Metal Recycling Market Report by Metal Type (Steel, Aluminum, Copper, and Others), Type (Ferrous Metal, Non-Ferrous Metal), End Use Industry (Building and Construction, Packaging, Automotive, Industrial Machinery, Electronics and Electrical Equipment, Shi

Metal Recycling Market Report by Metal Type (Steel, Aluminum, Copper, and Others), Type (Ferrous Metal, Non-Ferrous Metal), End Use Industry (Building and Construction, Packaging, Automotive, Industrial Machinery, Electronics and Electrical Equipment, Shipbuilding, and Others), and Region 2024-2032

The global metal recycling market size reached US$ 243.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 350.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032. Continuous enhancements in collection systems and recycling technologies are encouraging the manufacturing of complex products using a wide array of alloys and metals, which is primarily driving the market growth.

Global Metal Recycling Market Analysis:

• Major Market Drivers: The launch of favorable policies by government bodies to promote innovative ways to raise public awareness regarding the significance of recycling and putting waste into the appropriate recycling bins represents one of the primary factors positively influencing the metal recycling market outlook. Additionally, the widespread use of metals in the production of ships, airplanes, railways, trucks, cars, consumer electronics, domestic items, etc., is also acting as another significant growth-inducing factor.
• Key Market Trends: One of the emerging trends stimulating the metal recycling market demand includes the introduction of specialized risk management services and insurance solutions to meet the unique needs of recyclers. Moreover, the development of modern recycling technologies that can identify various types of metals effectively is further augmenting the metal recycling market revenue.
• Geographical Trends: The growing consumer environmental consciousness is inflating the popularity of metal recycling, as it does not emit harmful gases and aids in minimizing production costs. Besides this, the increasing demand for metals, including steel, iron, aluminum, etc., owing to the inflating levels of industrialization, is simulating the metal recycling market share in regions like Asia-Pacific.
• Competitive Landscape: According to the metal recycling market report, some of the prominent key players are ArcelorMittal, Aurubis AG, Commercial Metals Company, Dowa Holdings Co. Ltd., European Metal Recycling Ltd (Ausurus Group Ltd), Nucor Corporation, OmniSource LLC (Steel Dynamics Inc.), Schnitzer Steel Industries Inc., Sims Limited, and Tata Steel Limited, among many others.
• Challenges and Opportunities: According to the metal recycling overview, the presence of fewer scrap collection zones and an unorganized flow of waste metals are among the key restraints hampering the global market. However, the rising disposal of building waste into landfills is one of the key metal recycling market recent developments.

Global Metal Recycling Market Trends:

The Rising Applications in the Automotive Industry

The metal recycling process is gaining extensive traction in the automotive industry, owing to the rising focus of key players on sustainability and minimizing overall environmental impact. Additionally, recycled metals are utilized widely in the manufacturing of vehicle components, including fenders, trunk lids, doors, hoods, etc. For instance, the global automotive industry experienced a significant rise in vehicle production in 2022, with more than 85 million motor vehicles manufactured worldwide. This 6% growth compared to the previous year indicated the escalating demand for automobiles. Moreover, the growth in America's automotive production was particularly notable, with a 10% year-on-year increase in 2022. Mexico, Canada, and the United States all witnessed production expansions, reaching production figures of 3.50 million units, 1.22 million units, and 10.06 million units, respectively. Similarly, countries, including South Korea, have experienced growth in the manufacturing of automobiles. According to the Korea Automobile Manufacturers Association (KAMA), the country produced 3.75 million vehicles in 2022, which represented a notable 9% increase compared to the previous year's production of 3.62 million units. Considering these factors, the rising global vehicle production provides a positive outlook for the metal recycling market's recent opportunities.

The Increasing Scrap Metal Processing Facilities

Metal recycling market companies across countries are emphasizing on introducing modern technologies that can identify numerous metals effectively. Consequently, they are extensively investing in developing specialized processing facilities, thereby fueling the global market. For example, in December 2023, Greenwave Technology Solutions, Inc. invested over US$ 10 Million in its scrap metal processing facilities. This was done to elevate the company's scrap metal processing capacity and boost its margins. Furthermore, leading players are also entering into strategic agreements, which are anticipated to fuel the metal recycling market over the forecasted period. For instance, in December 2022, ArcelorMittal announced signing an agreement to acquire, Zakład Przerobu Złomu (Złomex), the Polish scrap metal recycling business. In line with this, the company also acquired Riwald Recycling (Riwald), a ferrous scrap metal recycling business based in the Netherlands.

