Old rusty corroded car parts in car scrapyard. Car recycling.Wrecking Machinery Parts wait for reused or to be a part for repair.
The Recycled Metal Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Recycled Metal Global Market Report 2024, The recycled metal market size has grown strongly in recent years. It will grow from $69.28 billion in 2023 to $73 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to material specifications, evolving consumer preferences, market acceptance, infrastructure development, scrap availability, demand from end-use industries.
The recycled metal market size is expected to see strong growth in the next few years. It will grow to $92.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to green manufacturing practices, supply chain transparency, investments in waste management, resource scarcity concerns, corporate sustainability commitments.. Major trends in the forecast period include circular economy promotion, government regulations, resource scarcity concerns, green building practices, economic viability.
The growing demand in the construction sector is expected to propel the recycled metal market. The construction sector comprises manufacturing and commerce concerned with creating, maintaining, and fixing structures and drilling and mineral exploration. Construction activities have been on the rise due to rapid industrialization and urbanization. These construction activities create a huge demand for recycled metals, as they are economical and sustainable. For instance, in 2022, according to the U.S. Construction Cost Trends report, there is an increase in residential construction in the country, which will continue to increase demand for labor and materials, intensifying competitiveness and cost pressures. Since the pandemic’s start, building spending nationwide has climbed by 16% in the U.S. Moreover, according to a report released in June 2021 by Canada’s national statistical agency, investments in building development climbed to $19.3 billion in 2020. Therefore, the increase in construction activities will drive the recycled metal market.
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The recycled metal market covered in this report is segmented –
1) By Product: Steel, Aluminum, Copper, Other Products
2) By Metal: Ferrous, Non-Ferrous, Precious Metals
3) By End-User: Construction, Transport And Automotive, Industrial Machinery, Electronics, Defense, Packaging, Military, Consumer Goods, Other End-Users
Strategic partnerships and collaborations are shaping the recycled metals market. Major companies operating in recycled metals are entering into a partnership to leverage each other’s resources and expand into a new market. For instance, in July 2022, Novelis Inc., a US-based recycling company partnered with Sortera Alloys Inc. Through this partnership, Novelis aimed to keep raising the percentage of recycled material in its automotive alloys, thereby lowering the carbon footprint. Sortera Alloys Inc. is a US-based company that recycles industrial scrap metal. In addition, in February 2022, Daimler India Commercial Vehicles Pvt. Ltd., an India-based company that manufactures and sells commercial vehicles partnered with an India-based Cero – Mahindra MSTC Recycling Pvt. Ltd. (MMRPL). This partnership helped customers to replace their outdated fleet with brand-new, domestically produced BSVI BharatBenz vehicles that include cutting-edge technology and high standards of safety, quality, comfort, and manufacturing. Cero – Mahindra MSTC Recycling Pvt. Ltd. (MMRPL) is an India-based automotive and steel recycling facility.
The recycled metal market report table of contents includes:
1. Executive Summary
2. Recycled Metal Market Characteristics
3. Recycled Metal Market Trends And Strategies
4. Recycled Metal Market – Macro Economic Scenario
5. Global Recycled Metal Market Size and Growth
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26. South America Recycled Metal Market
27. Brazil Recycled Metal Market
28. Middle East Recycled Metal Market
29. Africa Recycled Metal Market
30. Recycled Metal Market Competitive Landscape And Company Profiles
Top Major Players:
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