Recycled Metal Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Recycled metals are needed as a valuable resource that creates various metals products. The process of recycling metals involves collecting used or discarded metals, processing it, and creating a new metals material. Metals recycling plays a vital part in reducing the environmental impact of both mining and manufacturing, as well as conserving natural resources. It also offers economic benefits by reducing energy consumption and production cost. Indeed, the recycling of both ferrous and non-ferrous metals such as aluminium, brass, tin, bronze, cast iron, steel, and copper brings numerous benefits.

MARKET DYNAMICS

The Recycled Metals Market is expected to grow substantially during the forecast period. The global recycled metals market is experiencing accelerated growth due to several factors. The governments of various nations are emphasizing on recycling of metals by enacting various laws and regulations. These regulations often require manufacturers to procure raw materials from recycled sources, thereby promoting the use of recycled metals. However, the limited availability of scrap collection zones or recycling facilities can impede the market's growth. More collection points or recycling centres make it easier for individuals and businesses to properly dispose of their scrap metals. The unavailability of such facilities can result in a lower supply of recyclable metals, affecting the overall market growth. By recycling metals, reliance on virgin raw materials can be reduced and the need for energy-intensive mining and extraction processes can be minimized. Besides, rapid urbanization and industrialization in both developed and developing economies is anticipated to drive demand for metals in construction, infrastructure development, and manufacturing across globe. Leading metallurgy companies are opting for development of  sustainable products to decarbonising their operations and meet climate change mitigation targets. For instance, in August 2021, Tata Steel entered in Steel Recycling Business, by commissioning its first recycling plant of 500 kilo tons per annum in Haryana, India. This will help in reducing the carbon emissions, energy utilization and focus on carbon neutrality.

MARKET SCOPE AND REPORT FEATURES

The "Global Recycled Metals Market Analysis to 2031" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by type, end-use industry, and geography. The global recycled metals market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of recycled metals worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the recycled metals market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in recycled metals market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global recycled metals market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global recycled metals market is segmented on the basis of type and end-use industry. Based on type, the recycled metals market is segmented as iron, steel, aluminium, copper, nickel, and others. On the basis of end-use industry, the market is classified as, construction, automotive and aviation, consumer durables, and others.

By type, Steel is the most recycled metals in the world, accounting for the largest share of the global recycled metals market. The growing consumption of steel in various industries, such as construction, electronics, automotive, and consumer goods, has led to an increased demand for steel over the forecast period. Due to its durability, strength, and versatility, steel is a highly sought-after material in these industries. The recycling of steel has become a critical process to meet the growing demand while reducing the need for primary steel production, saving energy, and minimizing environmental impact.

REGIONAL INSIGHTS

The report provides a detailed overview of the global recycled metals market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Asia Pacific region is leading the recycled metal market and is also anticipated to witness high growth during the forecast period. The region is experiencing high growth in the generation e-waste due to increase in number of availability of scraps. The region includes a number of developing economies experiencing high growth in recycling metals. China and India are expected to exhibit high demand during the forecast period. Furthermore, the North American region is also expected to exhibit considerable growth rate. The region’s automotive and consumer sectors have witnessed increased productivity, leading to rise in demand for recycled metals. Recycling metal reduces the need for extracting raw material and offers environmental benefits. The automotive industry, in particular, relies on recycled metal for manufacturing components and parts. This trend aligns with global efforts to promotes sustainability and reduce the environmental impact of industrial activities.

MARKET PLAYERS

Some of the key players operating in the recycled metals market include, Globe Metal, Schnitzer Steel Industries Inc, ArcelorMittal, European Metal Recycling Ltd., Norsk Hydro ASA, Hindalco Industries Limited, Tata Steel, Aurubis AG, Celsa Group, HKS Metals, Nucor Corporation, Commercial Metals Company, Sims Metal Management Limited, GFG Alliances, and Novelis among others.

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Recycled Metals Report Scope