Futures and Commodity Market News

Metal Recycling Market Growth, Analysis, Forecast To 2030

Nov 08, 2024 (MENAFN via COMTEX) --

(MENAFN - Straits Research) Introduction

The global metal recycling market size was valued at USD 229.6 billion in 2021 and is expected to expand at a CAGR of 5.85% from 2022 to 2030 and reach around USD 384 billion. The recycling of metal is one of the critical processes for both industry and the environment. The process involves recycling the metal scraps to be used again. Stainless steel, copper, iron, lead, aluminium, and zinc are the metals reclaimed the most frequently, although the metal recycling industry encompasses many metals in its scope. The amount of ferrous component used is the primary criterion for classifying them. The market is anticipated to be driven by the growing number of end uses for metals in various industries. The market is expected to be driven by the increasing prominence of metal recyclin due to the growing awareness regarding depleting metal reserves. The rising demand for metals is the primary factor in expanding the market. In conjunction with a growing emphasis on the preservation of natural resources and the reduction of emissions of greenhouse gases, it is the most important factor in the expansion of the market. By recycling metal, manufacturers can acquire raw materials to produce finished goods without degrading the properties of the raw materials themselves. This gives manufacturers a competitive advantage in the marketplace. In addition to this, the secondary production of the metal can be done at a lower cost than the primary production of the metal. Additionally, the environmental imperative is a significant factor that plays an important role in driving the industry's growth. This is one of the primary drivers of the growth of the industry.

Market Drivers

Significant expansion in the Nanocrystalline Segment is expected to be driven primarily by the steel industry.

The assertion made by the Environmental Protection Agency that the production of steel from one reasonable amount of scrap steel can reduce CO2 emissions by a factor of 1.5 is the factor that is compelling manufacturers to implement industrial metal recycling technology in their facilities. This factor is the reason why manufacturers are being forced to do so. In addition, the escalating geopolitical tension has forced government agencies and industrialists in several nations worldwide to lessen their reliance on metals imports from other economies like China and India. These nations include China, India, and several others. This is because there is a possibility that the conflict will become even more severe. A further driving force behind the expansion of the metal recycling industry in the regional markets is provided by this factor.

It is anticipated that quasi will show the fastest growth rate.

Because of this property of aluminium, it has become the material of choice for recycling in various end-use industries, particularly those that deal with containers and packaging for food and beverages. steel has a higher rate of recyclability than aluminium does; however, aluminium has many advantages that put it ahead of steel in several different categories. These benefits include a lower rate of emissions, a higher efficiency, a lighter weight, and more effortless transportability. Moreover, the lighter weight makes it easier to transport. As a direct consequence of this, there is currently an uptick in demand for additional recycled aluminium.

Market Restraints

The unorganized flow of waste metals and the presence of fewer scrap collection zones are anticipated to hamper the market's growth.

A growing market to satisfy the requirements of people worldwide has resulted in a transformation of land use and the generation of previously unimaginable levels of pollution, both of which harm biodiversity, forests, wetlands, water bodies, soils, and the quality of the air. In addition, the generation of these pollution levels has resulted in the transformation of land use. There is a good chance that human activity is depleting more natural resources than the capacity of the planet to replenish them. These are the factors preventing the market from growing even more in the future.

Market Opportunities

An increase in the amount of waste expands the construction phase.

There is no question that the ever-increasing number of people living on Earth is one of the contributing factors to this. The production of waste will increase proportionately to the population size. But ever since the industrial revolution and the rise of a consumer-based culture and economy around the world, the amount of waste produced has increased exponentially. This has been the case ever since the beginning of the 20th century.

A sizeable amount cut down the quantity of waste generated, and any possibility of giving previously used materials a new function was explored before anything was discarded. As a consequence of this, there will be lucrative opportunities on the market.

Segmental Insights

Based on the type of metal being dealt with, the market can be broken down into ferrous and non-ferrous metals. The ferrous segment of the market was the most significant part of it.

The end-user is the primary factor in determining the categories that make up the segmentation of the market. These categories are as follows: building and construction, packaging, automotive, shipbuilding, electronics and electrical equipment, and other applications. The automotive industry is expected to contribute the most significant amount of revenue. However, electronic devices typically contain substantial quantities of metals with high market values, such as lead, copper, gold, and aluminium; recycling these items helps to ensure that natural resources are conserved to the greatest extent possible. As a direct consequence of this, it is anticipated that the electronics and electrical equipment industry will be the sector with the highest growth rate during the period under consideration.

Regional Insights

The United States of America, Canada, and Mexico make up the countries that make up the continent known as North America .

Asia-Pacific, which includes China, Japan, India, Australia, and the rest of the Asia-Pacific region; Europe , which includes Germany, France, and the United Kingdom, as well as the rest of Europe.

LAMEA is comprised of the three regions of Latin America, the Caribbean, and Central America (Latin America, the Middle East, and Africa).

The Asia-Pacific region is expected to generate the highest total amount of revenue for the market. The primary factor driving the need for metal recycling in the Asia-Pacific region is the rising demand for metals such as iron, steel, and aluminium due to rapid industrialization and urbanization in developing markets such as China, India, Indonesia, Vietnam, and Malaysia.

Competitive Players

ArcelorMittal S.A.

Nucor Corporation

Commercial Metals Company

Sims Metal Management Limited

Aurubis AG

Norsk Hydro ASA

Tata Steel Limited

Kimmel Scrap Iron & Metal Co., Inc

Radius Recycling

Dowa Holdings Co., Ltd.

OmniSource Corporation, Ltd.

PSC Metals Inc

AMG Resources Corporation

Alter Trading Inc

Recent Developments

In April- ArcelorMittal acquired a majority stake in voestalpine's state-of-the-art HBI facility in Texas.
In March- ArcelorMittal established a strategic renewable energy partnership with Greenko Group in India.

Segmentation

By Metal Type

Ferrous

carbon steel

alloy steel

wrought iron

cast iron

Non-Ferrous

aluminum

copper

lead

zinc