by Recycled metals are metals that are recovered from post-consumer or post-industrial waste and reused in production or manufacturing. Recycled metals help conserve natural resources and reduces energy usage as well as greenhouse gas emissions. Recycled aluminum, copper, steel and other metals can be used again and again without any loss of quality.
The global Recycled Metal Market is estimated to be valued at US$ 80 billion in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
High demand for sustainable metals: Recycled metal is one of the most sustainable materials owing to significantly lesser energy usage and emissions in production as compared to primary metal extraction from ores. Growing environmental awareness and sustainability initiatives by governments as well as industries are propelling demand for recycled metal. Industries are increasingly opting for recycled metal to meet their demand as well as lower carbon footprint. Consumers are also preferring brands that use recycled content in production. This rising demand for sustainable metals is a major trend in the recycled metal market.
Recycled metals do not require extensive mining and offer significant advantages like reduced energy usage, lower greenhouse gas emissions and conservation of natural resources. High demand for sustainable materials is thus driving growth of the global recycled metal market.
SWOT Analysis
Strength: Recycled metal is more cost effective than mining raw materials as recycled metal requires less energy and resources to process. It also reduces waste and environmental impact related to mining.
Weakness: Collection and sorting of scrap metal is labor intensive and requires proper infrastructure. It can be difficult to ensure quality and consistency of recycled metal.
Opportunity: Growing environmental awareness and sustainability initiatives are driving greater demand for recycled products. Government policies and regulations in many countries also promote recycling over resource extraction to reduce carbon footprint.
Threats: fluctuating scrap metal prices and supply can impact recycled metal industry. Lax enforcement of recycling programs in some regions also poses a challenge.
Key Takeaways
The Global Recycled Metal Market Size is expected to witness high growth.
Regional analysis related content comprises North America currently dominates the global recycled market led by well established recycling infrastructure and programs in countries like the US and Canada. Asia Pacific is projected to be the fastest growing market with expanding recyling industry in major economies like China, India and Japan.
Key players operating in the recycled metal market are European Metal Recycling,Commercial Metals Company, Nucor Corporation, Schnitzer Steel Industries, Sims Metal Management. They have extensive collection and processing facilities across major markets to capitalize on growing demand for recycled metals from construction and automotive industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
