The growth of the Construction industry is the Key Determinant Propelling the Metal Recycling Market Growth

The growth of the Metal Recycling Market is primarily dependent on the growth of the construction industry. New metals manufacturing is a complicated and conventional process for every building and construction company. Turning huge amounts of old scrap metals into reusable and comparatively new metals have been adopted by companies to expand the exponential turnover and meet the demand of the global population increasing rapidly. The surging developments associated with the construction industry across the world have led to considerable growth in the Metal Recycling Market. The Metal Recycling Market size is projected to grow at a CAGR of 5.1% during the forecast period (2022-2027) and reach US$327.6 billion by 2027.

Metal Recycling Market: Leading Segment is Construction Industry

On the basis of the end user, the Metal Recycling Market can be segmented into building & construction (residential and non-residential), shipbuilding, equipment manufacturing, automotive (passenger vehicles, light commercial vehicles, heavy commercial vehicles, two & three-wheeler vehicles), consumer appliances, industrial and others. The construction industry is evaluated to be the leading segment in the Metal Recycling market in 2021. During the forecast period 2021-2027, the construction segment is expected to grow with a CAGR of over 6.0%. This can be attributed to various reasons such as the increasing production to meet the needs of the increasing construction activities and investment across the globe. According to The U.S. Census Bureau, construction spending in July 2022 has increased by 1.3% from the previous year. Thus, growing construction activities are expected to grow the demand for metal recycling market share in the coming years.

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Metal Recycling Market: Leading Region is the Asia-Pacific

On the basis of geography, the Metal Recycling Market can be segmented into North America, South America, Europe, Asia-Pacific and the Rest of the world. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 40% share of the total revenue earned by the market globally. APAC countries including China, India, Japan, and South East Asian countries are comparatively ahead in terms of the growth of the construction industry. For instance, according to Invest India, around 115 future construction projects are planned in India by 2023. Thus, significant construction activities are expected to boost the market in the Asia-Pacific region. The Metal Recycling market will also witness significant growth in the North American region. The U.S and Canada are emerging as competitive countries in the Metal Recycling market.

Metal Recycling Market: Competitive Landscape

Key companies holding major shares in the Metal Recycling Market are Nucor Corporation, ArcelorMittal S.A., Commercial Metals Company, Aurubis AG, China Baowu Steel Group Corp., Ltd., Tata Steel Limited, Remondis, Dowa Holdings, European Metal Recycling Limited, TOTALL Metal Recycling, Inc. The key strategies adopted by the companies include capacity expansions and acquisitions among others. In February 2022, ArcelorMittal acquired Scottish recycling business John Lawrie Metals Ltd, which would increase the use of scrap steel to lower CO2 emissions from steelmaking and increase the supplies of scrap. Moreover, in October 2021, Nucor Corporation announced the addition of these new recycling locations (Missouri and Florida), representing a 10% growth in recycling capacity.