Metal Recycling Market Poised to Reach $368.71 Billion by 2030, Driven by 5.2% CAGR and Sustainability Initiatives

Metal Recycling Market Poised to Reach $368.71 Billion by 2030, Driven by 5.2% CAGR and Sustainability Initiatives

NEW CASTLE, DE, UNITED STATES, February 20, 2025 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Metal Recycling Market by Metal Type (Ferrous and Non-Ferrous Metals), Scrap Type (Old Scrap, and New Scrap), and End User (Building & Construction, Packaging, Automotive, Industrial Machinery, Electronics & Electrical Equipment, Shipbuilding & Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global metal recycling industry was pegged at $217.00 billion in 2020, and is estimated to generate $368.71 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

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Major determinants of the market growth
The growth of the global metal recycling market is driven by high rate of obsolescence, increase in consumer awareness, and surge in energy savings with decreasing GHG levels. Moreover, scarcity of rare earth metals is expected to open lucrative opportunities in the future. However, less scrap collection zones and unorganized flow of waste metals are likely to hamper the market growth.

Metal recycling reduces future scarcity of high-value resources, generates economic value, minimizes greenhouse gas emission levels, and limits other environmental damage. Therefore, various government initiatives have also been undertaken for creating a conducive environment for recycling metal waste. For instance, in Japan under home appliances recycling law, the consumers of appliances such as refrigerators, air conditioners, and washing machines should dispose them to retailers or scrap traders for further recycling. In terms of scrap metal, the market is classified into ferrous metal and non-ferrous metal. Some of the sources of scrap include automobiles, railroad tracks, ships, household appliances, and consumer electronics. However, ferrous metal is the fastest growing segment and is anticipated to grow at a CAGR of 7.4% by 2030. According to European Aluminum Foil Association (EAFA), the recycling rate of aluminum closures in Europe has increased to more than 50% owing to the collection and recycling schemes.

The automotive segment to portray the highest CAGR by 2030
Based on end user, the automotive segment grabbed the largest share in 2020, accounting for more than one-third of the global metal recycling market, as it benefits the environment by reducing volume of waste from end-of-life vehicles and GHG emission levels. On the other hand, the shipbuilding segment is projected to register the fastest CAGR of 8.2% from 2021 to 2030, as steel scrap from demolished and broken ships is a prime raw material for rolling mills.

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The new scrap segment held the lion's share
Based on scrap type, the old scrap segment held the largest share in 2020, accounting for more than half of the global metal recycling market, due to rise in volume of waste scrap with rapid urbanization and industrialization. However, the new scrap segment would grow at the highest CAGR of 6.1% during the forecast period, due to an increase in new manufacturing plants and a rise in new construction-related activities.

Asia-Pacific to trail the market in terms of revenue
Based on region, the Asia-Pacific region held the largest share in 2020, contributing to more than two-fifths of the market. In addition, the same region is expected to portray the fastest CAGR of 7.4% during the forecast period, owing to rapid growth in metal recycling in Japan, India, China, and South Korea.

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Key market players
Aurubis AG
European Metal Recycling Limited
OmniSource Corporation
Dowa Holdings Co., Ltd.
Schnitzer Steel Industries Inc.
ArcelorMittal
Commercial Metals Company
Nucor Corporation
SIMS Metal Management Limited
Tata Steel

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