What Is The Overview Of The Global Scrap Gold Recycling Market?
Scrap gold recycling is the process of collecting, refining, and reusing gold from discarded or unwanted items. This process involves melting the gold-containing materials, purifying the gold, and repurposing it into new products. Recycling scrap gold helps conserve natural resources, reduces environmental impact, and provides a cost-effective source of precious metal for various industries.
Scrap Gold Recycling Global Market Report 2024 provides data on the global scrap gold recycling market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The scrap gold recycling market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Scrap Gold Recycling ?
The scrap gold recycling market has grown strongly in recent years. It will rise from $13.50 billion in 2023 to $14.73 billion in 2024, with a CAGR of 9.1%. This growth is attributed to fluctuating gold prices, increasing environmental regulations, economic downturns driving recycling incentives, growth in electronic waste, corporate sustainability initiatives, and rising consumer awareness of ethical sourcing practices. The market is expected to reach $21.10 billion by 2028 at a CAGR of 9.4%. Growth drivers include evolving consumer preferences for sustainable products, regulatory pressure for responsible sourcing, increasing electronic waste, industrial applications of gold, price volatility, and growing awareness of environmental impacts. Trends in the forecast period will include technological advancements in recycling processes, innovative mining methods, adoption of sustainable practices, developments in electronic waste recycling, and advances in extraction methods.
What Are The Leading Drivers Of Growth In The Scrap Gold Recycling Market?
The rise in gold prices is projected to enhance the growth of the scrap gold recycling market in the coming years. Gold prices are influenced by factors such as economic uncertainty, inflation concerns, fluctuating currency values, and increased demand for safe-haven investments. Higher gold prices encourage the recycling of scrap gold, making it more lucrative for individuals and businesses to sell and recycle gold, thereby increasing the supply of recycled gold in the market. For example, according to the World Gold Council, the global price of gold rose from $58.72 per gram in January 2022 to $65.47 per gram in January 2024. This increase in gold prices is driving the growth of the scrap gold recycling market.
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How Are The Segments Defined Within The Global Scrap Gold Recycling Market?
The scrap gold recycling market covered in this report is segmented –
1) By Processing Technique: Pyrometallurgical, Hydrometallurgical, Other Processing Techniques
2) By Scrap: New Scrap Metal Recycling, Old Scrap Metal Recycling
3) By Application: Jewelry, Catalysts, Electronics, Batteries, Other Applications
How Are New Trends Expected To Influence The Growth Of The Scrap Gold Recycling Market?
Innovators in the scrap gold recycling market are adopting the mass balance approach to verify recycled content claims and promote sustainability. This method ensures that the recycled material's proportion aligns with its input, offering transparency and accountability. In April 2024, Germany's Heraeus Precious Metals launched Circlear, a range of precious metals made entirely from recycled materials, including gold, silver, and platinum. Circlear reduces carbon emissions compared to traditional methods and supports a circular economy. Certified by TÜV Süd, it meets high-quality standards while promoting sustainable practices.
Which Region Drives The Highest Growth In The Scrap Gold Recycling Market?
Europe was the largest region in the scrap gold recycling market in 2023. The regions covered in the scrap gold recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
