Rockville, March 21, 2023 (GLOBE NEWSWIRE) -- As per this new industry analysis by Fact.MR, a provider of market research and competitive intelligence, the global steel scrap market is projected to exhibit a CAGR of 4.9% and reach a volume size of 1,050 Million Metric Tons by 2033.
Steel is highly recyclable and is also the most recycled material in the world. One of the main components used to make steel is recycled steel. Steel is simple to separate from the waste stream and recycle due to the metal's high magnetic characteristics. Steel recycling results in considerable decrease in CO2 emissions, a reduction in the consumption of priceless iron ore, and huge energy savings. Scrap is anticipated to make up a sizable amount of metal production in the future as deposits across the world decline and the cost of obtaining ore rises.
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Future need for steel scrap is anticipated to be fueled by an increase in the demand for raw materials used in the steel manufacturing process from quickly growing emerging economies such as China, India, and Brazil. Steel has been able to meet the challenge provided by a variety of competitor materials due to the development of new lightweight goods, bake-hard enables grades, and high-strength steels.
In addition to being one of the top steel producers in the world, ArcelorMittal is a well-known firm in Europe. The largest steel producer in America, Africa, and Europe is thought to be ArcelorMittal. Its global R&D division has been partnering with the automobile sector to determine how much more value can be obtained by deconstructing vehicles before they are shredded to recover scrap, and they are now working with the Worldsteel Association on several recycling projects.
- For all of its ArcelorMittal Europe-Flat Product sites, ArcelorMittal engaged in a new sustainability program in Europe in November 2019 to obtain Responsible Steel site Certification.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | 1,050 Million Metric Tons |
| Growth Rate (2023-2033) | 4.9% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 139 Figures |
Key Takeaways from Market Study
- The global steel scrap market stands at 655 MMT in 2023.
- Worldwide demand for steel scrap is projected to increase at a steady CAGR of 4.9% during the forecast period (2023 to 2033).
- The market for steel scrap is estimated to touch 1,050 MMT by 2033.
- The obsolete segment is anticipated to expand at an annual rate of 5.3%.
- The market in China is predicted to evolve at 5.7% CAGR.
“Increasing efforts by steel producers to cut carbon emissions are anticipated to fuel market expansion during the projected period. Recycled steel requires less processing when reused, and manufacturers are using it more frequently,” says a Fact.MR analyst.
Winning Strategy
Both urbanization and industrialization in developing countries contribute to the market's growth and the rising demand for steel. Also, governments of various countries have made favorable policies surrounding the metal recycling business in response to the growing worries about the rapid depletion of natural resources.
- In May 2019, Aurubis AG acquired the Belgian-Spanish Metallo Group, enabling the business to aggressively pursue its multi-metal and recycling strategy. This purchase has improved the firm's multi-metal portfolio, especially in the vital metals copper, nickel, tin, zinc, and lead.
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Key Companies Profiled in Steel Scrap Market Report
- Baosteel Group Corporation
- EVRAZ North America
- BlueScope Steel Ltd.
- China Steel Corporation (CSC)
- Commercial Metals Company (CMS)
- Hyundai Motor Company
- CITIC Ltd.
- HBIS Group Co. Ltd.
Key Segments of Steel Scrap Industry Research
- By Type :
- Obsolete
- Prompt
- Home
- By Application :
- Construction
- Automotive
- Shipping
- Consumer Appliances
- End Uses
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global steel scrap market, presenting historical demand data (2018 to 2022) and forecast statistics (2023 to 2033).
The study divulges essential insights on the market based on type (obsolete, prompt, home) and application (construction, automotive, shipping, consumer appliances, other end uses), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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