Scrap Metal Recycling Market Size Worth USD 112.94 Billion, Globally, by 2030

SEATTLE (Scrap Monster): The Global Scrap Metal Recycling Market is projected to grow at a CAGR of 7.58% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 58.49 Billion in 2021 and is expected to reach USD 112.94 Billion by the end of the forecast period.

The global scrap metal recycling market is experiencing robust growth as industries increasingly adopt sustainable practices while meeting rising demands. This market trend is led by key players including American Iron & Metal, ArcelorMittal, Aurubis AG, Sims Metal Management Ltd, Nucor Corporation, and others. The market's upward trajectory is fueled by a combination of environmental consciousness, economic benefits, and expanding sectors reliant on scrap metals.

The surge in demand for scrap metal across various sectors, such as steel, automotive, metal manufacturing, and construction, is a primary driver of the Global Scrap Metal Recycling Market. The industry's growth is fortified by its economic and environmental advantages, resulting in pollution reduction and optimal energy utilization. Technological advancements have also revolutionized metal retrieval efficiency from discarded items, while governmental regulations and urbanization contribute to its momentum. The reuse of reclaimed scrap metal in residential, commercial, and industrial applications further amplifies its market presence.

The scrap metal recycling market promising outlook is underscored by the escalating requirement for scrap metal in diverse industries, bolstered by its environmentally friendly attributes and economic benefits. The burgeoning steel industry's reliance on scrap metals contributes significantly to this growth. The increasing emphasis on sustainable waste management, coupled with awareness campaigns, propels the demand for metal recycling. Furthermore, the market's expansion is accentuated by its energy-saving aspects compared to traditional mining practices. Untapped potential in emerging economies, public-private collaborations, and innovative metal retrieval methods are expected to generate profitable opportunities within the industry.

Courtesy: www.prnewswire.co.uk