The global scrap recycling industry is expanding steadily with rise in demand from key end-use sectors such as building & construction, automotive, and electricals, to name a few, and is subject to expand further over the coming years. Stainless steel will remain the most recycled scrap metal over the coming years.
The latest report on scrap metal recycling by Fact.MR offers detailed analysis of the global industry, along with new trends, demand-supply trajectories, and growth & restraining factors for the forecast period of 2021 to 2031.
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As stated in the report, the United States, Germany, China, India, Japan, and a few other countries will have a major share on the market, while Asia Pacific will exhibit the fastest growth rate throughout the forecast period.
The global scrap metal recycling market is projected to ascend at around 5.5% CAGR through 2031.
Key Takeaways from Market Study
- High demand for new scrap likely to be witnessed
- Stainless steel to remain the leading segment in terms of metal
- Rise in requirement from building & construction industry to augment demand growth
- The United States to exhibit hegemony in the scrap metal recycling industry, especially in North America
- Germany to take the limelight in Europe’s market for scrap metal recycling
- Asia Pacific to exhibit fastest growth throughout the forecast period
- The United Kingdom, Canada, South Korea, France, Canada, Italy, and a few other countries to maintain positive market outlooks during the forecast period
“Demand for scrap metal recycling is projected to gain traction as key end-use sectors such as automotive, building & construction, and others are recovering steadily from the COVID-19 pandemic. Furthermore, growing preference for ferrous metals such as carbon steel, stainless steel, and mild steel is set to aid in industry revenue growth over the coming years,” says a Fact.MR analyst.
Requirement from Building & Construction Sector Fueling Sales
Scrap metal recycling is highly sought-after in the building & construction sector, especially in projects such as roads and bridges. As the construction sector is getting back on track again with increase in the number of residential, commercial, and industrial projects, scrap metal processing equipment suppliers are likely to come across higher growth scope over the coming years.
According to a report titled “China- Construction and Green Building”, published by SelectUSA, China is the world’s largest construction industry, and the United States is China’s second-largest source of imports for the construction industry, with an import market share of 13%.
As stated in the report, China’s construction industry is set to grow at an annual average of 5% in real terms through 2023. This, in turn, gives a glimpse of the high potential for scrap metal processing stakeholders.
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Who is Winning in this Space?
The global scrap metal recycling space is getting tougher in terms of competition. In order to sail through the cut-throat competition, key players are bringing in a wider variety of products.
- American Iron & Metal launched its new AIM Sophisticated Metal Recyclers.
- DBW Metals Recycling launched its new range of DBM Metals Recycling Solutions, incorporating materials from public, manufacturers, contractors, and industry dealers.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the scrap metal recycling market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of metal (ferrous metals [stainless steel, carbon steel, mild steel, cast iron, and others] and non-ferrous metals [aluminium, copper, lead, nickel, zinc, brass, tin, gold, and others]), scrap (new scrap and old scrap), and industry (building & construction, automotive, industrial manufacturing, electricals, shipbuilding, consumer electronics, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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