Increased recycling of scrap metals may impact mining

The Global Scrap Metal Recycling Market is projected to grow at a CAGR of 7.58% from 2023 to 2030, according to a new report published by Verified Market Research. The report reveals that the market was valued at $58.49bn in 2021 and is expected to almost double to $112.94bn by the end of the forecast period in 2030. The rise in the global population, combined with changes in consumer lifestyles, has resulted in higher demand for metals, which is one of the key drivers of this market’s growth. The Global Scrap Metal Recycling Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Mined or recycled?

While recycling may take some time to really impact the mining sector, it's a factor that investors will do well to take into consideration when planning for the long term. Metal recycling provides significant economic and environmental benefits by recovering discarded metal. The first and most essential reason is that metal recycling helps to protect natural resources by minimising the need to extract metals, which helps to combat climate change. We can use less energy by recycling waste metal, which means in its turn less greenhouse gas emissions. Recycling materials may become a cheaper and easier source for manufacturers and producers. Since creating items from recycled sources is less energy-intensive, using recycled material in the production of metal goods saves the cost of mining for virgin raw materials and cuts the cost of production.

The report says the global scrap metal recycling market is experiencing robust growth as industries increasingly adopt sustainable practices while meeting rising demand. This market trend is led by key players including American Iron & Metal, ArcelorMittal, Aurubis AG, Sims Metal Management Ltd, Nucor Corporation, and others. The market's upward trajectory is fuelled by a combination of environmental consciousness, economic benefits, and expanding sectors reliant on scrap metals.

Outlook and Growth Factors:

The scrap metal recycling market promising outlook is underscored by the escalating requirement for scrap metal in diverse industries, bolstered by its environmentally friendly attributes and economic benefits. The burgeoning steel industry's reliance on scrap metals contributes significantly to this growth. The increasing emphasis on sustainable waste management, coupled with awareness campaigns, propels the demand for metal recycling. Furthermore, the market's expansion is accentuated by its energy-saving aspects compared to traditional mining practices. Untapped potential in emerging economies, public-private collaborations, and innovative metal retrieval methods are expected to generate profitable opportunities within the industry.

Key Players:

VMR identifies some of the more prominent players leading the charge in the global scrap metal recycling market, including:

• American Iron & Metal
• ArcelorMittal
• Aurubis AG
• Sims Metal Management Ltd
• Nucor Corporation
• OmniSource Corporation
• TKC Metal Recycling Inc.
• Metallon Recycling Pte Ltd
• DBW Metals Recycling
• Kuusakoski

These key players drive innovation, influence market trends, and contribute to the market's expansion through their advanced technologies and sustainable practices.

This market is clearly on a trajectory of significant growth driven by increasing demand from diverse sectors, guided by its environmentally responsible and economically advantageous attributes. The integration of technological advancements and regulatory frameworks further amplifies the market's expansion. While challenges exist, such as unregulated metal waste collection and recycling intricacies, they are counterbalanced, VMR concludes, by opportunities in emerging economies, collaborative initiatives, and inventive metal recovery methods. The market's evolution underscores the paramount importance of sustainable resource utilisation in modern industrial practices.