Recycled Metal Market Expected to Reach $4.7 Million by 2031

SEATTLE (Scrap Monster):  DataM Intelligence has released a new research report on the Recycled Metal market. The report provides a detailed analysis of current and emerging trends, offering insights into the market dynamics. It utilizes Porter's Five Forces model to assess key factors such as supplier and customer relationships, risks from various agents, competitive intensity, and opportunities for new entrants. The study also includes research data from various companies, analyzing factors like benefits, gross margins, and strategic decisions in the global market. The report is enriched with tables, charts, and infographics for a clear presentation of the findings.

The Global Recycled Metal Market reached US$ 2.5 bllion in 2023 and is expected to reach US$ 4.7 million by 2031, growing with a CAGR of 8.1% during the forecast period 2024-2031.

Recycled Metal refers to metal materials that have been recovered from end-of-life products, manufacturing processes, and processed for reuse. This recycling process involves collecting, sorting, and melting down to create new metal products. Recycled metal can include a variety of materials, such as aluminum, copper, steel, and iron. The use of recycled metal contributes to resource conservation, energy savings, and reduced environmental impact, as it typically requires less energy to process compared to extracting and refining virgin metal ores. Recycled metals are widely used in various industries, including construction, automotive, and manufacturing, promoting sustainability and circular economy practices.

List of the Key Players in the Recycled Metal Market:

Nucor Corporation, ArcelorMittal, Sims Metal Management Ltd., Commercial Metals Company, Schnitzer Steel Industries, Inc., Kuusakoski Group Oy, European Metal Recycling Ltd., Aurubis AG, Novelis Inc. and American Iron & Metal Co.

Key Developments:

In May 2023, Orbex launched a groundbreaking initiative by introducing the world's first marketplace for authenticated recycled metals. This global platform aims to facilitate the trading of environmentally responsible commodities.

In August 2023, researchers at TU Bergakademie Freiberg in Germany, as part of a European research project, developed an innovative recycling method for hydrogen electrolysis. This achievement is a key component of the broader "Recycalyse" project, which focuses on enhancing the recyclability of electrode materials for hydrogen electrolysis in alignment with circular economy principles.

In November 2021, a team of experts from Sensmet unveiled a revolutionary technology called µDOES. This advanced technology has the potential to transform the recycling and production processes of battery metals by offering real-time analysis and process control. It promises significant improvements in the efficiency and effectiveness of hydrometallurgical processes related to battery metal recycling and manufacturing.

Courtesy: www.openpr.com