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Metal Recycling Market Size was valued at USD 46,284.9 million in 2021. The metal recycling industry is projected to grow from USD 50,033.98 million in 2022 to USD 88,500.70 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 8.12% during the forecast period (2022 – 2030). The driving factors behind this growth include increasing awareness of metal reserves depletion, government regulations on metal mining, and rising construction activities in regions like Europe and Asia-Pacific. Urbanization and industrialization are also contributing to the growth of the metal recycling market, as they create demand for infrastructure and housing, which in turn boosts government and consumer spending. Additionally, recycling metals provides employment opportunities and contributes to the economy. The implementation of laws and regulations, as well as the acceptance of manufacturers using recycled metals to create finished goods, are also propelling market expansion. The US is an example of a country where the recycling industry generates significant economic output and provides employment for over a million people.
Government regulations and the widespread adoption of recycling methods by manufacturers are contributing to the expansion of the metal recycling market. In the US, for example, the recycling industry generates a significant amount of economic output, totaling $116.8 billion.
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The growth in the metal recycling market can also be attributed to concerns about greenhouse gas emissions. Between 1990 and 2020, there was a 43% increase in net greenhouse gas emissions resulting from human activity, with carbon dioxide emissions, which account for nearly three-fourths of all emissions, rising by 51%.
Another factor driving the growth of the metal recycling market is the increase in construction projects, which generates more building waste being sent to landfills. It is estimated that up to 30% of building materials brought to a typical construction site may be wasted. In 2018 alone, nearly 145 million tonnes of waste resulting from construction and demolition projects were dumped in US landfills.
Regional insights:
The study provides insights into the metal recycling market in different regions, including North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region’s metal recycling market was valued at USD 19,856.22 million in 2021 and is expected to grow significantly during the study period due to increased use of recycling metals in the construction and automotive industries in countries like China, Japan, and India. These industries’ expansion is driving demand for recycling metals, and China, for example, has released a development strategy for its construction industry that integrates digital technologies into the building process.
The market report focuses on several major countries, including the US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. The North American metal recycling market is the second-largest market due to the growing demand for metals in the automotive industry and efforts to reduce metal waste and carbon footprint across the US and Canada.
Recycling plays a crucial role in North America, with about 42% of the crude steel production in the region coming from recycled materials. The United States holds the largest share of the metal recycling market in North America, while Canada has the fastest-growing market. In Europe, the metal recycling market is expected to grow at a fast pace from 2022 to 2030, especially in countries like the UK, Germany, and France. The automotive industry heavily relies on metal for developing car and truck frames, engines, and other parts, which significantly influences the demand for recycled metal. The German metal recycling market has the largest market share in Europe, while the UK market is the fastest-growing.
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Market segmentation:
The metal recycling market is divided into segments based on the type and scrap metal. The majority share of the market revenue was held by the ferrous segment in 2021. This was due to the high demand for ferrous metals in various industries such as electronics, automotive, and construction. Iron and steel are two examples of ferrous metals that can be easily recycled. The cost of recycling these metals is lower than creating new metal from the basic ore, making it a more economical option.
The market segmentation based on scrap metal includes old and new scrap. In 2021, the old scrap segment dominated the market due to its lower cost. It is projected to be the fastest-growing segment during the forecast period, 2022-2030. Recycled old scrap metal is less expensive than newly mined metals, making it a more cost-effective raw material for manufacturers. The use of recycled scrap metal lowers production costs, leading to lower prices for consumer goods such as cars, appliances, furniture, and grocery packaging. As a result, the low-cost old scrap metal has a positive impact on the growth of the metal recycling market.
The metal recycling market has been segmented by end-users into packaging, shipbuilding, automotive, and construction categories. The construction segment was the dominant market in 2021 and is expected to grow at a faster rate during the forecast period of 2022-2030. The construction industry is growing rapidly, and there is a rising demand for steel in remodeling and renovation projects, which is expected to drive the growth of the construction segment. The construction sector is one of the largest consumers of metal products, including tools, equipment, and construction supplies, and the amount of metal materials used in this sector is substantial.
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