Metal Recycling Market Poised to Garner Maximum Revenues During 2024– 2030: Grand View Research Inc.

 Metal Recycling Market Growth & Trends

The global metal recycling market size is expected to reach USD 1,135.28 billion by 2030, growing at a CAGR of 4.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing emphasis on circular economy and growing environmental awareness are major factors that are likely to propel the industry growth over coming years.

Global initiatives aimed at boosting recycling capabilities and obsolete scrap access are expected to drive long-term industry growth. Steel, being the most recycled material by volume, highlights its prominence in sustainability efforts. The rise in steel scrap production, fueled by rapid industrialization and its abundant availability, emphasizes the potential for industry expansion and enhanced sustainability.

Furthermore, the growing consumption of recycled metal in end-use industries is also likely to play a major role in driving industry growth. For instance, steel is largely consumed in the automotive, construction, industrial manufacturing, and consumer goods industries. Aluminum recycling is also gaining significant momentum as recycling aluminum saves over 90% of energy compared to its primary production.

Metal manufacturers are increasingly promoting recycling as an effective way to address the problem of resource scarcity and mitigate the environmental impact associated with the production process. The metal recycling industry is garnering a significant pace as economically viable recovery of metals from sorted recyclates is now feasible.

Asia Pacific dominated the revenue share in 2023 and is anticipated to continue over the forecast period from 2024-2030. Proper waste management and rapid urbanization are major factors that are likely to trigger industry growth in APAC. The growth of manufacturing in India, China, Vietnam, Thailand, Myanmar, and Indonesia is increasing production activities and boosting demand for metal recycling. This trend is mainly driven by China's fast-paced industrialization and urbanization, leading to a higher demand for metals in the construction, automotive, and electronics sectors.

Increased volume of scrap is driving the adoption of scrap-handling equipment such as magnetic separators and conveyors. Consequently, companies are undertaking expansion measures and making significant investments to boost their scrap handling capacities and increase output. For instance, in November 2023, Norsk Hydro ASA, an integrated smelter, opened its new Cassopolis plant. The USD 150 million plant in Michigan is expected to produce 120 million tons of recycled aluminum annually.

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Metal Recycling Market Report Highlights

• The steelsegment is projected to register the fastest CAGR from 2024 to 2030 owing to the highest volume share of generated scrap and abundant availability of steel scrap from automobiles.
• The construction was the largest sector segment, with a revenue share of over 40.0% in 2023, owing to investments and high spending in the construction sector in emerging economies of Asia Pacific, such as India, Indonesia, Malaysia, and South Korea.
• The consumer goods sector segment is projected to witness a maximum revenue CAGR from 2024 to 2030 due to its role as both a key end user and a dominant source of metal scrap.
• Asia Pacific was the largest regional market in 2023 in terms of both volume and revenue. Infrastructural investments have enhanced the development of different industries, thereby resulting in a rise in demand for metals and, subsequently, metal recycling in Asia Pacific.
• Market players can improve their revenue model and market offerings by efficiently handling high-volume scrap in less time. This can be achieved through economies of scale, which companies are pursuing by expanding their operational capabilities.

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Metal Recycling Market Segmentation

Grand View Research has segmented the global metal recycling market based on metal, sector, and region:

Metal Recycling Metal Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)

• Aluminum
• Copper
• Steel
• Others

Metal Recycling Sector Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)

• Construction
• Automotive
• Consumer Goods
• Industrial Goods

Metal Recycling Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Turkey
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
• Middle East & Africa

List of Key Players of Metal Recycling Market

• European Metal recycling
• CMC
• GFG Alliance
• Norsk Hydro ASA
• Kimmel Scrap Iron & Metal Co., Inc.
• Schnitzer Steel Industries, Inc.
• Novelis
• Tata Steel
• Sims Metal
• Utah Metal Works

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.