|Market Size in 2020
|Market Forecast in 2028
|CAGR (in %)
|USD 52.8 Billion
|USD 91.1 Billion
Metal Recycling Market
The global metal recycling market size was USD 52.8 Billion in 2020 and is expected to reach USD 91.1 Billion by 2028, growing at a CAGR of 7.5% from 2021 to 2028.Request Free Sample
Metal Recycling is when waste and new metals are recycled and converted into valuable products without altering the properties. The metals are sorted based on their characteristics to blend into a new product. The process helps in resolving the energy crisis, lowering harmful emissions, and preserving natural resources. Rapid industrialization, an increase in urbanization, and a rising focus on conserving natural resources primarily drive the market. The rise in awareness about energy saving, reducing greenhouse emission levels, and waste management are some of the ongoing trends. The major players in the market are working together with the local players to increase the production of the metals, extending its impression within the market.
The unprecedented interruptions caused by COVID-19 affected the metal recycling market greatly, especially the construction sector. The market was abrupted with constant changes in the supply chain, resulting in a significant decrease in metal production. With production coming to a halt, there was a sudden downfall in demand from sectors like automobiles and construction. Manufacturing operations have been allowed to start in the latter half of 2020 and are likely to boost the market.
The global metal recycling market generates a lot of demand because the raw materials from the ores have high prices. Owing to such high prices, manufacturers prefer to go with recycling the metals. Industries are switching to produce metals with low costs and less energy wastage by recycling and serving as a solution for environmental degradation. The increase in obsolescence rates in the metal industries and more savings from recycling will boost the market during the forecasted period.
The increasing demand for metal in automobile sectors like railways, cars, ships, aircraft, and others has boosted the metal scrap market as manufacturers are shifting their focus towards sustainable consumption. The government plans to promote a formal and well-organized recycling ecosystem by setting favorable regulations on energy usage, which will significantly enhance this market. These norms will help manufacturers source the raw materials directly from recycled metal stations.
Metal Type Analysis Preview
The recycling of ferrous metals held a share of 73% in 2020. This segment is estimated to be the fastest-growing metal type in the market in the forecasted years. This is accredited to rising concerns of air pollution and CO2 emissions, to which recycling ferrous metals helps reduce energy consumption. Ferrous metals include Iron and Steel. The market growth for these metals is accredited to rising needs in various industries due to consumption in end-use and recovery rate from end products. About 42% of steel production was made from scraps in 2020 and is expected to rise in the forecasted time. Non-ferrous metals like aluminum, copper, lead, nickel, and zinc can retain their chemical properties after recycling and reprocessing. This ensures industries use non-ferrous metals and maintain sustainability in resource conservation. Recycling aluminum provides rise to various opportunities in the sectors owing to its better durability and recyclability. The rising focus on energy consumption will play a significant role in driving the non-ferrous segment over the forecasted years.
Equipment Analysis Preview
Shears segment held a maximum share in 2020. This is mainly attributed to its utility to shear all bulky scrap materials to a suitable size for processing. The minimum maintenance requirement and high productivity make shears acceptable across the market. Shears can process every type of metal scrap like railway hooks, tracks, steel works. Its ability to give high-density, low volume scrap drives the growth in the market. Similar to shears, shredders are used for light-melting chips. It is a highly efficient way to obtain a high value for a scrap. Briquette Machines, Granulating Machines, and others form the equipment segment.
End-User Analysis Preview
The building and construction segment held a share of over 46.21% in 2020 and is projected to grow at a CAGR of around 8.1% from 2021 to 2028. It is the highest revenue-producing segment with tons of metal waste been extracted. It is attributed to the rapid expansion of the construction industry and requirements for steel and aluminum for innovation purposes. Another reason to drive this segment is rising urbanization in the developing economies which will contribute to the construction industry. The demolition waste consists of most turned out recycled metals used in the building and construction industry, which also drives the segment. The increase in demand for electronics and electrical items will boost the market as the non-ferrous metals recycled are 100% pure and durable. Electronics recycling is critical for diverting solid wastes and thereby supports zero landfill initiatives. Automotive, Shipbuilding, Equipment Manufacturing, Packaging, Consumer Appliances, Furnishing, Aerospace, Residential & Commercial Utensils Sectors, and others form the end-user segment.
|Metal Recycling Market Research Report
|Market Size in 2020
|USD 52.8 Billion
|Market Forecast in 2028
|USD 91.1 Billion
|CAGR of 7.5%
|Number of Pages
|Key Companies Covered
|ArcelorMittal, European Metal Recycling Limited, Nucor Corporation, Tata Steel, Dowa Holdings Co. Ltd., Schnitzer Steel Industries Inc., Aurubis AG, Whirlston Recycling Machinery, G.P.S. Srl, Baosteel Co. Ltd., AMG Resources Corporation, Alter Trading Inc, Mervis Industries, Norsk Hydro ASA, Aurubis AG, Ferrous Processing & Trading Co., Triple M, among others.
|By Metal Type, By Equipment, By End User, And By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
|2016 to 2020
|2021 - 2028
|Avail customized purchase options to meet your exact research needs. Request For Customization
Asia Pacific is projected to grow at a CAGR of 7.9% during the forecast period. Asia Pacific Metal recycling market is likely to witness a significant increase in demand because of the rise in industrialization and urbanization, especially in developing economies such as China and India. China holds the largest share in steel metal for the production of crude steel. The rising production of steel and awareness related to the need for waste management in APAC countries have paved an opportunity to grow in the metal recycling market.
Europe is expected to witness the fastest growth during the forecast period. The government regulations to support environmental protection and reduce the national footprint of carbon are some of the reasons to contribute heavily to the global market. European policy aims to improve the circular management of non-ferrous metals and establish ways to encourage more recycling within the EU and reduce the exports of scrap metals.
Some of the key players in the Metal recycling market include
The market is highly unorganized. ArcelorMittal was one of the highest metal recycling companies in 2020. ArcelorMittal and Triple M joined each other to offer more choices and services to recycle metal and allow recyclers to access more outlets.
By Metal Type
The Global Metal Recycling market was valued at USD 52.8 Billion in 2020.
The Global Metal Recycling market is expected to reach USD 91.1 Billion by 2028, growing at a CAGR of 7.5 % between 2021 to 2028.
Some of the key factors driving the Global Metal Recycling market growth are the high prices of raw materials from the ores. Industries are switching to produce metals with low costs and less energy wastage by recycling. An increase in demand in the automobile sector is one of the reasons that is driving the market.
Asia Pacific Metal is likely to witness a significant increase in demand because of the rise in industrialization and urbanization, especially in developing economies such as China and India. China holds the largest share in steel metal for the production of crude steel. The EU government regulations to support environmental protection and reduce the national footprint of carbon is another reason the European market will grow.
Some of the key players in the Global Metal Recycling market include ArcelorMittal, European Metal Recycling Limited, Nucor Corporation, Tata Steel, Dowa Holdings Co. Ltd., Schnitzer Steel Industries Inc., Aurubis AG, Whirlston Recycling Machinery, G.P.S. Srl, Baosteel Co. Ltd., AMG Resources Corporation, Alter Trading Inc, Mervis Industries, Norsk Hydro ASA, Aurubis AG, Ferrous Processing & Trading Co., Triple M, among others.