The Growing Demand in the Construction Industry

The widespread adoption of recycled metals in the construction sector to minimize the demand for raw materials, reduce carbon emissions levels, conserve energy, etc., is bolstering the metal recycling market's recent price. Continuous growth in this industry is presenting numerous opportunities for metal recycling processes, as they provide efficient usage of resources with no degradation of properties. According to the United States Census Bureau, housing has shown a notable increase in the United States, which indicates the residential construction sector. In addition to this, single-family housing starts also experienced a substantial growth rate of 18.5% in May 2023. As such, these figures indicate the expanding construction industry, thereby stimulating the demand for metal recycling processes in developing residential buildings.

Global Metal Recycling Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on metal type, type, and end use industry.

Breakup by Metal Type:

• Steel
• Aluminum
• Copper
• Others

The report has provided a detailed breakup and analysis of the market based on the metal type. This includes steel, aluminum, copper, and others.

As per the metal recycling market statistics, steel is widely adopted in the automotive, construction, and consumer electronics industries. Moreover, various factors, such as the growing usage of non-renewable resources, the elevating energy conservation, fluctuation in raw material prices, and stringent regulations about mining ores, have compelled key producers to adopt the Electric Arc Furnace (EAF) process over the Basic Oxygen Furnace (BOF) process in crude steel production. This has led to the escalating demand for recycled steel across countries. Additionally, according to the Aluminum Association, aluminum is considered as one of the most recyclable materials. According to the statistics provided by the association, nearly 75% of all the aluminum produced in the U.S. is still in use today. Apart from this, the inflating focus on energy conservation and the increasing usage of metal types, including copper, in the consumer electronics industry is expected to play a major role in catalyzing the segment growth over the foreseeable future.

Breakup by Type:

• Ferrous Metal
• Non-Ferrous Metal

The report has provided a detailed breakup and analysis of the market based on the type. This includes ferrous metal and non-ferrous metal.

Ferrous and non-ferrous metal recycling are crucial processes in the metal industry, contributing to resource conservation, environmental sustainability, and economic efficiency. Both types of metals have unique applications and properties, and their recycling processes differ accordingly. In line with this, they are integral to the circular economy, promoting efficient resource utilization and sustainable practices in the metal industry.

Breakup by End Use Industry:

• Building and Construction
• Packaging
• Automotive
• ndustrial Machinery
• Electronics and Electrical Equipment
• Shipbuilding
• Others

The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes building and construction, packaging, automotive, industrial machinery, electronics and electrical equipment, shipbuilding, and others.

The elevating disposable income levels in emerging economies are likely to contribute to the growth of the construction industry, thereby bolstering the need for construction metal products. Apart from this, the automotive industry also utilizes a considerable amount of metal. For example, engine components and several other auto components, including basic vehicle frames for doors, hoods, mufflers, fuel tanks, etc., are manufactured from steel. Furthermore, according to the World Steel Association, about 70% of the weight of automobiles is composed of steel and iron. This will provide a lucrative opportunity for industry growth.

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

The well-established recycling industry in regions like the Asia-Pacific is primarily driving the global market. For example, in 2019, Asia Pacific produced 66% of primary aluminum and 72% of steel in the world. Besides this, metal production in Europe is considerably smaller as compared to the Asia Pacific. However, the adoption of recycled scrap for secondary metal production in Europe is relatively higher. Stringent government regulations on energy usage and the rising emphasis on circular economy are positively influencing the regional market. Apart from this, in North America, 42% of crude steel is produced using recycled materials. This indicates the significance of recycling in the region. Additionally, key players in various end use industries across countries are investing in recycling precious metals, which is expected to bolster the overall market growth in the coming years.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• ArcelorMittal
• Aurubis AG
• Commercial Metals Company
• Dowa Holdings Co. Ltd.
• European Metal Recycling Ltd (Ausurus Group Ltd)
• Nucor Corporation
• OmniSource LLC (Steel Dynamics Inc.)
• Schnitzer Steel Industries Inc.
• Sims Limited
• Tata Steel Limited

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Metal Recycling Market News:

• January 2024: Metals recycling trade groups, including the Düsseldorf, Germany-based Federal Association of German Steel Recycling and Waste Management Companies (BDSV) and the Berlin-based Association of German Metal Traders and Recyclers (VDM), issued a circular economy report that pointed to the role of scrap metals in minimizing emissions levels.
• January 2024: GreenSpark Software announced the funding of US$ 9.4 Million to expand its modern operating system for the metal recycling industry.
• December 2023: Caterpillar, a leading player in construction equipment, invested a total of US$ 44 Million in Series B and non-dilutive financing in Massachusetts-based recycling company Nth Cycle, which specializes in critical metals refining.
• September 2023: Metaloop, a firm in Australia, raised a €16M series A for scrap metal recycling software.

Key Questions Answered in This Report

• How has the global metal recycling market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global metal recycling market?
• What are the key regional markets?
• What is the breakup of the market based on the metal type?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the end use industry?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global metal recycling market and who are the key players?
• What is the degree of competition in the industry?