Market Size of Scrap Metal Recycling Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Scrap Metal Recycling Market Analysis
The scrap metal recycling market is estimated to reach 947.39 million tons by the end of this year and is projected to reach 1,164.33 million tons in the next five years, registering a CAGR of 4% during the forecast period.
Covid-19 negatively impacted the demand for metals. The disruption in supply chains and decline in industrial production such as automotive, construction, and manufacturing experienced a significant decline in production, leading to reduced scrap metal generation. However, since restrictions were removed, the industry has been recovering. A rise in demand for automobiles is restoring the market's growth trajectory.
- A major factor driving the market studied is the growing demand for metals from various industries such as automotive, construction, and packaging. Additionally, environmental awareness and sustainability will likely favor the market's growth.
- On the flip side, the lack of infrastructure and collection systems in many developing countries will negatively affect the growth of the scrap metal recycling market during the forecast period.
- The growing focus on E-waste recycling, increasing demand for sustainable materials, and focus on circular economy will likely provide new growth opportunities for the market.
- North American region is expected to dominate the market during the forecast period. Stringent environmental regulations, strong infrastructure development, and a well-established recycling ecosystem drive this growth.
