NEW YORK, United States, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Scrap Metal Recycling Market Size, Share, Growth Analysis Report By Type (Ferrous Metals, and Non-ferrous Metals), By Application (Residential, Commercial, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Scrap Metal Recycling Market size & share was valued at approximately USD 55.20 million in 2021. The market is expected to grow above a CAGR of 7.20% and is anticipated to reach over USD 83.77 million by 2028.”
The report analyses the Scrap Metal Recycling market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Scrap Metal Recycling market.
Market Overview:
Scrap metal recycling is recovering metals from objects that have outlived their usefulness. Then, new items are made using the recovered scrap metal as a raw material. The two categories of these metals are ferrous and nonferrous. Nonferrous scrap does not contain any iron, but ferrous scrap does. These contain a variety of metals, including copper, zinc, aluminum, lead, and others.
Nonferrous metals include, among others, copper, zinc, magnesium, brass, aluminum, tin, nickel, and lead. Nonferrous metals include rare and precious metals. In any form, precious metals like gold, silver, and platinum have a high market value. Exotic metals contain rare elements, including cobalt, mercury, and titanium. By recovering discarded metal, metal recycling brings considerable economic and environmental benefits. The first and most important argument is that metal recycling protects natural resources by reducing the need to extract virgin raw materials, which aids in the fight against climate change.
Recycling discarded metal allows us to consume less energy, resulting in lower greenhouse gas emissions. According to the Business Innovation Observatory, recycling materials is a less expensive and easier source for manufacturers and producers.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 221+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
Key Insights from Primary Research
- As per the analysis, the Scrap Metal Recycling market is likely to grow above a CAGR of around 7.20% between 2022 and 2028.
- The Scrap Metal Recycling market size was worth around US$ 55.20 Million in 2021 and is estimated to hit approximately US$ 83.77 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, the ferrous metals category dominated the market in 2021.
- Based on application segmentation, the residential category dominated the market in 2021.
- On the basis of region, The Asia Pacific dominated the global scrap metal recycling market in 2021.
Competitive Players
The report contains qualitative and quantitative research on the global Scrap Metal Recycling Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Scrap Metal Recycling market include:
- American Iron & Metal (AIM)
- Kuusakoski
- Metallon Recycling Pte Ltd.
- ArcelorMittal
- Aurubis AG
- OmniSource LLC.
- DBW Metals Recycling
- Nucor Corporation
- Sims Limited
- TKC Metal Recycling Inc.
- K-Swiss Inc.
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Market Dynamics:
Due to its advantages for the economy and environment, which help to reduce pollution, the increased demand for scrap in various industries, including steel, metal manufacturing, automotive, construction, and others, is a major factor fueling the growth of the global scrap metal recycling market. Additionally, government-enforced laws & regulations, growing urbanization & industrialization, and technical advancements that are assisting in the improved recovery rate of waste from products have fueled the growth of this industry.
Residential, commercial, and industrial sectors are increasingly using recovered scrap metal. Additionally, growing demand for these metals, which results in energy savings rather than mining for new materials, increased awareness programs for practicing sustainable waste management & effective use of natural resources, and rising environmental concerns have contributed to the market's growth. In addition, unrealized potential in developing nations, public-private partnerships, and metal recovery from slag residue is anticipated to create lucrative opportunities for this sector.
However, unregulated metal waste collection in developing countries and stringent regulations that forbid fair and open trade in scrap metal are two issues that can restrain the market's expansion. Additionally, as products become more complicated, recycling becomes a more challenging procedure.
COVID-19 Impact Analysis
In the year 2020, the pandemic caused by COVID-19 had a detrimental effect on the market. The lockdown procedures that governments established to ensure the protection of the general public caused recycling plants to be temporarily shut down during the first three months of the year 2020. The amount of scrap metal that was kept on hand much exceeded the requirements at any given time. The decrease in non-ferrous metal shipments in countries such as India, Malaysia, and Indonesia was also brought on by difficulties in the logistics of transporting these metals. In particular in the year 2020, these factors will have a deleterious impact on the growth of the market for recycling metal in the regional economy.
Browse the full “Scrap Metal Recycling Market Size, Share, Growth Analysis Report By Type (Ferrous Metals, and Non-ferrous Metals), By Application (Residential, Commercial, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/scrap-metal-recycling-market
Segmentation Analysis
The global scrap metal recycling market has been segmented into type, application, and region.
The scrap metal recycling market is segregated into ferrous and nonferrous metals based on the type. Among these, the ferrous metals segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the application, the scrap metal recycling market is segregated into residential, commercial, and industrial. Among these, the residential segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.
Regional Analysis:
The global scrap metal recycling market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The Asia Pacific dominated the market for scrap metal recycling in 2021 due to the area being one of the world's main steel and aluminum producers.
In April 2020, China produced more than 85 Million metric tonnes of steel; in April 2021, that amount increased to more than 98 Million metric tonnes. It is also projected that increased demand for scrap goods and a focus on efficient waste management by governments will support market expansion in the region. The scrap metal recycling market is expanding fastest in Asia, and China is anticipated to lead during the projected period.
Recent Industry Developments:
- September 2021: The Nucor Corporation has bought the renowned American metal processing business Grossman Iron & Steel Company.
- May 2019: Announcing the acquisition of the Belgian-Spanish business Metallo Group, Aurubis AG is advancing its multi-metal and recycling strategy.
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 55.20 Million |
| Projected Market Size in 2028 | USD 83.77 Million |
| CAGR Growth Rate | 7.20% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | American Iron & Metal (AIM), Kuusakoski, Metallon Recycling Pte Ltd., ArcelorMittal, Aurubis AG, OmniSource LLC., DBW Metals Recycling, Nucor Corporation, Sims Limited, TKC Metal Recycling Inc.,K-Swiss Inc, and Others |
| Key Segment | By Type, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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The global Scrap Metal Recycling market is segmented as follows:
By Type
- Ferrous Metals
- Non-ferrous Metals
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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