects that have outlived their usefulness is known as scrap metal recycling. The recovered scrap metal is then used as a raw material to create new goods. These metals are classified as ferrous or non-ferrous. Non-ferrous scrap has no iron, but ferrous scrap does. These contain various metals such as copper, zinc, aluminum, lead, and others. Copper, magnesium, tin, brass, aluminum, zinc, nickel, and lead are non-ferrous metals. Rare and precious metals are examples of non-ferrous metals. Precious metals such as gold, silver, and platinum have a high market value in any form. Rare elements found in exotic metals include cobalt, mercury, and titanium. The market's expansion can be attributable to several factors, including demand for metals across various applications, increased urbanization and industrialization in developing nations, and a growing shortage of rare earth metals.

COVID-19 Impact:

The COVID-19 pandemic in the year 2020 had a negative impact on the market. Recycling facilities were temporarily shut down in the first quarter of 2020 due to the lockdown procedures governments established to guarantee public safety. The number of scrap metals in stock was greater than what was needed. Additionally, logistical challenges caused the non-ferrous metal shipments in nations like India, Malaysia, and Indonesia to diminish. These elements have a detrimental effect on the expansion of the regional metal recycling market, particularly in 2020.

Key Insights

• As per the analysis shared by our research analyst, the global scrap metal recycling market value is expected to grow at a CAGR of 7.20% over the forecast period.
• In terms of revenue, the global scrap metal recycling market size was valued at around USD 55.20 million in 2021 and is projected to reach USD 83.77 million by 2028.
• The market's expansion can be attributable to several factors, including increased demand for metals across various applications, increased urbanization and industrialization in developing nations, and a growing shortage of rare earth metals.
• By type, the ferrous metals category dominated the market in 2021.
• By application, the residential category dominated the market in 2021.
• The Asia Pacific dominated the global scrap metal recycling market in 2021.

Scrap metal recycling Market: Growth Drivers

• The rise in the cost of raw materials drives the market growth

The rise in the cost of raw materials is one of the major reasons fueling expansion in the global scrap metal recycling market. Due to demands from major industries, including healthcare, automotive, and construction, the global market for scrap metal recycling has a strong base demand-supply correlation. Governments and regulatory agencies require cars to have a lower carbon footprint, which has put the automotive sector through a transitional period. Another reason boosting the rise of the scrap metal recycling market share is the advancements in the purification of waste metal.

Scrap metal recycling Market: Restraints

• An increase in tariffs for steel imports may hinder the market growth

During the projection period, the scrap metal recycling market will face significant challenges from increased tariffs on steel imports. Due to the exclusion of the North American Free Trade Agreement (NAFTA) and member nations of the European Union like Canada, Mexico, and Germany, it was anticipated that China would be the country most affected by the tariffs.

Scrap metal recycling Market: Segmentation

The global scrap metal recycling market has been segmented into type and application.

Based on the type, the scrap metal recycling market is segregated into ferrous and non-ferrous metals. Among these, the ferrous metals segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. A metal that contains iron in its composition is referred to as ferrous. When a metal is referred to as ferrous, it typically signifies that iron constitutes a sizable component of its fundamental makeup. Chromium, nickel, manganese, molybdenum, and vanadium are a few of the alloying elements found in ferrous metals. These alloying components give ferrous materials special properties for various engineering and non-engineering applications, such as tools, pipelines, containers, cutlery, and larger fabrications like towers.

Based on the application, the scrap metal recycling market is segregated into residential, commercial, and industrial. Among these, the residential segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. A relationship between people and their homes, apartments, or other living spaces can be depicted effectively using the word "residential." You can use the terms "residential building," "residential neighborhood," or "residential block." Something that is designed for use at home rather than in a company or commercial setting is referred to as residential use.

Recent Developments-

• October 2020: Integrated Metal Recycling Inc. was created through a partnership between ArcelorMittal and Triple M, an Australian business. The purpose of this joint venture is to unite the recycling efforts of the two businesses for their respective Quebec locations.
• November 2019: Intending to obtain Responsible Steel site certification for all of its ArcelorMittal Europe - Flat Products facilities, ArcelorMittal has started a new sustainability initiative throughout Europe.

Report Scope

Scrap metal recycling Market: Regional Landscape

• The Asia Pacific dominated the scrap metal recycling market in 2021

In 2021, Asia Pacific dominated the global scrap metal recycling market due to the region's status as one of the world's major steel and aluminum manufacturers. More than 85 million metric tons of steel were produced in China in April 2020, and that number grew to over 98 million in April 2021. Future market expansion in the region is also anticipated to be aided by rising demand for scrap goods and governments' focus on effective waste management. The Asia Pacific region has the quickest growth rate for the scrap metal recycling industry, and China is expected to dominate during the forecast period.

Scrap metal recycling Market: Competitive Landscape

• American Iron & Metal (AIM) 
• Kuusakoski 
• Metallon Recycling Pte Ltd. 
• ArcelorMittal 
• Aurubis AG 
• OmniSource LLC. 
• DBW Metals Recycling 
• Nucor Corporation 
• Sims Limited 
• TKC Metal Recycling Inc. 
• K-Swiss Inc.

Global scrap metal recycling Market is segmented as follows:

By Type

• Ferrous Metals
• Non-ferrous Metals

By Application

• Residential
• Commercial
• Industrial

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America