Global Scrap Metal Recycling Market Is Projected To Ascend At Around 5.5% CAGR Through 2031

Industry Insights

As per the latest intelligence report published by Fact.MR- demand for scrap metal recycling is likely to be valued at US$ 103 Bn by the end of the 2021-2031 assessment period, clocking a CAGR of 5.5%. Considering short-term prospects, the industry is likely to reach US$ 60 Bn by 2021.

From 2016 to 2020, scrap metal recycling services surged at a CAGR of 5% to be valued at US$ 57.1 Bn by the end of the said historical period. Prospects took a backseat amidst the novel coronavirus pandemic, particularly in H1 2020. Global industrial shutdowns, especially across key industries as construction and automotive, largely stalled demand.

For More Insights Into The Market, Request a Sample of this Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=5792

Key Takeaways from the Market Study

  • The global scrap metal recycling market is anticipated to add 1.8x value by 2031 as compared to 2021.
  • Ferrous scrap metal recycling to account for 2/5th of the global revenue share
  • By industry, automotive scrap metal recycling to capture 60% of market revenue
  • Recycling for new scrap metal to expand at over 5% value CAGR
  • U.S to generate US$ 25 Bn in value for scrap metal recycling by 2021 end
  • China to account for 55% of scrap metal recycling in East Asia

“Scrap metal recycling method conserves 60% energy for mining new metal and saves valuable raw materials; reducing greenhouse gas emissions, thereby augmenting its popularity worldwide,” comments a Fact.MR analyst

Key Segments Covered

  • Metal Type

    • Ferrous Scrap Metal Recycling
      • Stainless Steel Scrap Metal Recycling
      • Carbon Steel Scrap Metal Recycling
      • Mild Steel Scrap Metal Recycling
      • Cast Iron Scrap Metal Recycling
      • Others
      • Non-ferrous Scrap Metal Recycling
    • Aluminum Scrap Metal Recycling
      • Copper Scrap Metal Recycling
      • Lead Scrap Metal Recycling
      • Nickel Scrap Metal Recycling
      • Zinc Scrap Metal Recycling
      • Brass Scrap Metal Recycling
      • Tin Scrap Metal Recycling
      • Gold Scrap Metal Recycling
      • Others
  • Scrap Type

    • New Scrap Metal Recycling
    • Old Scrap Metal Recycling
  • Industry

    • Building & Construction Scrap Metal Recycling
    • Automotive Scrap Metal Recycling
    • Industrial Manufacturing Scrap Metal Recycling
    • Electricals Scrap Metal Recycling
    • Shipbuilding Scrap Metal Recycling
    • Consumer Electronics Scrap Metal Recycling
    • Others

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.

  • Technological advancements in metal recycling market have revolutionised the whole process. The use of XRF, or x-ray fluorescence, creates immense value for scrap metal recyclers.  This technology can positively identify numerous alloy grades and rapidly analyse their chemical composition at material transfer points and thus help guarantee the quality of the product.
  • In October 2020, ArcelorMittal Long Products Canada and Triple M Metal formed Integrated Metal Recycling Inc. as a joint venture that will combine “many of the recycling activities of the two partners” in Quebec. This venture is likely to offer effective recycling of scrap metal and deliver better services to consumers.

 

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