The Global Scrap Metal Recycling market is poised to amplify at a CAGR of 6% over 2022-2030, thereby amassing a valuation of USD 516.4 billion by end of the assessment timeline.
Global Scrap Metal Recycling Market: Overview
Metal recycling is referred to as the reprocessing of scrap metal into valuable products. The process is generally carried out to reduce greenhouse gas emission, manage energy consumption, and also to conserve natural resources.
The metal recycling is defined as the process of taking waste metal, processing it and creating a new material from it. The recycled metal can then be used to make products that includes, bar, ropes, and poles. The metals are used in various industry verticals including building and construction, packaging, automotive, industrial machinery, and also shipbuilding industry.
The rising urbanization and rising industrialization has resulted in rapid development of the economies that has boosted the demand for global metal recycling market over the forecast period.
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Key Market Trends:
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rise in urbanization and industrialization.
Also, the high acceptance of the process by manufactures in order to procure raw materials to manufacture finished goods without affecting their properties have also boosted the market growth.
Additionally, the presence of laws and regulations that are enforced by governments have also accelerated the market growth over the forecast period.
On the flip side, unorganized flow of waste metals and presence of less scrap collection zones have restricted the market growth over the forecast period.
Segmental analysis of the Market:
Based on Metal Type
- Ferrous Metal
- Non-Ferrous Metal
The ferrous metal segment has dominated the market growth over the forecast period.
Based on Scrap Type
- Old Scrap
- New Scrap
The new scrap segment has dominated the market growth over the forecast period.
Based on End Users
- Building & Construction
- Packaging
- Automotive
- Industrial Machinery
- Electronics & Electrical Equipment
- Shipbuilding
The automotive segment has dominated the market growth over the forecast period.
Asia Pacific is anticipated to amplify at a considerable CAGR
The global scrap metal recycling market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because it has the largest revenue share of the market.
Competitive Landscape:
Some of the prominent companies operating in the market are ArcelorMittal, Nucor Corporation, Commercial Metals Company, SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., OmniSource Corporation, and Schnitzer Steel Industries Inc.
Major questions answered in this report:
- What is the growth rate of the global scrap metal recycling market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report:
- The global scrap metal recycling market is projected to expand at a CAGR of 6% over the forecast period.
- The rise in urbanization and industrialization is aiding market progression.
- The automotive segment is poised to expand significantly over the forecast period.
- Asia Pacific has dominated the regional market sphere over the forecast period.
Key Points:
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Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
Reasons to Purchase this Report:
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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