Welcome to
On Feet Nation
olismith Online
Lovina Lindy Online
Summer Online
Posted by Lovina Lindy on October 16, 2024 at 12:24am 0 Comments 0 Likes
The global Metal Recycling Market size is expected to reach USD 1,135.28 billion by 2030, growing at a CAGR of 4.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing emphasis on circular economy and growing environmental awareness are major factors that are likely to propel the industry growth over coming years.
Global initiatives aimed at boosting recycling capabilities and obsolete scrap access are expected to drive long-term industry growth. Steel, being the most recycled material by volume, highlights its prominence in sustainability efforts. The rise in steel scrap production, fueled by rapid industrialization and its abundant availability, emphasizes the potential for industry expansion and enhanced sustainability.
Furthermore, the growing consumption of recycled metal in end-use industries is also likely to play a major role in driving industry growth. For instance, steel is largely consumed in the automotive, construction, industrial manufacturing, and consumer goods industries. Aluminum recycling is also gaining significant momentum as recycling aluminum saves over 90% of energy compared to its primary production.
Metal manufacturers are increasingly promoting recycling as an effective way to address the problem of resource scarcity and mitigate the environmental impact associated with the production process. The metal recycling industry is garnering a significant pace as economically viable recovery of metals from sorted recyclates is now feasible.
Asia Pacific dominated the revenue share in 2023 and is anticipated to continue over the forecast period from 2024-2030. Proper waste management and rapid urbanization are major factors that are likely to trigger industry growth in APAC. The growth of manufacturing in India, China, Vietnam, Thailand, Myanmar, and Indonesia is increasing production activities and boosting demand for metal recycling. This trend is mainly driven by China's fast-paced industrialization and urbanization, leading to a higher demand for metals in the construction, automotive, and electronics sectors.
Increased volume of scrap is driving the adoption of scrap-handling equipment such as magnetic separators and conveyors. Consequently, companies are undertaking expansion measures and making significant investments to boost their scrap handling capacities and increase output. For instance, in November 2023, Norsk Hydro ASA, an integrated smelter, opened its new Cassopolis plant. The USD 150 million plant in Michigan is expected to produce 120 million tons of recycled aluminum annually.
List of Key Players of Metal Recycling Market
Request a free sample copy or view report summary: Metal Recycling Market Report
Metal Recycling Market Report Highlights
Report Attribute |
Details |
Market size value in 2024 |
USD 898.99 billion |
Revenue forecast in 2030 |
USD 1,135.28 billion |
Growth rate |
CAGR of 4.0% from 2024 to 2030 |
Actual data |
2018 - 2023 |
Forecast period |
2024 - 2030 |
Related Press Release @ Metal Recycling Industry Analysis
Metal Recycling Market Segmentation
Grand View Research has segmented the global metal recycling market based on metal, sector, and region:
Metal Recycling Metal Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)
Metal Recycling Sector Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)
Metal Recycling Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)
Explore Horizon, the world's most expansive market research database
© 2024 Created by PH the vintage. Powered by
You need to be a member of On Feet Nation to add comments!
Join On Feet Nation