Metal Recycling Market Size, Share, and Trends 2024 to 2034

Metal Recycling Market Size and Forecast 2024 to 2034

The global metal recycling market size accounted for USD 295.23 billion in 2024 and is predicted to reach around USD 631.72 billion by 2034, expanding at a CAGR of 7.90% from 2024 to 2034.

Key Takeaways

• By product, steel emerged as a dominating product segment in 2023 with a volume share of over 79% in the same year.
• By application, the construction segment dominated the global metal recycling market accounting for over 46% of the total volume share in 2023
• Asia Pacific emerged as the global leader in the metal recycling market and accounted for over 67% of total value in the year 2023.

Asia PAcific Metal Recycling Market Size and Growth 2024 to 2034

The Asia Pacific metal recycling market size was valued at USD 139.41 billion in 2023 and is expected to be worth around USD 322.18 billion by 2034, at a CAGR of 8.15% from 2024 to 2034.

The Asia Pacific emerged as the global leader in the metal recycling market in the year 2023. The dominance of the region can be attributed to the high production of metal. For instance, 66% of total primary aluminum and 72% of total steel produced across the world were contributed by the region. Among other Asian countries, China is the front-runner in the global industry in the year 2023. As per the World Steel Association, China is the major producer of steel and produced nearly 1,000 million tons of steel in the year 2023 that is roughly 53% of the total crude steel production. The country sources around 20% of the raw material for steel recycling from metal scrap.

Europe follows the Asia Pacific in terms of metal production. However, the application of recycled scrap in secondary metal production is relatively higher in Europe. Growing emphasis on the circular economy in the region together with stringent government regulations related to energy usage significantly promotes the market growth in the region. Furthermore, notable growth of construction sector in the region again drives the growth of metal recycling in the region owing to high usage of recycled metals in parts and buildings.

Metal Recycling Market Overview

• Metal recycling permits manufacturers to procure metal wastes from various end-use industries and convert them into raw metals that are further used across those end-use industries in various applications. This process of recycling costs less compared to mining the metals as well as is an environment-friendly method that prospers the growth of the metal recycling process over the upcoming years.
• Rising demand for metals across various industries, increasing focus on the conservation of natural resources, and reduction of greenhouse gas emissions are some of the crucial factors that prominently drive market growth.
• Additionally, increasing demand for metals and their alloys across numerous applications in automotive, industrial, consumer electronics & goods, and other various industries is the other most significant factor that thrives the market growth. Increasing urbanization and industrialization along with government initiatives towards sustainable development again propel the industry growth.

Metal Recycling Market Scope

Product Insights

Steel segment has generated highest revenue share in 2023. Further, the segment expected to maintain its dominance over the forecast timeframe owing to large-scale utilization of the product in automotive, construction, and consumer goods industries. Steel is the most recycled material across the globe and contribute around 40% of the total steel production mainly attributed to the opportunity to recover large structures along with their ease of reprocessing. In addition to this, easy process of steel separation from waste stream is other benefit that drives the steel recycling process.

Aluminum is however another product that offers tremendous benefits for recycling. As per the Aluminum Association, aluminum is among the most recyclable materials across the industry today. The statistics published by the association reveal that the aluminum industry spends approximately USD 800 Million on recycled aluminum cans every year. Major source of raw material for aluminum recycling is from automotive and building parts. Approximately, 90% of the aluminum used in automotive and building parts is recycled at their end of use.

Application Insights

The construction segment dominated the global metal recycling market in 2023. Flourishing growth in urbanization because of rise in the disposable income of consumers particularly in the developing economies is the major factor that propels the demand for recycled steel and aluminum across the construction industry.

Besides this, the automotive industry is the other important segment that uses large amount of metal product in various applications. For instance, body parts, engine components, and various other components that include mufflers, hoods, basic vehicle door frame, and fuel tanks are all made from steel. As per the World Steel Association, around 70% of the weight of an automobile is mainly because of iron and steel. In addition to this, automobile industry registered an increased sale mainly across the developing nations expected to offer lucrative growth opportunities in the forthcoming years.

Key Companies & Market Share Insights

The global metal recycling industry is largely unorganized and competitive in nature. Increasing emphasis towards sustainable waste management, rising environmental concern, and high demand for recycled metals across various end-use industries encourages manufacturers to sources raw materials at a higher rate compared to past years. Furthermore, growing recycling partnerships in the aluminum industry because of supportive government programs to promote the use of recycled tins and cans expected to flourish the overall market growth.

Metal Recycling Market Companies

• GFG Alliance
• European Metal Recycling
• CMC Recycling
• Kimmel Scrap Iron & Metal Co. Inc.
• Norsk Hydro ASA
• Schnitzer Steel Industries, Inc.
• Tata Steel
• Novelis
• Utah Metal Works
• Sims Metal Management Limited

Segments Covered in the Report

By Product

• Aluminum
• Steel
• Copper
• Others

By Application

• Automotive
• Construction
• Industrial Goods
• Consumer Goods
• Others

By Regional

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World