CHICAGO, June 7, 2024 /PRNewswire/ -- The report 'Metal Recycling Market by Type (Ferrous Metals, Non-Ferrous Metals), Scrap Type (Old Scrap, New Scrap), Equipment Used (Shredder, Shear, Granulation Machine, Briquetting Machine), End-Use Industry, and Region - Global Forecast to 2029', size is projected to grow from USD 551.9 billion in 2024 and is projected to reach USD 767.9 billion by 2029, at a CAGR of 6.8%.
The market is expected to grow alongside the expanding demand from various end-users of metal recycling worldwide. The increased use of recycled metal in sectors such as building and construction, shipbuilding, equipment manufacturing, and consumer appliances is anticipated to drive market growth during the forecast period. The Asia Pacific region, particularly China, is the fastest-growing market for metal recycling due to its high production and consumption rates. China's extensive manufacturing sector generates significant amounts of metal scrap, fueling the growth of the recycling industry.
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Ferrous Metals type segment accounted for the highest CAGR by volume during the forecast period.
Ferrous metals, primarily containing iron, include steel, carbon steel, alloy steel, cast iron, and wrought iron. Known for their magnetic properties and high tensile strength, they are essential in construction of structural frameworks, bridges, and reinforcement bars, in the automotive industry for car bodies and engines, and in industrial machinery and tools. Recycling ferrous metals involves collecting scrap from construction, demolition, automotive, and manufacturing sectors. This process conserves natural resources and reduces energy consumption and greenhouse gas emissions compared to producing new metals.
Automotive end-use industry segment accounted for the second highest CAGR by value during the forecast period.
The rise in electric vehicle (EV) adoption and the automotive industry's focus on sustainability are major factors driving the metal recycling market. EVs require significant amounts of metals like steel, aluminum, and copper for batteries, motors, and body structures. As demand for EVs increases, recycling these metals from end-of-life vehicles and manufacturing scrap becomes crucial to meet this need sustainably. According to the Institute of Scrap Recycling Industries, the increase in the adoption of electric vehicles (EVs) has been remarkable, with 670,000 EVs sold in the first half of 2023. This will have a significant impact on the automotive end-use sector in the metal recycling market. Automakers are also prioritizing sustainability to reduce their environmental impact. This involves using recycled materials in vehicle production to conserve resources and decrease greenhouse gas emissions. By incorporating recycled metals, automakers can cut down on the energy consumption and pollution linked to extracting and processing new metals. This commitment to sustainability fuels the demand for recycled metals and encourages advancements in recycling processes and technologies. Hence, the growth of electric vehicles and the automotive industry's sustainability efforts enhance the metal recycling market by maintaining a steady demand for recycled metals, promoting environmental benefits, and supporting the circular economy.
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Europe is projected to be the second largest region in terms of value during the forecast period.
The metal recycling market in Europe is driven by several key factors. Stringent environmental regulations and EU policies aim to reduce waste and promote recycling, compelling industries to adopt sustainable practices. These regulations include directives on waste management and recycling targets that encourage metal recycling. There is a growing emphasis on sustainability and the circular economy across Europe. Increasing environmental awareness among businesses and consumers boosts the demand for recycled metals, highlighting the benefits of conserving resources, reducing energy consumption, and lowering greenhouse gas emissions. Advancements in recycling technologies have enhanced the efficiency and effectiveness of metal recycling processes, making it easier to recover high-quality metals from scrap and encouraging recycling activities. Additionally, Europe's robust industrial and manufacturing sectors, including automotive, construction, and machinery industries, generate substantial metal scrap, which is recycled to produce new products. Recycling metals is often more cost-effective than mining and processing new ores, providing financial incentives for businesses to engage in recycling. Overall, the combination of strict environmental regulations, a focus on sustainability, technological advancements, industrial demand, and economic benefits drives the metal recycling market in Europe.
Key players
Major companies such as ArcelorMittal (Luxembourg), Nucor (US), CMC (US), Sims Limited (Australia), Aurubis AG (Germany), Dowa Holdings Co., Ltd. (Japan), Tata Steel (India), Radius Recycling, Inc. (US), European Metal Recycling Ltd. (UK), and Upstate Shredding - Weitsman Recycling (US) and other leading companies in this market.
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