World Scrap Metal Recycling Demand Poised to Accelerate

SEATTLE (Scrap Monster): The latest market study report by Fact.MR suggests that global scrap metal recycling demand is poised to accelerate at a steady CAGR of 5.5% during the period from 2023 to 2033. The market is projected to reach a valuation of $70.5 billion by the end of the current year and surpass $120.3 million by end-2033.

ALSO READ:

Greenwave Officially Opens Cleveland Scrap Metal Facility

Gardner Metal Recycling Relocated to New Bigger Facility

The report identifies environmental concerns, cost-effectiveness, and the need to conserve natural resources as the main drivers behind the anticipated growth in demand for recycled metals such as steel, aluminum and copper. The booming manufacturing sector activities coupled with rising demand for raw materials are seen delivering rapid growth to scrap recycling market in emerging economies such as China and India.

The laws and regulations implemented by various countries across the globe to boost recycling and reduce waste will drive growth of metal recycling industry during the forecast period.

The study report identifies the U.S. and China as the prominent regions driving the scrap metal recycling market.

The major market players include American Iron & Metal (AIM), ArcelorMittal, DBW Metals Recycling, Kuusakoski, Metallon Recycling Pte Ltd., and OmniSource, LLC, the report noted.