Sales of global recycled scrap metal market are poised to total 58.3 Bn in 2021, opines FMI. Increasing demand for recycled scrap metal across industries such as automotive, shipbuilding, and infrastructure is expected to increase the sales.
Application of recycled scrap metals for the production of machinery, industrial tools, and equipment is facilitating the market growth. On account of this, the market is predicted to surpass US$ 98.5 Bn by 2031-end.
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Historically, the market grew at 0.9% CAGR between 2016 and 2020. Increasing demand for waste scrap generated during the production of steel, iron, and other metal products owing to its low-cost and rising concerns regarding emission control is augmenting the product sales.
Driven by this, the market is anticipated to expand at a healthy CAGR of 5.4% over the forecast period 2021-2031.
Rapid urbanization and industrialization, especially across developing economies such as China, India, and others are propelling the demand for iron and steel across the building & construction and industrial sector.
In addition to this, increasing iron and steel production across East Asia is expected to drive the sales of recycled scrap metals at a year-over-year (YoY) growth of 5.2% in 2021.
As per FMI, the ferrous metals segment will continue to dominate the global market, projecting a year on year (Y-o-Y) growth of 5% in 2021. Increasing use of ferrous metals in the manufacturing of consumer electronics, vehicles, and ships is driving the growth in the segment.
“Growing emphasis on waste management and rising number of government initiatives to minimize the industrial waste and reduce greenhouse gas emissions is expected to accelerate the growth of the market,” says a FMI analyst.
Key Takeaways from Recycled Scrap Metal Market Study
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The leading players in the global market are Hesteel Group, ArcelorMittal, China Baowu Steel Group Corp., Nucor Corporation, Aurubis AG and others. These companies are projected to account for nearly 32% of the total revenue share in 2021.
Key players are focusing on strengthening their global presence through strategic collaborations, mergers, acquisitions, and partnerships. Further, prominent companies are aiming at reducing carbon emission by recycling and utilizing waste in their manufacturing processes. For instance:
Some of the key players operating in the market profiled by FMI are:
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More Valuable Insights on Recycled Scrap Metal Market
FMI, in its new report, offers an in-depth study of the global recycled scrap metal market, highlighting the growth prospects of the market through 2021 and beyond. The survey reveals demand outlook of recycled scrap metal market with detailed segmentation:
By Metal Type:
By Source Type:
Key Questions Covered in the Report
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