Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Recycled Metal market.
Trusted Business Insights presents an updated and Latest Study on Recycled Metal Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Recycled Metal market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Recycled Metal Market
The global recycled metal market demand was estimated at 787.5 million tons in 2018 and is expected to progress at a CAGR of 4.1% over the forecast period. The market growth is driven by increasing emphasis on the secondary production of metals owing to environmental concerns such as energy consumption and scrap disposal.
Metal recycling is an important aspect as metals can be recycled a number of times without any alterations in their characteristics. As a result, scrap metal possesses major significance for use as a raw material for secondary production.
Product Insights of Recycled Metal Market
Based on product, the market has been segmented into steel, aluminum, copper, and others. Steel is the most recycled metal in the world, as a result, it accounted for the largest share of the global recycled metal market in 2018. The growing consumption of steel in construction, automotive, electronics, and consumer goods industries is projected to result in its increased demand over the forecast period.
Factors including the utilization of non-renewable resources, consumption of large amount of energy, fluctuation in raw material prices, and regulations pertaining to mining ores have compelled manufacturers to adopt the Electric Arc Furnace (EAF) process over the Basic Oxygen Furnace (BOF) process for its utilization in crude steel production. This has led to the increased demand for recycled steel across the world. The production of crude steel by the EAF process increased by 10.1% in 2018 in comparison to 2017, whereas the increase in total crude steel production was 7.04%.
Aluminum was the second-largest recycled metal segment in 2018 in the global market. Aluminum is consumed at a large scale and holds high value as scrap material. The demand for aluminum is anticipated to increase rapidly over the forecast period owing to its increasing demand in the automotive and consumer goods industries. This is a positive sign for the recycled aluminum market as more demand for aluminum leads to its increased production.
The secondary production of aluminum is gaining popularity over primary as recycling aluminum saves over 90% energy compared to primary production. Scrap aluminum constitutes a share of more than 90% in the raw material composition to produce one ton of aluminum by the secondary process.
Regional Insights of Recycled Metal Market
In terms of revenue, North America market for recycled metal is expected to register a growth rate of 4.5% over the forecast period. The presence of various recycling facilities and scrap dealers in the region has boosted the consumption of recycled metal. The U.S. is a leading producer of steel that is produced via the EAF process. The country is also the largest producer of secondary aluminum. Increasing production of these metals due to their high demand from construction, automotive, and consumer goods industries is anticipated to drive the market for recycled metal over the forecast period.
Europe held the second-largest volume share of the market in 2018. Scrap metal holds significant importance in the region. The region is a major consumer of recycled steel and recycled copper. Copper carries high significance owing to its high recyclability rate and utilization in various end-use industries in the region. According to the International Copper Study Group, around 50% copper utilized in Europe comes from recycling.
According to a 2019 report by World Steel Association, Europe produced 210.1 million tons of crude steel in 2018, out of which 46.7% was produced by the EAF process. In 2017, EU-28 consumed over 93 million tons of steel scrap for crude steel production, which is more than 5.6% compared to the consumption in 2016. Steel packaging is an important industry in Europe. As per APEAL, as of 2016, 79.5% of steel packaging was recycled in Europe. The percentage is expected to reach 80% by 2020. The growing consumption of recycled steel and copper is anticipated to augment market growth over the forecast period.
Asia Pacific market for recycled metal is expected to grow at a CAGR of 4.6%, in terms of volume, over the forecast period. Growing emphasis on environmental concerns and proper waste management are the major factors triggering the growth of the market in the region. India is a lucrative market for recycled metal. The growing manufacturing sector in the country is leading to increasing metal production and high demand for scrap. However, despite being among the top scrap generating countries, the country emerged as the second-largest importer of scrap, as of August 2019. As a result, the government has put forth certain policies to encourage and boost the metal recycling activities. For example, on June 28, 2019, a Draft Steel Scrap Policy was introduced to increase the countrys steel production to 300 million tons by 2030 with the EAF process having a share of 35% to 40%. Such government initiatives across the world are anticipated to have a positive impact on the growth of the global market.
Market Share Insights of Recycled Metal Market
The global market is unorganized and fragmented. CMC, European Metal Recycling, Norsk Hydro ASA, GFG Alliances, Novelis, and Tata Steel are among the key recycled metal players. The presence of various small and large players, increasing demand for scrap, growing environmental concerns, and related regulations have compelled new entrants and existing players to venture into the market and explore new regions for business growth.
For example, in June 2019, Tata Steel announced its plan to set up Indias first recycling plant in Haryana. This initiative is aimed at helping the company gain an early mover advantage into the Indian market.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Recycled Metal Market Research Report
This report forecasts revenue growth at the global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global recycled metal market report on the basis of product and region:
Product Outlook (Volume, Million Tons; Revenue, USD Million, 2019 – 2030)
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