Global Iron Recycling Market 2023-2030

Global Iron Recycling Market 2023-2030

Global Iron Recycling Market Size, Share & Trends Analysis Report by Type (Ore Concentration, Scrap) (Automotive, Industrial Machinery, Consumer Electronics, and Other), by Production Technology (Basic Oxygen Furnace, Electric Arc Furnace, and Open-Hearth Furnace), and by End-User (Building and Construction, Packaging, and Electronics & Electrical Equipment), Forecast Period (2023-2030)

The global iron recycling market is anticipated to grow at a CAGR of 7.7% during the forecast period (2023-2030). Iron can be recycled endlessly without losing any of its material properties. Steel is an iron alloy that can be recycled numerous times and used to create goods for a variety of end-user industries. The iron recycling market expanded as a result of the building industry's quick expansion and the increased need for steel in remodelling and renovation projects. The market is anticipated to rise as urbanization and industrialization both pick up pace. The disorganized movement of scrap metals tends to impede the market's expansion. By lowering CO2 emissions, scrap recycling in the steel industry is essential for the advancement of green technology. For instance, in March 2022, ArcelorMittal acquired the Scottish steel recycling company John Lawrie Metals Ltd. As part of its plan to utilize more scrap steel and reduce CO2 emissions from the steelmaking process.

Segmental Outlook

The global iron recycling market is segmented by type (Ore Concentration, Scrap), production technology, and end-user. Based on the type (ore concentration, scrap), the market is sub-segmented into automotive, industrial machinery, consumer electronics, and others. On the basis of production technology, the market is sub-segmented into basic oxygen furnaces, electric arc furnaces, and open hearth furnaces. Furthermore, on the basis of the end-users, the market is sub-segmented into building and construction, packaging, electronics & electrical equipment. Among the production technology, the electric arc furnace sub-segment is anticipated to hold a considerable share of the market due to its offer of several advantages over traditional blast furnaces, including lower capital cost, flexibility in steel production, and reduced environmental impact.

The Building and Construction Sub-Segment is Anticipated to Hold a Considerable Share of the Global Iron Recycling Market

Among the end user, the building and construction sub-segment is expected to hold a considerable share of the global iron recycling market. Iron is commonly used in a variety of applications in the building and construction sector, including structural steel, reinforcing bars, and other building materials. There is a significant amount of iron trash produced as a result of the frequent refurbishment or demolition of these products. For instance, in October 2021, The Terex Recycling Systems product line is introduced by Terex MP. The Terex Recycling Systems product line will first concentrate on waste applications related to building, demolition, and business and industry. Recycling Systems will help the business's ambition to diversify its product offerings in the environmental sector by adding new items to its current line-up.

Regional Outlook

The global iron recycling market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe.

Global Iron Recycling Market Growth by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Iron Recycling Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. In nations such as China, India, and Japan, among others, industries including automotive, electronics, building and construction, aerospace and defense, and others are expanding exponentially. According to the U.S. Geological Survey, Australia will be the global largest producer of iron ore, followed by Brazil (380 million tons), China (360 million tons), and India (240 million tons). Around 880 million metric tons of useable iron ore were produced in the region in 2022 from mines.

Iron and steel are effectively used in the automobile sector as well, with these materials accounting for about 65% of the average car body. About 90% of the steel and iron in autos is recycled on average. Steel is utilized in the beams, reinforcing bars, and other structural components of structures, which results in significant amounts of scrap being produced during building destruction. For Instance, In September 2022, The Noida Authority in India awarded a contract to Re-Sustainability Limited to recycle 30 kilotons of iron garbage following the destruction of the twin towers of Supertech, which were located in Noida, India.

Market Players Outlook

The major companies serving the programmatic advertising market include AMG Resources Corp., ArcelorMittal, Baosteel Group Corp., Commercial Metals Co., Ferrous Processing & Trading Co., OmniSource Corp., PSC Metals, SIMS Metal Management Ltd., Tata Steel Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2022, the environmental services and recycling company ALBA International Recycling has been acquired by ArcelorMittal. Ten scrap yards in Germany's south are part of the agreement, and they are owned by three distinct companies: ALBA Electronics Recycling, ALBA Metall Süd Rhein-Main, and ALBA Metall Süd.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global iron recycling market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.