Global Recycled Metal market report 2024, Forecast To 2033
4 Mar, 2024
The recycled metal market size has demonstrated strong growth, increasing from$69.28 billion in 2023 to$73 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The historic growth is attributed to material specifications, evolving consumer preferences, market acceptance, infrastructure development, scrap availability, and demand from end-use industries. The forecasted growth in the upcoming years is expected to rise to$92.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth is fueled by green manufacturing practices, supply chain transparency, investments in waste management, resource scarcity concerns, and corporate sustainability commitments. Major trends expected in the forecast period include circular economy promotion, government regulations, resource scarcity concerns, green building practices, and economic viability.
Global Recycled Metal Market Key Driver
The escalating demand within the construction sector is expected to propel the recycled metal market. Construction activities, essential for infrastructure development and urban expansion, are witnessing significant growth, driving the demand for construction materials like recycled metals. As highlighted by the U.S. Construction Cost Trends report in 2022, residential construction is on the rise, intensifying demand for labor and materials. Similarly, Canada's national statistical agency reported a substantial increase in building development investments in 2020. The surge in construction activities indicates a heightened demand for recycled metals, driven by economic viability and sustainability considerations. Consequently, the construction sector's expansion is fueling the growth of the recycled metal market.
Get A Free Sample Of The Global Recycled Metal Market ReportGlobal Recycled Metal Market Segments
The global 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
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.
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.
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., 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
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Recycled Metal Market Overview
Recycled metal is obtained by melting down the used or scrap metal to create a new metal. The practice of reclaiming and processing scrap metal from buildings or products so that it can be used as a raw material to create new products is known as metal recycling.
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.