Scrap Metal Recycling Market to Hit $856.2 Billion by 2032

SEATTLE (Scrap Monster): According to a recent research report issued by SNS Insider Pvt. Ltd., the scrap metal recycling market expanded dramatically this year, owing mostly to rising environmental concerns, rapid industrialization, and a growing shift toward a circular economy.

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The global scrap metal recycling market was valued at $523.5 billion in 2023 and is predicted to reach $856.2 billion by 2032, increasing at a 5.7% CAGR between 2024 and 2032. The market is likely to be driven by developments in recycling technologies such as automation, robotics, and blockchain, as well as government legislation promoting the shift to a green economy.

According to the report, the construction industry dominated the scrap metal recycling market in 2023, accounting for approximately 42% of the total market share. The segment has seen significant investments in urban development, particularly in North America and Asia-Pacific.

In 2023, the worldwide scrap metal trade generated around $50 billion in export revenues, with China and Turkey being the biggest importers. Apart from trading, the scrap metal market has a significant impact on the global economy by creating jobs, conserving energy, and promoting environmental sustainability.