Global Recycled Metal Market Overview 2024: Size, Growth Rate, and Segments
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The recycled metal global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Recycled Metal Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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.
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Scope Of Recycled Metal Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Recycled Metal Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
Asia-Pacific was the largest region in the recycled metal market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the recycled metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the recycled metal market report are ArcelorMittal S.A., Nucor Corporation, Commercial Metals Company, Sims Metal Management Limited, Aurubis AG, Novelis Inc., ELG Haniel Group, Kuusakoski Group Oy, Tata Steel Ltd., Steel Dynamics Inc., Norsk Hydro ASA, GFG Alliances, China Baowu Group, HKS Scrap Metals B.V., AMG Resources Corporation, European Metal Recycling, Schnitzer Steel Industries Inc., OmniSource Corporation, Alter Trading Corporation, Ferrous Processing & Trading Co., Metal Management Inc., Tube City IMS LLC, SA Recycling LLC, Upstate Shredding LLC, PSC Metals Inc., American Iron & Metal Company, Southern Recycling LLC, Gerdau S.A., Dowa Holdings Co. Ltd., Liberty Steel Group, Sims Limited
1. Executive Summary
2. Recycled Metal Market Report Structure
3. Recycled Metal Market Trends And Strategies
4. Recycled Metal Market – Macro Economic Scenario
5. Recycled Metal Market Size And Growth
…..
27. Recycled Metal Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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