The global scrap metal recycling market is expected to grow at a Compound Annual Growth Rate of 7.58% between 2023 and 2030. In the published report, it is stated that the scrap market was valued at $58.49 billion in 2021 and is expected to nearly double its growth to $112.94 billion by 2030.
The global scrap metal recycling market is experiencing strong growth as industries increasingly adopt sustainable practices while meeting growing demands. This market trend is being led by American Iron & Metal, ArcelorMittal, Aurubis AG, Sims Metal Management Ltd, Nucor Corporation and many important industry representatives. Among the reasons for the upward trend of the market; environmental awareness, economic benefits, and the expansion of scrap metal-dependent industries.
The growth in demand for scrap metal in various industries is the main driving force behind the global scrap metal recycling market. The growth of the industry is supported by economic and environmental benefits that result in reduced pollution and optimum use of energy. Technological advances have also revolutionized the efficiency of metal removal from discarded items, driven by government regulations and urbanization. The reuse of recycled scrap metal for residential, commercial and industrial purposes has further increased its market presence.
The steel industry's dependence on scrap metal contributes greatly to growth in the face of increased capacity. Increasing interest in sustainable waste management coupled with awareness campaigns increases the demand for metal recycling. In addition, the expansion of the market stands out with its energy savings compared to traditional mining methods. The untapped potential of emerging economies, public-private partnerships and innovative metal recovery methods are expected to create lucrative opportunities in the industry.