Scrap Metal Recycling Market Demand to Witness Hike by a CAGR of ~5% throughout 2022 – 2030 Owing to the Increasing Need for the Reduction of Greenhouse Emissions Globally

Research Nester published a report titled Scrap Metal Recycling Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global scrap metal recycling market in terms of market segmentation by product, industry, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global scrap metal recycling market is estimated to occupy a large revenue by growing at a CAGR of ~5% during the forecast period, i.e., 2022 – 2030, owing to the increasing demand for metals, growing scarcity of rare earth metals, and robust growth of urbanization and industrialization in developing nations. Furthermore, rising need to reduce greenhouse emissions worldwide is also expected to drive market growth in the coming years.

The global scrap metal recycling market is segmented by product and industry. Based on product, the steel segment is anticipated to grab the largest market share during the forecast period on the back of growing utilization of steel in several end user industries. Additionally, by industry, the construction segment is projected to acquire the largest share over the forecast period ascribing to the large-scale demand for steel and aluminum for construction activities.

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Geographically, the market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific is evaluated to grab the largest share in the market during the forecast period attributing to the large production of aluminum and steel, growing government focus on proper waste management and rise in demand for scrap products in the region.

Growing Need for Reducing Greenhouse Emissions to Drive Market Growth

The impact of climate change is highly evident across the globe. Accumulation of greenhouse gases in the atmosphere as a result from the burning of fossil fuels is considered to be one of the most significant factors leading to the heating of earth’s surface. Owing to this, the need for sustainable development is gaining importance over the last few years, which in turn is anticipated to boost market growth in the near future.

However, unorganized flow of scrap metals and availability of lesser scrap collection zones are expected to operate as key restraints to the growth of the global scrap metal recycling market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global scrap metal recycling market which includes company profiling of SIMS Metal Management Limited, SUEZ SA, ArcelorMittal S.A., Norsk Hydro ASA, Kimmel Scrap Iron & Metal Co., Inc., Schnitzer Steel Industries, Inc., Dowa Holdings Co., Ltd., Schnitzer Steel Industries, Inc., OmniSource Corporation, Nucor Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global scrap metal recycling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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