Latest News- Scrap Metal Recycling Market: Ferrous metals is expected to lead the Type segment during 2023-2027

The Scrap Metal Recycling Market is being driven by Increase in prices of raw materials

The Scrap Metal Recycling Market is expected to grow at a CAGR of 8.15% during 2022 and 2027. During this period, the market is also expected to show a growth of 340.73 million t. The construction industry's historical reliance on asbestos for its buildings and infrastructure due to its desirable strength and insulation properties has led to a significant amount of asbestos-contaminated steel scrap. However, the health risks associated with asbestos, particularly during demolition and the subsequent release of fibers into the atmosphere, necessitate stringent regulations, such as those enforced by the Occupational Safety and Health Administration (OSHA). Consequently, market participants are exploring innovative methods to purify contaminated steel scrap, thereby expanding the scope of scrap metal recycling in the construction sector and propelling market expansion throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Ferrous metals
  • Non-ferrous metals
• Application
  • Construction
  • Automotive
  • Consumer goods
  • Industrial goods
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in prices of raw materials
• Rise in role of metal recycling in key end-user industries
• Rising concern about impact of mining on environment

However, the market also witnesses some limitations, which are as follows:

• Increase in tariffs for steel imports
• Low recycling rates for scrap metal
• Impact of regulations on key markets

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Market Scope in Scrap Metal Recycling Market Research Report

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Research Analysis Overview

The Scrap Metal Recycling Market plays a significant role in the Circular Economy, promoting Sustainable Metal Sourcing through Scrap Metal Collection. This process contributes to Natural Resource Conservation by recycling metals like Lead, Aluminum, Nickel, Zinc, Copper, and others. The Manufacturing Industry benefits from Sustainable Development Goals by using Recycled Metals for Material Efficiency and reducing Environmental Footprint. Exporting Scrap Metals aids in Decarbonization and Waste Reduction. Green Infrastructure, Energy Efficiency, and Sustainable Materials are enhanced through this closed-loop system. Sustainable Supply Chains, Transportation, and Technology promote Resource Optimization and Environmental Sustainability. Eco-friendly Materials, Urban Mining, and End-of-Life Management contribute to Waste Diversion and Carbon Footprint reduction. Renewable Resources, Responsible Sourcing, and Green Procurement are essential for a sustainable future. Life Cycle Assessment and Renewable Energy Sources ensure the continuity of this sustainable approach.

Market Research Overview

The Scrap Metal Recycling Market is a significant segment of the global Environmental and Facilities Services Market, falling under the broader Industrials sector. According to Technavio's market research, this market is driven by several key factors. Urbanization, a primary growth driver, increases the demand for waste management services, including scrap metal recycling. Scrap metals, such as ferrous and non-ferrous, are valuable resources that can be recycled and reused in manufacturing new equipment and metal materials. Mining and the production of virgin ore are energy-intensive processes, making the circular economy approach of recycling an attractive alternative. Copper pipes and other metal materials are prime examples of scrap metals that can be recycled indefinitely, reducing energy usage and environmental impact. The global Environmental and Facilities Services Market size is determined by the combined revenue generated by companies offering environmental and facilities maintenance services, including waste management, facilities management, and pollution control services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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