Metal Recycling Market to Garner $368.71 Bn, Globally, by 2030 at 5.2% CAGR: Allied Market Research

High rate of obsolescence, increase in consumer awareness, and surge in energy savings with decreasing GHG levels have boosted the growth of the global metal recycling market.

PORTLAND, Ore., March 10, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Metal Recycling Market by Metal Type (Ferrous and Non-Ferrous Metals), Scrap Type (Old Scrap, and New Scrap), and End User (Building & Construction, Packaging, Automotive, Industrial Machinery, Electronics & Electrical Equipment, Shipbuilding & Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global metal recycling industry was pegged at $217.00 billion in 2020, and is estimated to generate $368.71 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

Major determinants of the market growth

High rate of obsolescence, increase in consumer awareness, accelerating industrialization and urbanization in developing nations, and surge in energy savings with decreasing GHG levels have boosted the growth of the global metal recycling market. However, less scrap collection zones and unorganized flow of waste metals hinder the market growth. On the contrary, scarcity of rare earth metals is expected to open new opportunities in the future.

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Covid-19 scenario:

• The manufacturing activities in industries were halted during the Covid-19 pandemic and prolonged lockdown. This affected the metal recycling industry.
• The lack of workforce and disrupted supply chain hampered the collection of metal scraps during the pandemic. However, as the world is slowly getting back on track, metal recycling would gain momentum.

The new scrap segment to portray the highest CAGR by 2030

By scrap type, the new scrap segment would register the highest CAGR of 6.1% during the forecast period, due to rise in new construction-related activities and surge in new manufacturing plants. However, the old scrap segment held the largest share in 2020, accounting for more than half of the global metal recycling market, due to rise in volume of waste scrap with rapid urbanization and industrialization.

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The automotive segment held the lion's share

By end user, the automotive segment dominated the market in terms of revenue in 2020, contributing to more than one-third of the global metal recycling market, as it benefits the environment by reducing volume of waste from end-of-life vehicles and GHG emission levels. However, the shipbuilding segment is projected to register the highest CAGR of 8.2% from 2021 to 2030, as steel scrap from demolished and broken ships is a prime raw material for rolling mills. 

Asia-Pacific, followed by Europe and North America, dominated the market in terms of revenue

By region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in 2020, contributing to more than two-fifths of the market. In addition, the global metal recycling market across Asia-Pacific is anticipated to portray the highest CAGR of 7.4% during the forecast period, owing to rapid growth in metal recycling in China, Japan, India, and South Korea.

Key market players

• ArcelorMittal
• Commercial Metals Company
• Nucor Corporation
• Aurubis AG
• SIMS Metal Management Limited
• Tata Steel
• European Metal Recycling Limited
• OmniSource Corporation
• Dowa Holdings Co., Ltd.
• Schnitzer Steel Industries Inc.

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