Key players operating in the international recycled scrap metal market are focusing on increasing utilization of scrap metals to produce iron and steel to decrease waste generation and operating expenditure.
SEATTLE (Scrap Monster): The global recycled scrap metal market is expected to expand at a constant 7.1 CAGR over the forecast duration between 2022 and 2032, finds Future Market Insights (FMI) in a current market analysis. Increasing production of iron and steel is boosting demand for recycled scrap metals. The growing utilization of scrap metals in metal production and in non-ferrous metals processing is further expected to improve the usage rate of recycled scrap metals.
Fast development of the building and construction sector additionally is propelling sales of recycled scrap metals. Increments in the production of automotive, shipbuilding aero plane production are bolstering the consumption rate of recycled scrap metal.
Manufacturing and processing of ferrous also non-ferrous metals produces scrap. These scraps are further utilized in the processing of various products to reduce waste generation. Growing need for waste administration and initiatives taken by local federal government systems to reduce waste is anticipated to bolster sales of recycled scrap metals over the forecast period.
Increasing Iron and Metal Production Boosting Recycled Scrap Metal Sales
Fast expansion of the construction sector, automotive production, commercial machinery, tools and equipment sector, and ship building is spurring the need for iron and steel. Investment towards infrastructure, especially in developing countries is also boosting demand for iron and steel in civil construction. This is causing increasing sales of recycled scrap metals, and the trend is expected to continue over the forecast period.
Significant growth in the construction and infrastructure sector in China in yesteryear few years has boosted the consumption of iron and steel, causing high demand for scrap metals for the production. As scrap metal utilization assists in reducing carbon emission and waste generation, key players are preferring scrap metals to produce iron and metal. This reduces general production cost and helps companies in achieving their sustainability goals.
China additionally has significantly increased its metal production in the last decade, which has boosted the demand for recycled scrap metals. General increase in iron and steel production is anticipated to propel the usage rate of scrap metals in the coming years.
“Increasing production of electric vehicles in the automotive sector, along with increasing sales of devices and wearables are anticipated to carry on driving sales of recycled metal scraps over the evaluation period,” claims an FMI analyst.Competitive Landscape
- American Iron & Metal (AIM)
- ArcelorMittal
- Aurubis AG
- DBW Metals Recycling
- Kuusakoski
- Metallon Recycling Pte Ltd.
- Nucor Corporation
- OmniSource, LLC
- Sims Limited
- TKC Metal Recycling Inc.
- K-Swiss Inc.
Key players operating in the global recycled scrap steel market are targeting increasing utilization of scrap metals to produce iron and steel to decrease waste generation and operating expenditure. Further, leading players are emphasizing collaborations, mergers, and acquisitions to expand their manufacturing facilities and distribution channels. For instance:
In Oct 2021, Nucor established Econiq, a series of net-zero carbon steel products. By Econiq, Nucor provides the lowest greenhouse emission gas steel solutions and products to steel customers.
