Metal Recycling Market Size, Growth Insight, Trends and Forecasts to 2027

Precedence Research has published a new report titled “Metal Recycling Market Size, Share By Product (Aluminum, Steel, Copper, and Others), By Application (Automotive, Construction, Industrial Goods, Consumer Goods, and Others) - Global Industry Analysis, Trends, Segment Forecasts, Regional Outlook 2020 - 2027”, the metal recycling market revenue is projected to reach US$ 806.61 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.

The report provides many business organizations with the required information to proliferate their business’ reach within the global metal recycling market. The report provides the overall revenue of the global metal recycling market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

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Growth Factors

Rising urbanization and industrialization across the globe accounted as the major factor that propels the growth of metal recycling industry over the coming years. This trend has significantly prospered the growth numerous industries that include automotive, construction, consumer goods, packaging, ship building, equipment manufacturing, and many others that have notable usage of metals across different applications that further drives the overall market growth.

Apart from the application of recycled metals, growing emphasis of governments of various regions toward sustainable waste management along with conservation of natural resources expected to be the other main factors that fuel that market growth for metal recycling over the upcoming years.

Report Highlights

• The Asia Pacific emerged as the global leader and accounted for over 67% of total value in 2019 attributed to the high production of metal in the region
• Europe follows the Asia Pacific in terms of metal production owing to growing emphasis on the circular economy together with stringent government regulations for energy usage
• Steel emerged as a dominating product segment in 2019 with a volume share of over 79% in the same year owing to large-scale utilization of the product in automotive, construction, and consumer goods industries
• Aluminum is however another product that offers tremendous benefits for recycling because of significant spending of the industry for recycled cans every year
• The construction segment dominated the global metal recycling market accounting for over 46% of the total volume share in 2019 owing to flourishing growth in urbanization
• The automotive industry is the other important segment that uses large amount of metal product in various applications such as body parts, engine components, and various other components

Regional Snapshots

The Asia Pacific captured the largest market share in terms of revenue accounting for approximately 70% of the total market in 2019. The prominent growth of the region is mainly attributed to the high production share of steel in the region. As per the World Steel Association, total crude steel produced in the region was 1,341.6 Million tons in 2019 that accounted for nearly 5.7% rise in the production rate compared to 2018. Furthermore, China alone occupied more than 50% of the global steel production that significantly contributes towards the growth of the metal recycling industry in the region. Apart from the production point of view, notable growth of construction, automotive, and industrial sectors in the region also drives the demand for recycled metals in the forthcoming years.

The Asia Pacific region is followed by Europe in terms of production. In 2019, Europe contributed nearly 8.5% of the global crude steel production. Significant growth of the automotive and building construction industries in the region are the prominent factors that promote the growth of the metal recycling industry in the region.

However, North America contributes around 5% of the global crude steel production, out of which roughly 42% contribution is of the steel produced with recycled materials. This depicts higher significance of metal recycling in the region. Furthermore, the region is a significant producer of secondary aluminum. The United States mainly produces steel using the EAF process that consumes larger quantity of scraped material that further propels the demand for scrap recycling in the region.

Key Players & Strategies

The metal recycling industry is highly fragmented and unorganized in nature owing to presence of numerous market players. These market players are significantly focusing towards expanding their manufacturing facilities across the globe owing to supportive government policies. For instance, in June 2019, Tata Steel announced to open its first recycling plant in Haryana, India. This initiative by the company expected to help it to gain a significant foothold in the Indian market.

Some of the key players operating in the market are GFG Alliance, European Metal Recycling, CMC Recycling, Kimmel Scrap Iron & Metal Co. Inc., Norsk Hydro ASA, Schnitzer Steel Industries, Inc., Tata Steel, Novelis, Utah Metal Works, and Sims Metal Management Limited among others.

Segments Covered in the Report

This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:

By Product

• Aluminum
• Steel
• Copper
• Others

By Application

• Automotive
• Construction
• Industrial Goods
• Consumer Goods
• Others

By Regional

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World

COVID-19 Impact on metal recycling market sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the metal recycling market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Precedence Research’s study predicts gradual recovery for the metal recycling market from 2021 onwards. This trend will however continue through the course of the report’s assessment period

Why Buy this Report?

The purpose of Precedence Research's metal recycling market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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