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Metal Recycling News January 30, 2025 08:30:18 PM

Global Recycled Metals Market to Reach USD 4.7 Million by 2031

Paul Ploumis
ScrapMonster Author
It must be noted that the worldwide recycled metals market was valued at $2.5 million in 2023.
Global Recycled Metals Market to Reach USD 4.7 Million by 2031

SEATTLE (Scrap Monster):  The global market for recycled metals is anticipated to increase significantly over the next several years, per a recent study released by DataM Intelligence, a top market research and consulting company.

The market is expected to increase at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2031, reaching $4.7 million. It should be mentioned that in 2023, the global market for recycled metals was estimated to be worth $2.5 million.

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Reintroducing recovered metals into the manufacturing cycle will aid in waste reduction and resource conservation, according to the paper. By cutting carbon emissions and energy use, it promotes a circular economy. In several industries, such as electronics, automotive, and construction, the utilization of recycled metals promotes sustainable production.

Consumption of recycled metals is anticipated to increase as a result of the growing adoption of cutting-edge technology by different industry participants. Orbex, the first marketplace for verified recycled metals in the world, was launched in May 2023 and is regarded as a ground-breaking project. The marketplace guarantees the ethical sourcing of all materials. According to the research, it also provides a safe and transparent means of purchasing and selling recycled metals.

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