LONDON--(BUSINESS WIRE)--The global scrap metal recycling market is expected to grow by 181.56 million MT as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 4%.
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The scrap metal recycling market is driven by the increase in the price of raw materials. In addition, rising concerns about the impact of mining on the environment are anticipated to boost the growth of the scrap metal recycling market.
The price of ferrous and non-ferrous raw materials has steadily increased over recent years. This is mainly due to China’s revised environmental regulations regarding the import of metals. Besides, countries such as the US and Canada have imposed several import/export restrictions and tariffs on metals such as steel and aluminum. These factors have created a huge supply-demand gap, which has significantly increased the price of raw materials. This is also leading to an increase in the preference for scrap metal recycling among end-users, which is driving the growth of the market.
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Major Five Scrap Metal Recycling Companies:
Alter Trading Inc.
Alter Trading Inc. operates its business through a unified segment. The company offers full product recycling capabilities and trades directly with customers from coast to coast.
American Iron & Metal
American Iron & Metal operates its business through segments such as Metal Recycling, Demolition & Decommissioning, Auto Parts, Solder Assembly, and Eco Center. The company offers a line of metal recycling services such as metal recycling, auto parts, eco-centre, demolition & decommissioning, and solder assembly.
ArcelorMittal SA
ArcelorMittal SA operates its business through segments such as NAFTA, Brazil, Europe, ACIS, and Mining. The company offers steel recycling through the electric arc furnace steelmaking route by using some scrap in the basic oxygen furnace.
Aurubis AG
Aurubis AG operates its business through segments such as Segment Metal Refining and Processing and Segment Flat Rolled Products. The company offers recycling processing for copper concentrates, copper scrap, alloy scrap, and other recycling materials.
Commercial Metals Co.
Commercial Metals Co. operates its business through segments such as Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The company purchases, processes, and recycles both ferrous and non-ferrous scrap metals.
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Scrap Metal Recycling Market Type Outlook (Revenue, Million MT, 2020-2024)
- Ferrous scrap
- Non-ferrous scrap
Scrap Metal Recycling Market Geography Outlook (Revenue, Million MT, 2020-2024)
- APAC
- Europe
- North America
- MEA
- South America
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