Recycled Metal Market

Steel Production is the largest segment driving the growth of Recycled Metal Market

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The global Recycled Metal Market is estimated to be valued at US$ 54.48 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Recycled metals are metals that have been recovered after their intended initial use. Recycled metals are of two types – ferrous (iron/steel) and non-ferrous (aluminum, copper, zinc, lead, nickel etc.). Recycled metals help reduce energy consumption and carbon dioxide emissions associated with primary metal production from ores or oil. They also help in conservation of natural resources.

Market key trends:
One of the key trends in the recycled metal market is growing concerns regarding the environment and sustainability. Production of primary metals from raw materials is an energy intensive process and leads to emission of greenhouse gases. Recycling metals helps reduce these environmental impacts significantly. According to estimates, recycling aluminum Saves 95% energy compared to production from bauxite ore. Similarly, recycling steel and copper saves roughly 75% and 85% energy respectively. Transition towards circular economy practices and adoption of eco-friendly production methods are expected to drive the demand for recycled metals over the forecast period.
Market key trends:

The recycling metal industry has seen a major shift towards sustainable practices and reducing carbon footprint in recent years. One key trend is the increasing focus on urban mining which involves extracting metals from end-of-life products like cars, appliances and construction debris. As landfill space shrinks and awareness about circular economy grows, recycling rates of metals like steel, aluminum and copper are on the rise globally. Advanced sorting and separation technologies are helping recycling companies recover more metals from complex waste streams and address alloy-specific applications efficiently.

SWOT Analysis

Strengths: Recycled metals offer significant cost savings compared to primary production and help conserve natural resources. The industry players also have well-established collection and processing infrastructure.
Weaknesses: Contamination of waste streams poses challenges for yield and quality. Market is highly dependent on economic and regulatory factors affecting scrap generation.
Opportunities: Strict policies promoting recycling and bans on landfilling of metals provide long-term market opportunities. Demand from emerging technologies like electric vehicles and renewable energy will drive new flows of scrap.
Threats: Volatility in scrap prices and higher energy costs can impact profitability. Substitution threat from othermaterials in some applications.

Key Takeaways

The global Recycled Metal Market Share  is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing implementation of stringent laws banning landfilling and mandating high recycling targets across regions.

Regional analysis: Europe dominated the market in 2023 with a share of over 30%, led by Germany, UK and Italy with well-established collection networks and recycling infrastructure. Asia Pacific is expected to be the fastest growing market during the forecast period, driven by rising consumption and strengthening regulations in countries such as China and India.

Key players operating in the recycled metal market are Sims Metal Management Ltd., Schnitzer Steel Industries, Inc., Nucor Corporation, European Metal Recycling Ltd., Kuusakoski Group, Novelis Inc., OmniSource Corporation, Ferrous Processing & Trading Co. (FTP), Metal Management Inc., ELG Haniel Group.