In 2020, the global scrap metal recycling market was priced at USD 989.8 billion, with a compound annual growth rate (CAGR) of 4.9 percent expected from 2020 to 2025. The key factor driving the market growth is the increasing demand for metals, which is coupled with a growing focus on natural resource conservation and greenhouse gas emissions.

Metal recycling helps producers to acquire raw materials for finished goods production without damaging their properties. Furthermore, it is less costly than primary metal processing. Also, the environmental imperative plays an important role in propelling industry development.

Application Outlook

• Building and Construction
• Automotive
• Consumer Goods
• Industrial GoodsMarket Drivers

Market growth is expected to be bolstered by a growing emphasis on conserving natural resources and reducing greenhouse gas emissions. Governments also created favourable regulations for the metal recycling industry in response to increasing concerns about natural resource depletion.

Metal recycling industry developments that have prospered in various industries such as machinery manufacturing, shipbuilding, packaging, consumer goods, construction, automotive, and others that have notable use of metals in different applications are contributing to the metal recycling market share. Metal recycling aids businesses in conserving electricity and lowering their carbon footprint. A tonne of recycled steel saves 1,131 kilogrammes of iron ore, 633 kilogrammes of coal, and 54 kilogrammes of limestone, reducing the amount of energy needed to mine these products. Recycling one pound of steel results in 70% energy savings, while recycling aluminium results in 95% energy savings.

• ArcelorMittal invested in a new sustainability programme in Europe in November 2019, with the goal of achieving Responsible Steel site certification for all of its ArcelorMittal Europe - Flat Products locations.

• In May 2019, Nucor Corporation announced a capital investment at its bar mill in Darlington, South Carolina, that will add vacuum degassing to its engineered bar capabilities. With this capability, the mill will be able to manufacture engineered bar products that meet some of the industry's most rigorous quality requirements

• Aurubis AG purchased the Belgian-Spanish Metallo Group in May 2019 in order to continue implementing its multi-metal and recycling strategy. The acquisition strengthens the company's multi-metal portfolio, especially in the main metals copper, nickel, tin, zinc, and lead, thanks to its attractive growth potential.

Source: VynZ Research