The global scrap metal recycling market is set to reach a valuation of US$ 70.5 billion in 2023 and is expected to grow at a CAGR of 5.5% during the forecast period of 2023–2033.
The demand for recycled metals, such as steel, aluminum, and copper, is growing due to environmental concerns, cost-effectiveness, and the need to conserve natural resources. The development of new technologies, such as automated sorting systems and advanced processing techniques, is making it easier and more efficient to recycle scrap metal. The scrap metal recycling market is growing rapidly in emerging economies such as China and India due to their increasing demand for raw materials and the development of their manufacturing industries.
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Key Takeaways from Market Study
- The global scrap metal recycling market is projected to grow at CAGR of 5.5% to reach US$ 120.3 billion by 2033
- U.S. and China are the prominent regions driving the scrap metal recycling market
- American Iron & Metal (AIM), ArcelorMittal, DBW Metals Recycling, Kuusakoski, Metallon Recycling Pte Ltd., and OmniSource, LLC are prominent players in the market
- South Asia and East Asia hold ample growth opportunities for the market titans in the coming years
- Recycled metals are used to fulfill the appetite of the growing automotive industry
Key Companies Profiled in This Report
- American Iron & Metal (AIM)
- ArcelorMittal
- DBW Metals Recycling
- Kuusakoski
- Metallon Recycling Pte Ltd.
- OmniSource, LLC
- TKC Metal Recycling Inc.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the metal type (ferrous (stainless steel, carbon steel, mild steel, cast iron, and others), non-ferrous (aluminum, copper, lead, nickel, zinc, brass, tin, gold, and others), scrap type (new and old), industry (building & construction, automotive, industrial manufacturing, electrical, shipbuilding, consumer electronics, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, Middle East & Africa).
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