Wilmington, Delaware, United States, June 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Scrap Metal Recycling Market is estimated to flourish at a CAGR of 6.1% from 2023 to 2031. According to Transparency Market Research, sales of scrap metal recycling are slated to total US$ 78.1 billion by the end of the aforementioned period of assessment.
The integration of advanced technologies such as artificial intelligence (AI), machine learning, and Internet of Things (IoT) in scrap metal recycling processes is set to revolutionize the industry. AI-powered sorting systems, robotic sorting arms, and IoT-enabled tracking systems offer increased efficiency, accuracy, and cost-effectiveness, thereby enhancing the overall recycling operations.
The emergence of innovative business models is transforming the traditional scrap metal recycling landscape. Collaborative platforms and digital marketplaces are connecting recyclers, suppliers, and manufacturers, facilitating efficient trade and maximizing resource utilization. These models streamline the supply chain, enhance transparency, and promote the growth of the global scrap metal recycling market.
Decentralized recycling facilities are gaining traction as a cost-effective and sustainable solution. By establishing smaller-scale recycling plants closer to the sources of scrap metal, transportation costs and carbon emissions associated with long-distance hauling are minimized. This trend not only reduces the environmental impact but also creates localized job opportunities and fosters regional economic development.
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Key Findings of the Market Report
- Among ferrous and non-ferrous metals, the dominant segment in the scrap metal recycling market is ferrous metals, which include iron and steel, due to their widespread industrial applications and high recyclability.
- The dominant segment in the scrap metal recycling market, based on end-use industry, is the construction sector, followed closely by automotive, industrial manufacturing, consumer appliances, and other industries like shipbuilding and packaging.
Scrap Metal Recycling Market Growth Drivers & Trends
- Growing investments in infrastructure development projects globally are generating a steady supply of scrap metal, boosting the recycling market.
- Depleting natural resources and the high cost of extracting virgin metals are compelling industries to turn to scrap metal recycling as a more sustainable and cost-effective alternative.
- Collaborations between technology providers and recyclers are fostering the development of advanced recycling solutions, leading to increased adoption of scrap metal recycling.
- The implementation of extended producer responsibility programs, where manufacturers are responsible for the proper disposal and recycling of their products, is boosting the scrap metal recycling market.
- Partnerships between recyclers and OEMs are promoting closed-loop recycling systems, where manufacturers use recycled metals from their own products in the production of new ones
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Global Scrap Metal Recycling Market: Regional Profile
- North America is a prominent market for scrap metal recycling, driven by stringent environmental regulations, strong infrastructure development, and a well-established recycling ecosystem. The region's advanced technologies, such as automated sorting systems, contribute to efficient metal recovery and recycling.
- Europe showcases a mature and highly regulated scrap metal recycling market. The region's focus on sustainability, circular economy initiatives, and strict recycling targets set by the European Union drive the market's growth. Robust automotive and industrial manufacturing sectors contribute significantly to the demand for recycled metals.
- Asia Pacific is witnessing rapid growth in the scrap metal recycling market due to its thriving construction, automotive, and electronics sectors. The region's high population, urbanization, and increasing consumer awareness of sustainability fuel the demand for recycled metals. China, India, and Japan are key contributors to the market growth in this region.
- Latin America presents substantial growth opportunities for the scrap metal recycling market. The region's growing industrial sector, infrastructure development projects, and increasing environmental consciousness contribute to market expansion. Brazil, Mexico, and Argentina are significant players in the Latin American market.
- The Middle East and Africa region exhibit immense potential for scrap metal recycling due to rapid urbanization, infrastructure investments, and industrial development. Growing awareness of sustainable practices and the need to conserve resources are driving the market's growth in this region.
Scrap Metal Recycling Market: Competitive Landscape
The competitive landscape of the scrap metal recycling market is characterized by the presence of both established players and emerging companies. Key market participants focus on expanding their recycling capacities, implementing advanced technologies, and establishing strong supply chains.
Companies strive to differentiate themselves through superior sorting and processing capabilities, strategic partnerships, and a strong regional presence. The market also witnesses collaboration between recyclers, original equipment manufacturers, and government bodies to promote sustainable practices and create a more circular economy. Some prominent manufacturers are as follows:
- AIM Recyclage Inc.
- ArcelorMittal
- Aurubis AG
- COHEN
- Kuusakoski Oy
- Nucor Corporation
- Omnisource Corporation
- Sims Limited
- SL Recycling
- TKC Metal Recycling, Inc.
Some important developments with regard to scrap metal recycling are as follows:
- In June 2023, ArcelorMittal, the world's leading steel company, and John Cockerill, a group leading steel processing facilities and electrolysers, announced plans to construct the world's first industrial-scale low-temperature iron electrolysis plant. The Volteron™ plant produced 40,000 to 80,000 tonnes of iron plates per year initially and aimed to start production in 2027. After successful testing, the plant's annual capacity is projected to increase to 300,000 to 1 million tonnes
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Scrap Metal Recycling Market: Key Segments
By Type
- Ferrous
- Non-ferrous
By End-use Industry
- Construction
- Automotive
- Industrial Manufacturing
- Consumer Appliance
- Others (shipbuilding, packaging, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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