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Recycled Metal Industry Expansion: How the Market Size Has Grown Over the Last 5 Years?
The market size of recycled metals has been on a consistent rise in recent years. The projected growth rate takes it from a worth of $71.97 billion in 2024 to $75.47 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.9%.
Factors that have contributed to the growth during the historic period include the specifics of the materials, changes in consumer preferences, acceptance of the market, infrastructural development, available quantities of scrap, and demand from industries that use the end product.
The market size for recycled metal is projected to experience robust expansion in the coming years, rising to a value of $99.13 billion in 2029, with a compound annual growth rate (CAGR) of 7.1%. This growth over the forecast period is influenced by the adoption of green manufacturing procedures, transparency in the supply chain, waste management investments, fears regarding resource scarcity, and commitments to corporate sustainability.
Key forthcoming trends include promotion of the circular economy, governmental regulations, concerns over resource scarcity, green building methods, and economic feasibility.
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What Growth Drivers Are Responsible for Accelerating Recycled Metal Market Growth?
The escalating requirements in the building industry are anticipated to boost the recycled metal market. The construction industry, which involves manufacturing and commerce related to the construction, maintenance, and repair of structures, as well as drilling and mineral explorations, has seen a surge in activities due to rapid industrialization and urbanization.
These activities lead to a significant demand for recycled metals, which are cost-effective and environmentally friendly. For example, the Office for National Statistics, a government agency in the UK, reported in November 2023 that new construction activities witnessed an uptick of £18,161 million ($19.96 million) in 2022, with a 16.8% growth in private sector projects and a 13.1% increase in public sector projects.
Thus, the upswing in construction activities is poised to fuel the recycled metal market.
Performance of Leading Segments in the Recycled Metal Global Market
The recycled metal market covered in this report is segmented –
1) By Product: Steel, Aluminum, Copper, Other Products
2) By Metal: Ferrous, Non-Ferrous, Precious Metals
3) By End-User: Construction, Transport And Automotive, Industrial Machinery, Electronics, Defense, Packaging, Military, Consumer Goods, Other End-Users
Subsegments:
1) By Steel: Recycled Steel Scraps, Electric Arc Furnace (EAF) Steel
2) By Aluminum: Aluminum Cans, Aluminum Extrusions, Aluminum Alloys
3) By Copper: Copper Wire, Copper Tubing, Copper Sheet
4) By Other Products: Zinc, Lead, Nickel, Specialty Alloys
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What are the upcoming Trends Poised to Transform the Future of the Recycled Metal Market?
The recycled metals market is being molded by strategic partnerships and collaborations. Major players in this market are forming alliances to make the most of their collective resources and break into new markets.
For example, in July 2022, Novelis Inc., a recycling firm based in the US, joined forces with Sortera Alloys Inc. With this partnership, Novelis intended to progressively increase the amount of recycled content in their automotive alloys, thereby reducing their carbon footprint.
Sortera Alloys Inc. is another US-based company that deal in industrial scrap metal recycling. Additionally, in February 2022, Daimler India Commercial Vehicles Pvt.
Ltd., a commercial vehicle manufacturing and selling firm in India, entered a collaboration with India’s Cero – Mahindra MSTC Recycling Pvt. Ltd. (MMRPL). This alliance facilitated customers in upgrading their outdated fleet to new, BSVI BharatBenz vehicles made domestically, accompanied with advanced technology and high safety, quality, comfort, and manufacturing standards.
Cero – Mahindra MSTC Recycling Pvt. Ltd. (MMRPL) operates as an automotive and steel recycling center in India.
What Are the Regional Hotspots for Recycled Metal Market Growth?
Asia-Pacific was the largest region in the recycled metal market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the recycled metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which Companies Hold the Largest Market Share in the Recycled Metal Industry?
Major companies operating in the recycled metal market are ArcelorMittal S.A., Nucor Corporation, Commercial Metals Company, Sims Metal Management Limited, Aurubis AG, Novelis Inc., ELG Haniel Group, Kuusakoski Group Oy, Tata Steel Ltd., Steel Dynamics Inc., Norsk Hydro ASA, GFG Alliances, China Baowu Group, HKS Scrap Metals B.V., AMG Resources Corporation, European Metal Recycling, Schnitzer Steel Industries Inc., OmniSource Corporation, Alter Trading Corporation, Ferrous Processing & Trading Co., Metal Management Inc., Tube City IMS LLC, SA Recycling LLC, Upstate Shredding LLC, PSC Metals Inc., American Iron & Metal Company, Southern Recycling LLC, Gerdau S.A., Dowa Holdings Co. Ltd., Liberty Steel Group, Sims Limited
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