Wood Mackenzie: Scrap Metals Demand Growth to Outpace Primary Metals

The report cited that many regions, for instance, Europe, lack adequate scrap-melting capacity to boost domestic scrap use.

SEATTLE (Scrap Monster): Wood Mackenzie- the global research and consultancy group headquartered in Edinburgh, UK said that the scrap metals demand growth is expected to outpace primary metals over the next 20 years. However, it will continue to remain underutilized, when compared to its overall availability.

The collection of reusable scrap will be boosted, mainly on account of government policies that mandate greater recycling rates and sustainable manufacturing criteria. The general policy by governments worldwide to keep reusable materials out of landfill should lead to greater scrap availability and its use.

The report cited that many regions, for instance, Europe, lack adequate scrap-melting capacity to boost domestic scrap use. As a result, huge quantities of scrap get exported from the region to other regions of the world.

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Wood Mackenzie focused on the need for increased number of scrap processing facilities, which in turn may enhance the domestic use of scrap. In base case, it assumes additional 200 Mt of steel scrap usage by 2040. The low capital investment costs for setting up such facilities, coupled with up to 25 times lower carbon footprint when compared with primary metal production are likely to add to existing facilities.

Meantime, even increased scrap availability could not completely eliminate the need for primary metals, said Julian Kettle, vice chairman, Wood Mackenzie.

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