Global Recycled Metal Market Competitive Landscape, Top Opportunities And Lucrative Market Segments
23 May, 2023
The global recycled metal market size is expected to grow from $65.53 billion in 2022 to $69.69 billion in 2023 at a compound annual growth rate (CAGR) of 6.35%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The recycled metal market size is expected to grow to $84.07 billion in 2027 at a CAGR of 4.80%.
Global Recycled Metal Market Key Driver
The growing demand in the construction sector is expected to propel the recycled metal market. The construction sector includes manufacturing and commerce concerned with building, maintaining, and repairing structures, as well as drilling and mineral exploration. Construction activities have increased as a result of rapid industrialization and urbanization. Because recycled metals are both economical and sustainable, they are in high demand during construction activities. 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.
Get a sample of the global recycled metal market reportGlobal Recycled Metal Market Segments
The global recycled metal market 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
4) By Geography: The regions covered in the recycled metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global recycled metal market.
Major Recycled Metal Industry Players
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. and AMG Resources Corporation.
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Recycled Metal Market Overview
Recycled metal is created by melting down used or scrap metal to create new metal. Metal recycling is the practice of reclaiming and processing scrap metal from buildings or products so that it can be used as a raw material in the creation of new products.
Recycled Metal Global Market Report 2023 provides data on the global recycled metal market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The recycled metal market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.