The recycled metal market is expected to reach at US$ 650 billion by 2028, registering at a CAGR of 3.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Growing Awareness of Environment Sustainability to Drive Recycled Metal Market
Recycled Metals Market Size and Forecasts (2021 - 2031), Global and Regional Growth Opportunity Analysis, and Geography (North America, Europe, Asia Pacific, and South and Central America)
Recycled Metals Market Size (2021-2031) and Regional Overview
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Source: The Insight Partners Analysis
Metal recycling is gaining considerable importance as it helps preserve natural resources and requires less energy than extracting metal from virgin ores. According to the Galvanizers Association, around 40% of the total steel worldwide is produced using recycled steel. Recycled metals such as iron and steel, aluminum, copper, brass, and tin are witnessing high demand from automotive, aircraft, shipbuilding, construction, and transportation industries, owing to rising sustainability concerns and growing focus on using recycled materials to support the circular economy. This factor is significantly driving the recycled metal market.
Recycled metals are also extensively used in the construction industry, owing to the rising popularity of green buildings and constructions that use sustainable and environment-friendly products. Due to the rising awareness of the negative impacts of mining metal, building and construction companies are replacing traditional metal components with recycled ones. According to industry experts, steel used instead of concrete in demolition and construction offers a 19% reduction in carbon footprint. This factor is driving the recycled metal market.
Based on type, the recycled metal market is segmented into iron, steel, copper, aluminum, nickel, and others. The steel segment dominated the recycled metal market in 2021. According to the American Iron and Steel Institute, steel is the most recycled material globally. Steel can be recycled multiple times without losing its original quality. Therefore, automotive and aircraft manufacturers extensively use recycled steel to develop high-quality components and parts. This factor is driving the market for the segment.
Over the past few years, there has been a significant demand for electric vehicles due to the rising awareness regarding the harmful impacts of petroleum and fossil fuels on the environment. Global warming and climate change are wreaking havoc on living systems. Therefore, government bodies are promoting electric vehicles to reduce greenhouse gas emissions and contribute to environmental sustainability. According to the International Energy Agency (IEA), electric vehicles will help decarbonize road transport, which accounts for 16% of global greenhouse gas emissions. Recycled metals are widely used in electric vehicle components. Thus, the increasing demand for electric vehicles is projected to drive the recycled metal market.
Schnitzer Steel Industries, Inc.; ArcelorMittal; CMC; European Metal Recycling Ltd.; Norsk Hydro ASA; Hindalco Industries Limited; Tata Steel; Aurubis AG; CELSA Group; and HKS Metals are among the key players profiled in the study of the recycled metal market. Several other major companies were analyzed in this research study to get a holistic view of the market and its ecosystem.
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