Scrap Metal Recycling Market Size (2024 - 2029)

Scrap Metal Recycling Market Analysis

The scrap metal recycling market is estimated to reach 947.39 million tons by the end of this year and is projected to reach 1,164.33 million tons in the next five years, registering a CAGR of 4% during the forecast period.

Covid-19 negatively impacted the demand for metals. The disruption in supply chains and decline in industrial production such as automotive, construction, and manufacturing experienced a significant decline in production, leading to reduced scrap metal generation. However, since restrictions were removed, the industry has been recovering. A rise in demand for automobiles is restoring the market's growth trajectory.

• A major factor driving the market studied is the growing demand for metals from various industries such as automotive, construction, and packaging. Additionally, environmental awareness and sustainability will likely favor the market's growth.
• On the flip side, the lack of infrastructure and collection systems in many developing countries will negatively affect the growth of the scrap metal recycling market during the forecast period.
• The growing focus on E-waste recycling, increasing demand for sustainable materials, and focus on circular economy will likely provide new growth opportunities for the market.
• North American region is expected to dominate the market during the forecast period. Stringent environmental regulations, strong infrastructure development, and a well-established recycling ecosystem drive this growth.

Scrap Metal Recycling Industry Segmentation

Scrap metal recycling refers to the process of collecting, sorting, processing, and reusing discarded metal materials to extract their valuable components for manufacturing new products. It involves recovering and recycling various metals, such as iron, steel, aluminum, copper, and brass, to conserve natural resources, reduce environmental impacts, and meet the growing demand for sustainable materials. By diverting scrap metal from landfills and reintroducing it into the production cycle, scrap metal recycling plays a vital role in the circular economy and promotes resource conservation and energy efficiency.

The scrap metal recycling market is segmented by metal type, industry, and geography. By metal type, the market is segmented into ferrous and non-ferrous. Ferrous is further segmented into iron and steel, and Non-ferrous is segmented into copper, aluminum, lead, and others. By industry, the market is segmented into automotive, aerospace and defense, construction, electrical and electronics, manufacturing and industrial sectors, consumer appliances, and other end-user industries. The report also covers the market size and forecasts for the scrap metal recycling market in 15 countries across major regions. The market sizing and forecasts have been done for each segment based on volume (Million Tons).