European Recycled Scrap Metal Market To Record 5.3% CAGR Growth

SEATTLE (Scrap Monster): The recent report published by Future Market Insights suggests sluggish growth for the European scrap metal market.

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According to the report, the market was valued at US$ 29.8 Billion in 2021. The market is expected to record a CAGR growth of 5.3% during the period from 2022 to 2032, to touch US$ 66.2 Billion by the end of the forecast period. The recycled scrap metal industry in Europe will be mainly driven by growing urbanization and industrialization. The rules enforced by various governments in the European region too are likely to significantly boost market growth.

The European market for recycled scrap metal was worth around $38.8 billion by end-2022. Non-ferrous metals had a market share of 44.6% by metal type during the year. In terms of end-use, transportation sector is expected to dominate the market. The other dominant markets include building and construction, consumer electronics and packaging.

The key players in the European recycled scrap metal market include Aurubis AG, Kuusakoski, Regulator-Cetrisa, Rawlings Manufacturing, Inc., and Guidetti Recycling Systems, the report said. All the leading firms in the European scrap metal recycling sector are seen expanding their global footprints through strategic alliances, mergers and acquisitions.