Recycled Metal Market Size, Share & Trends Analysis Report By Material (Copper, Steel, Aluminum, Others), By Region (North America, Asia Pacific, Central & South America, MEA, Europe), And Segment Forecasts, 2023 - 2030

Recycled Metal Market Size, Share & Trends Analysis Report By Material (Copper, Steel, Aluminum, Others), By Region (North America, Asia Pacific, Central & South America, MEA, Europe), And Segment Forecasts, 2023 - 2030

Recycled Metal Market Growth & Trends

The global recycled metal market size is anticipated to reach USD 1.66 billion by 2030, accelerating at a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The market for recycled product is majorly driven by growing concerns regarding environment and high energy consumption in primary metal production.

Scrap metal is the key raw material used in the secondary metal production. The challenges associated with primary production are anticipated to compel manufacturers to adopt secondary production. The challenges include high energy consumption, fluctuating raw material prices, concerns over depleting non-renewable resources, and high manufacturing costs.

Government initiatives concerning the use of recycled materials and proper waste disposal are further anticipated to boost the consumption of recycled metals. For instance, the medals at the 2020 Olympics will be made from e-waste. As per the organizing committee, the authorities, in March 2019, collected 30.3 kg of gold, 4.1 kg of silver, and 2.7 kg of bronze from 78,885 tons of discarded devices including mobile phones, digital cameras, handheld games, and laptops.

Steel forms a significant part of metal recycling. Steel producers globally are adopting the Electric Arc Furnace (EAF) technology at a rapid rate owing to low-cost production and reduced carbon dioxide emissions. For instance, crude steel production by the EAF process registered a growth rate of 4.7% from 2014 to 2018. The growth rate in 2017 and 2018 was 13.7% and 10.3%, respectively, which signifies the growing adoption rate of scrap or recycled steel in crude steel production.

Key market players such as CMC, European Metal Recycling, Norsk Hydro ASA, GFG Alliance, Novelis, and Tata Steel are engaged in capacity expansions and mergers & acquisitions. For instance, in July 2018, Novelis Inc. announced the acquisition of Aleris Corporation for USD 2.6 billion to develop a diverse portfolio, expand its geographical presence, and gain competitive advantage over other players. In January 2018, Metal Trade Comax Group acquired Oetinger Aluminium Group. The acquisition helped in increasing the company’s annual production capacity from 30 thousands to 220 thousand tons.

Recycled Metal Market Report Highlights

• Steel is the most recycled metal in the world, as a result, it held a considerable market share of around 35.8% in 2022 and is expected to grow at the fastest CAGR of 7.3% during the forecast period.
• Asia Pacific market held a volume share of 67.3% in 2022 owing to increasing concerns regarding scrap utilization in countries such as India, which, in turn, is anticipated to drive the market for recycled metal
• Aluminum segment is anticipated to witness increasing consumption in automotive industry, which is propelling metal production
• Acquisitions are among the major strategic initiatives adopted by most of the market players

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