Market Insight-Global Metal Waste and Recycling Market Overview 2022
The Global Metal Waste and Recycling Market Size was estimated at USD 273510 million in 2021 and is projected to reach USD 322900 million by 2028, exhibiting a CAGR of 3.25% during the forecast period– Bossonresearch.com
During recent decades, an increasingly expanding global economy has led to concerns over the exploitation of the earth’s natural resources, the environmental impacts as well as impending resource shortages. The promotion of circular material use, including not least recycling and reuse, is deemed necessary to reduce the generation of waste and the economy’s dependency on the extraction of primary (virgin) raw materials. Recycling materials may save resources and energy, and delay the depletion of virgin natural resources.
In the metals industry, secondary (i.e., recycled) materials compete with primary materials, which depend on the extraction of non-renewable resources. Scrap materials, or secondary metals in processed form, can sometimes be relatively cheap to produce compared to primary materials, at least in the cases where the scrap collection costs are not excessively high.
Figure Global Metal Waste and Recycling Industrial Chain
Source: Bossonresearch.com, 2022
The metal recycling industry specializes in retrieving metal from obsolete objects so that scrap metal does not end up in landfill sites. Instead, it is converted into raw materials for new products.
Businesses in many niches of industry produce scrap metal waste. They include metalworking factories, appliance manufacturers, and home furnishing producers. Some of the largest scrap metal producers are the automobile industry, the aircraft industry, and the construction industry.
The metal waste/scrap waste industry is vast. Over 500-million tonnes of scrap are recycled per annum. According to Bosson Research, the Global Metal Waste and Recycling Market Size was estimated at USD 1021990 million in 2021 and is projected to reach USD 1059088 million by 2028, exhibiting a CAGR of 3.25% during the forecast period
Figure Global Metal Waste and Recycling Market Size
Source: Bossonresearch.com, 2022
Segment Market Analysis by Type
Based on type, the ferrous segment is projected to be a faster-growing market during the forecast period. Iron and steel scraps are some of the most widely recycled ferrous metals in the world. This scrap comes from end-of-life products and scrap generated through manufacturing processes. The use of scrap in steel production has formed an integral part of the steelmaking industry. According to the Bureau of International Recycling, 40% of steel production is made from scraps.
Segment Market Analysis by Industry
The building & construction segment is the fastest-growing segment in the metal recycling market. The need to reduce the environmental impact of mining metals has encouraged the use of recycled metals in the building & construction sector. Most recycled metals used in this sector are obtained from demolition waste, which is one of the largest sources of metal waste, especially in the US.
Key players in the Metal Waste and Recycling Market include:
•Arcelormittal
•David J. Joseph Co (Nucor)
•Commercial Metals Company
•SIMS Metal Management Limited
•Aurubis
•European Metal Recycling Limited
•DOWA ECO-SYSTEM (Dowa Holdings)
•Remondis
•SUEZ
•Metal and Waste Recycling Ltd (Recycling Lives)
•Chiho Environmental Group
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