Metal Recycling Market Forecast 2023–2032 | Boosted by Green Manufacturing

According to a new report published by Allied Market Research, titled, “Metal Recycling Market by Metal Type, Scrap Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The global metal recycling market size was $217.0 billion in 2020 and is expected to reach $368.7 billion by 2030, registering a CAGR of 5.2% from 2021 to 2030. In 2020, Asia-Pacific region dominated the global metal recycling market accounting for 45.5% share of the market. Metal recycling refers to reprocessing of metal waste into ferrous and non-ferrous metals to reduce greenhouse gas emission levels, to preserve natural resources, and manage energy consumption.

Metal recycling reduces future scarcity of high-value resources, generates economic value, minimizes greenhouse gas emission levels, and limits other environmental damage. Therefore, various government initiatives have also been undertaken for creating a conducive environment for recycling metal waste. For instance, in Japan under home appliances recycling law, the consumers of appliances such as refrigerators, air conditioners, and washing machines should dispose them to retailers or scrap traders for further recycling. In terms of scrap metal, the market is classified into ferrous metal and non-ferrous metal. Some of the sources of scrap include automobiles, railroad tracks, ships, household appliances, and consumer electronics. However, ferrous metal is the fastest growing segment and is anticipated to grow at a CAGR of 7.4% by 2030. According to European Aluminum Foil Association (EAFA), the recycling rate of aluminum closures in Europe has increased to more than 50% owing to the collection and recycling schemes.

COVID-19 has already affected the sales of global metal recycling market in 2020, and is expected to hamper the growth of the global metal recycling market. The major demand for metal recycling was badly affected due to the spread of COVID-19 virus. Further, the disruption of supply chains hinders the growth of the metal recycling market.

However, unorganized flow of waste metals and presence of less scrap collection zones are anticipated to hamper the growth of the market. Conversely, increase in construction of buildings owing to increase in the disposal of building waste into the landfills is anticipated to provide lucrative opportunities for the growth of the global metal recycling market.

Several manufacturers in the global metal recycling market stopped their business activities due to lockdown implemented in developed and developing countries in 2020, owing to ban on construction activities. This halt in production activities impacted the revenue of the metal recycling manufacturing companies. For instance, net sales of ArcelorMittal dropped by 24.6% from January 2020 to December 2020. In addition, lack of man power and raw materials affected the supply chain of the global metal recycling market. However, the market is projected to recover from COVID-19 situation by the first quarter of 2021, due to the reduced restrictions and reopening of the global metal recycling industry. Moreover, in 2021 with the availability of vaccine against COVID-19, the global metal recycling market is expected to gradually witness growth.

The metal recycling market is segmented on the basis of metal type, scrap type, end user, and region. By scrap type, the market is bifurcated into old scrap, and new scrap. The old scrap segment generated the highest revenue in 2020. By metal type, the market is fragmented into ferrous and non-ferrous metals. The ferrous segment dominated the market in 2020. By end user, the market is categorized into building & construction, packaging, automotive, shipbuilding, electronics & electrical equipment and others. The automotive segment was the highest revenue contributor owing to increased demolition rate. However, electronics contain heavy and high valued metals, such as lead, copper, gold, and aluminum and its recycling ensures natural resources conversation. Therefore, electronics and electrical equipment industry is the fastest growing sector during the forecast period.

Region-wise, the market analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific region generated the highest revenue in 2020.

The key players profiled in the global metal recycling market include ArcelorMittal, Nucor Corporation, Commercial Metals Company, SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., OmniSource Corporation, and Schnitzer Steel Industries Inc.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging global metal recycling market trends and dynamics. 
• By metal type, the ferrous segment dominated the market, in terms of revenue in 2020.
• By end user, the automotive segment is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the trends and emerging opportunities of the market. 
• In depth, the global metal recycling market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.