The Global Recycled Metal Market is estimated to Growth Accelerated by Increased Demand from Construction Industry

 

Recycled Metal Market

The recycled metal market consists of scrap metals that are reprocessed for various industrial applications such as construction, automotive, and electronics manufacturing. Recycled metals are obtained from end-of-life products through collection, sorting, and reprocessing. Common metals recycled include ferrous metals such as steel and iron alloys, and non-ferrous metals including aluminum, copper, lead, zinc, nickel, and tin.

The global recycled metal market is estimated to be valued at US$ 62.77 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.

 

Market Dynamics:

Rising environmental concerns and supportive government policies promoting scrap metal recycling are fueling the growth of the recycled metal market. Stringent environmental laws aim to reduce pollution from mining activities and encourage utilization of secondary raw materials. Recycling metals helps conserve natural resources and reduces energy usage and greenhouse gas emissions compared to primary metal production. It is estimated that recycling aluminium saves over 90% of the energy required to produce new aluminium from bauxite ore. Recycling one metric ton of steel conserves around 1,100 kgs of iron ore, 630 kgs of coal, and 55 kgs of limestone. Growing awareness about sustainability and circular economy is further propelling the demand for recycled metals from industries. However, fluctuating scrap prices depending on supply-demand forces impacts market profitability.

 

SWOT Analysis

 

Strength: The recycled metal market has strong growth potential as it helps preserve natural resources and reduce pollution. Recycling metals like steel, aluminum, and copper saves energy compared to mining and refining raw materials. It is also a more sustainable way for industries to procure materials as secondary supply from scrap. Further, many governments offer incentives for using recycled metal which benefits market players.

 

Weakness: The quality and properties of recycled metals may not be uniform as virgin material. Impurities get carried over from previous uses which can impact performance. Segregating different grades of scrap also poses challenges. Reliance on collection volumes from end users leaves recyclers vulnerable to fluctuations.

 

Opportunity: Stringent environmental policies raise demand for green alternatives across sectors. As emerging economies industrialize rapidly, recycling infrastructure can be built leveraging design and technology. Secondary metal producers can collaborate with OEMs for take-back programs ensuring steady supply of quality feedstock. Growing alloy scrap from renewable energy and automotive additionally expands pool of recyclable resources.

 

Threats: Substitution threat from other sustainable materials exists. Non-ferrous metals face threat from plastics in some applications. Raw material price volatility and economic slowdowns impact scrapping rates and collection volumes challenging stability of supply. Competition on expansion from integrated mining companies exerts pressure on margins.

 

Key Takeaways

 

The Global Recycled Metal Market Size is expected to witness high growth over the forecast period driven by supportive regulations and sustainability priorities of industries worldwide. The recovered metal supply chain has rapidly advanced with large-scale shredding and sorting facilities coming up in major markets. The global recycled metal market is estimated to be valued at US$ 62.77 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031.

 

Regional analysis: North America currently holds the largest share of the global recycled metal market owing to well established recycling infrastructure and policies promoting circular economy. However, Asia Pacific is anticipated to surpass other regions during the forecast period with China, India and other developing Asian countries ramping up recycling rates through policy push and investments in mechanization.

 

Key players: Key players operating in the recycled metal market are Novartis AG, Mylan N.V., Astellas Pharma Inc., Dr. Reddy's Laboratories Ltd., Pfizer Inc., Abbott, Senju Pharmaceutical Co. Ltd., Glenmark Pharmaceuticals Ltd., Lupin Limited, and Vibcare Pharma Pvt. Ltd. They focus on strategic partnerships and M&A for diversifying product portfolios and geographical expansion to capitalize on existing opportunities.

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