The Metal Recycling Market will climb from USD 682.740 billion in 2025 to USD 914.307 billion by 2030, with a 6.02% compound annual growth rate (CAGR).
The metal recycling market is growing at a very fast pace. According to a recent study by the United Nations Department of Economics and Social Affairs, 55% of the world's population lives in urban areas, and it is estimated that this percentage will grow to about 68% by 2050. The boost in the market is due to the increase in industrialization and advancements in developing countries. According to a recent study, the production of about one ton of steel can lead to the emission of two tons of CO2. Metal recycling is essential for the conservation of natural resources, as it reduces the emission of greenhouse gases.
The process of recycling these metals is not efficient.
The cost of recycling metal is very high when it comes to the equipment used and the logistics required.
Skilled labor is required for working with this highly sophisticated machinery, which will again lead to increasing the cost of the company. Moreover, the shortage of these skilled laborers will be a major hurdle for the industry.
The APAC region contributed a significant share in terms of the global revenue in the market in 2019. The major reason is an increase in the demand for recycled metal in the construction industry, which is one of the key users of recycled metal. With the increase in development and industrialization in this region, the demand for recycled metal will grow, and it will continue to dominate the market.
America is a developed nation considering the advancement in technology, and increasing concern regarding environmental protection has led to an increase in the demand for recycled metal. Spreading awareness about the benefits of using recycled metal and government policies and initiatives have encouraged the public and private sector companies to use recycled metal.
According to the Indian Union Budget 2021-22, the import duty on copper scrap has been reduced from 5% to 2.5% in order to promote recycling in the country.
31 December, 2020, Norfolk Iron & Metal Company acquired Coeur D'Alenes Company.
4 January 2021, AllMetal Recycling acquired Salina Iron & Metal to increase their market reach.
AMNS Luxembourg Holding S.A., which is a joint venture between Nippon Steel Corporation and ArcelorMittal has entered into a term loan agreement of $5.14 billion to refinance a loan taken for acquiring the former Essar Steel India, which is now renamed as ArcelorMittal NipponSteel India (AM/NS India).
7 February 2020, Kuusakoski Recycling divested its subsidiary operating in Moscow, AO Petromax to JSC Akron Holding, which is a Russian recycling group.
Tom Martin & Co has appointed Beever and Struthers for its accountancy and business advisory services.
Major players in the industry use various strategies to stay ahead of each other, like entering into a joint venture, acquiring another company, and various others. Initiatives by the government not only encourage but also increase competitiveness in the market.
The major players in the global market of metal recycling are Aurubis AG, Commercial Metals Company, Norton Aluminium Ltd., DOWA HOLDINGS Co., REAL ALLOY, Kuusakoski Recycling, ArcelorMittal S.A., Ltd., Sims Metal Management, Tom Martin & Co. Ltd., Nucor Corporation, and European Metal Recycling, Novelis Inc., and several others.
Metal Recycling Market Segmentation: