Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Metal Recycling Market by Metal Type (Ferrous and Non-Ferrous Metals), Scrap Type (Old Scrap, and New Scrap), and End User (Building & Construction, Packaging, Automotive, Industrial Machinery, Electronics & Electrical Equipment, Shipbuilding & Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global metal recycling industry was pegged at $217.00 billion in 2020, and is estimated to generate $368.71 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
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Major determinants of the market growth
The growth of the global metal recycling market is driven by high rate of obsolescence, increase in consumer awareness, and surge in energy savings with decreasing GHG levels. Moreover, scarcity of rare earth metals is expected to open lucrative opportunities in the future. However, less scrap collection zones and unorganized flow of waste metals are likely to hamper the market growth.
The automotive segment to portray the highest CAGR by 2030
Based on end user, the automotive segment grabbed the largest share in 2020, accounting for more than one-third of the global metal recycling market, as it benefits the environment by reducing volume of waste from end-of-life vehicles and GHG emission levels. On the other hand, the shipbuilding segment is projected to register the fastest CAGR of 8.2% from 2021 to 2030, as steel scrap from demolished and broken ships is a prime raw material for rolling mills.
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The new scrap segment held the lion's share
Based on scrap type, the old scrap segment held the largest share in 2020, accounting for more than half of the global metal recycling market, due to rise in volume of waste scrap with rapid urbanization and industrialization. However, the new scrap segment would grow at the highest CAGR of 6.1% during the forecast period, due to an increase in new manufacturing plants and a rise in new construction-related activities.
Asia-Pacific to trail the market in terms of revenue
Based on region, the Asia-Pacific region held the largest share in 2020, contributing to more than two-fifths of the market. In addition, the same region is expected to portray the fastest CAGR of 7.4% during the forecast period, owing to rapid growth in metal recycling in Japan, India, China, and South Korea.
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Key market players
- Aurubis AG
- European Metal Recycling Limited
- OmniSource Corporation
- Dowa Holdings Co., Ltd.
- Schnitzer Steel Industries Inc.
- ArcelorMittal
- Commercial Metals Company
- Nucor Corporation
- SIMS Metal Management Limited
- Tata Steel
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