Global Metal Recycling Market by Application (Construction, Automotive, Consumer Goods), by Product (Copper, Steel, Aluminum) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global metal recycling market value was valued at USD 957.8 million in 2019. It is expected to grow at a compound annual rate (CAGR of 4.9%) between 2020 and 2027. Market growth is driven by the increasing demand for metals and the rising emphasis on conservation of natural resource and reduction of greenhouse gas emissions. Metal recycling allows manufacturers the ability to obtain raw materials without affecting their properties. It is also cheaper than primary metal production. Industry growth is also influenced by the environment. China was the biggest player in the global steel industry in 2019. World Steel reports that China is the world's largest steel producer. It produced 996.3 million tonnes of steel in 2019, accounting for 53% of global crude steel production. China is home to 20% of the scrap metal needed for steel production.

In China, the number of scrap processing facilities and local collection centres is expected to rise significantly in the next few years. China's ban on small-scale induction furnaces placed a large demand for Electric Arc Furnaces, which heavily rely on scrap. The utilization of steel scrap for steelmaking in China soared from 11% to 20% in 2016 and up to 20% in 2018.

In 2020, the COVID-19 pandemic caused disruption in the supply chain which led to a substantial decline in metal production. Due to the slowdown in key end-use industries like construction and automobile, there was also a significant contraction of demand. This will likely impact the 2020 recycling industry. However, there is a strong rebound in 2021 because manufacturing operations can continue beyond the second half of 2020.

Product Insights

Steel dominated the market, accounting for more than 79.0% of global volume in 2019. This is due to the large-scale use of steel in construction, automotive and consumer goods industries.

Aluminum is another product with great potential for recycling. Aluminum is considered one of the most easily recyclable materials in the current industry, according to the Aluminum Association. The association provides statistics that show nearly 75% of the aluminum produced in America is still in use today.

Copper reutilization saves 15% on the energy required to extract and manufacture the same amount. In the next few years, the segment will likely grow due to the increasing focus on energy conservation and the growing demand for copper in the electrical & electronic industry.

Application Insights

Construction dominated the market, accounting for 46.0% of global volume in 2019. The global construction industry has a significant demand for aluminum and steel. The rising urbanization due to higher disposable income levels in emerging economies will likely contribute to the growth and demand for metal products. This will in turn drive growth for the recycling industry.

Metal is also used in the automotive industry. Steel is used in engine parts and other components of automobiles like mufflers and basic vehicle frames for doors and fuel tanks. The World Steel Association estimates that about 70% of an automobile's total weight is made up of iron and steel. This is a huge opportunity for industry growth.

Regional Insights

Asia Pacific dominated the market, accounting for more than 67.0% of global revenue in 2019. The region's significant metal production can explain this dominance. Asia Pacific was home to 72% of the world's steel production and 66% for primary aluminum. The region also has a strong recycling industry.

Europe's metal production is much lower than that of Asia Pacific. The use of recycled scrap in Europe for secondary metal production is higher. Market growth is aided by the increasing emphasis on Europe's circular economy and stricter energy consumption regulations.

About 42% of North American crude steel is made from recycled materials. This demonstrates the importance of recycling in the region. This country is a major supplier of secondary aluminum. The U.S. is a major producer of secondary aluminum. Additionally, steel production in the United States uses the EAF process. This requires a lot of scrap material.

Market Share Insights & Key Companies

The global market is fragmented, unorganized and highly fragmented. Manufacturers will be encouraged to use recycled raw materials due to growing environmental concerns and increased demand from the end-use industry. Tata Steel announced its plans to open its first recycling facility in Haryana, India, in June 2019. This strategic initiative is designed to give Tata Steel an advantage in India's market. The following are some of the most prominent players in India's metal recycling market:

• European Metal Recycling

• CMC

• GFG Alliance

• Norsk Hydro ASA

• Kimmel Scrap Iron & Metal Co., Inc.

• Schnitzer Steel Industries, Inc.

• Novelis

• Tata Steel

Up Market Research published a new report titled “Metal Recycling Market research report which is segmented by Application (Construction, Automotive, Consumer Goods), by Product (Copper, Steel, Aluminum), By Players/Companies GFG Alliance, Schnitzer Steel Industries Inc, Kimmel Scrap Iron & Metal Co Inc, European Metal recycling, Novelis, Tata Steel, Norsk Hydro ASA, CMC”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Metal Recycling Market Report Segments:

The market is segmented by Application (Construction, Automotive, Consumer Goods), by Product (Copper, Steel, Aluminum).

Metal Recycling Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Metal Recycling Market

Overview of the regional outlook of the Metal Recycling Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Metal Recycling Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Metal Recycling Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Construction

                2. Automotive

                3. Consumer Goods

                1. Copper

                2. Steel

                3. Aluminum

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Metal Recycling Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Metal Recycling Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.