February 8, 2025
Recycled Metal Market

Recycled Metal Market To Reach US$54.48 Billion By 2023, Exhibiting A CAGR Of 8.5%

Market Overview:

Recycled metal refers to metals that are reprocessed from scrap or waste materials, offering a sustainable alternative to virgin metals. The market for recycled metal is driven by the increasing focus on environmental sustainability, as recycling reduces energy consumption and greenhouse gas emissions. Recycled metals also have various advantages, including cost-effectiveness, reduced mining activities, and conservation of natural resources. The market is witnessing significant growth due to the rising demand for recycled metals in industries such as automotive, construction, and electronics.

Market Key Trends:

With the growing awareness regarding the environmental impact of metal extraction and production, the recycled metal market is experiencing several key trends. One of the key trends driving the market is the adoption of advanced recycling technologies. Advanced recycling technologies use innovative techniques to recover and process metals from waste materials more efficiently. These technologies enhance the quality of recycled metals and reduce the overall energy consumption in the recycling process. Additionally, they enable the recycling of complex and multi-layered products, such as electronics and automobiles, which contain valuable metals. The adoption of advanced recycling technologies is expected to fuel the growth of the recycled metal market by improving the quality and availability of recycled metals, thereby meeting the increasing demand from various industries.
Segment Analysis:

The global Recycled Metal Market Growth is estimated to be valued at US$ 54.48 billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The recycled metal market can be segmented based on the type of metal, end-use industry, and region.

By type of metal, the market can be further divided into ferrous metals and non-ferrous metals. Ferrous metals, such as steel and iron, dominate the market owing to their widespread applications in industries like construction and automotive. The demand for ferrous metals is driven by factors such as infrastructure development, urbanization, and increasing population. Non-ferrous metals, including aluminum, copper, and lead, are gaining traction due to their recyclable properties and growing demand in sectors like electronics and aerospace.

In terms of end-use industry, the recycled metal market can be classified into automotive, construction, packaging, electronics, and others. The automotive industry is the dominant segment due to the high demand for lightweight and fuel-efficient vehicles, promoting the usage of recycled aluminum and steel. The construction industry also plays a significant role in the market, as the use of recycled metal reduces costs and contributes to sustainable construction practices.

Key Takeaways:

The global recycled metal market is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period. This growth can be attributed to increasing environmental concerns and government regulations promoting recycling practices. Additionally, the demand for recycled metal is driven by the expanding automotive and construction industries.

In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the recycled metal market. This can be attributed to the presence of key players and advanced recycling infrastructure in countries like the United States and Canada. The region’s focus on sustainability and the circular economy is also contributing to the market’s growth.

Key players operating in the recycled metal market include Sims Metal Management Ltd., Schnitzer Steel Industries, Inc., Nucor Corporation, European Metal Recycling Ltd., Kuusakoski Group, Novelis Inc., OmniSource Corporation, Ferrous Processing & Trading Co. (FTP), Metal Management Inc., and ELG Haniel Group. These companies are engaged in activities such as mergers and acquisitions, collaborations, and technological advancements to strengthen their market presence and meet the growing demand for recycled metal.

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →