Steel Scrap

Steel Scrap

Global Steel Scrap Market to Reach 727.1 Million Metric Tons by 2030

The global market for Steel Scrap estimated at 528.6 Million Metric Tons in the year 2023, is expected to reach 727.1 Million Metric Tons by 2030, growing at a CAGR of 4.7% over the analysis period 2023-2030. Obsolete Scrap, one of the segments analyzed in the report, is expected to record a 5.7% CAGR and reach 407.2 Million Metric Tons by the end of the analysis period. Growth in the Prompt Scrap segment is estimated at 3.3% CAGR over the analysis period.

The U.S. Market is Estimated at 50.3 Million Metric Tons While China is Forecast to Grow at 5.8% CAGR

The Steel Scrap market in the U.S. is estimated at 50.3 Million Metric Tons in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of 282.6 Million Metric Tons by the year 2030 trailing a CAGR of 5.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.8% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.

Global Steel Scrap Market - Key Trends & Drivers Summarized

Why Is Steel Scrap Important in the Recycling Industry?

Steel scrap is a vital component of the recycling industry, playing a crucial role in the production of new steel. Recycling steel scrap conserves natural resources, reduces energy consumption, and lowers greenhouse gas emissions compared to primary steel production from iron ore. The use of steel scrap in electric arc furnaces (EAF) significantly decreases the environmental impact of steelmaking, aligning with global sustainability goals. The circular nature of steel, where it can be recycled indefinitely without loss of quality, makes steel scrap a cornerstone of the circular economy. The growing emphasis on sustainable practices is driving the importance and demand for steel scrap in the recycling industry.

What Are the Benefits and Challenges of Using Steel Scrap?

The benefits of using steel scrap are numerous, including reduced environmental impact, lower production costs, and conservation of natural resources. Recycling steel scrap requires significantly less energy than producing steel from virgin materials, resulting in lower carbon emissions and reduced operational costs. However, challenges exist in the collection, sorting, and processing of steel scrap to ensure consistent quality and remove impurities. Contaminants such as coatings, alloys, and non-metallic materials must be effectively managed to produce high-quality recycled steel. Advances in sorting and processing technologies are addressing these challenges, improving the efficiency and quality of steel scrap recycling.

How Is Technology Enhancing Steel Scrap Recycling?

Technological advancements are enhancing the efficiency and effectiveness of steel scrap recycling. Innovations in sorting technologies, such as magnetic separation and advanced sensor-based sorting, are improving the purity and quality of recycled steel. The development of sophisticated shredding and processing equipment is increasing the recovery rates of steel from mixed waste streams. Advanced metallurgical processes are enabling the production of high-quality steel from scrap, meeting the stringent requirements of various industries. Automation and digitalization are also playing a role in optimizing recycling operations, reducing costs, and increasing productivity. These technological improvements are crucial for maximizing the benefits of steel scrap recycling and supporting the growth of the industry.

What Factors Are Driving the Growth in the Steel Scrap Market?

The growth in the steel scrap market is driven by several factors. The increasing focus on sustainability and environmental regulations is encouraging the use of recycled materials in steel production. The rising cost of raw materials and the economic benefits of recycling are also boosting demand for steel scrap. Technological advancements in recycling and processing are enhancing the quality and efficiency of steel scrap utilization. Additionally, the growth of the construction, automotive, and manufacturing industries is increasing the demand for steel, further driving the need for steel scrap. These factors collectively ensure the continued growth and innovation in the steel scrap market.

Select Competitors (Total 81 Featured) -

• ArcelorMittal S.A.
• Baosteel Group Corporation
• Commercial Metals Company
• EVRAZ North America
• Gerdau S/A
• Metalico, Inc.
• Nucor Corporation
• Oryx Stainless Group
• Schnitzer Steel Industries, Inc.
• Sims Metal Management Limited
• Steel Dynamics, Inc.

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