May 24, 2024
Recycled Metal Market

The Global Recycled Metal Market is expected to be Flourished by Growing Demand for Eco-friendly Products

Recycled metals are metals that are recovered from various waste streams and reused in new production processes or applications. Some key recycled metals include ferrous metals such as steel and iron as well as non-ferrous metals such as aluminum, copper, lead, zinc, nickel, and tin. These metals find applications across various end-use industries including construction, automotive, shipbuilding, equipment manufacturing, and packaging among others. Recycled metals are cost-effective, reduce energy usage and greenhouse gas emissions in production as compared to primary metals extracted from mines. With growing environmental concerns, manufacturers are increasingly incorporating recycled metal content in their products to promote sustainability.

The global recycled metal market is estimated to be valued at US$ 62.77 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for eco-friendly products: With rising awareness regarding environmental protection, consumers are preferring products containing recycled content over virgin materials. Manufacturers are promoting their use of recycled metals in marketing campaigns to appeal to eco-conscious customers. This growing demand for sustainable products is expected to drive higher scrap collection and recycling rates of metals.

Stringent regulations regarding waste management: Government agencies across regions have implemented stringent regulations restricting landfill disposal and promoting recycling and reuse. fines are imposed on non-compliance. These regulations are compelling industries to increase recycling efforts and procure recycled metals, thereby supporting market growth.

Segment Analysis

The recycled metal market is segmented into ferrous metals and non-ferrous metals. The ferrous metals segment is currently dominating the market, accounting for over 60% share, due to high demand for recycled steel and iron. Steel production is a major end-use industry for recycled ferrous metals. Non-ferrous metals have been gaining market share over the years, with aluminum being the fastest growing sub-segment. This is because aluminum is highly recyclable without loss of quality and finds numerous applications in transportation, packaging, and construction industries.

PEST Analysis

Political: Environmental regulations promoting recycling and reuse of scrap metals across major countries are boosting the market. Restrictions on mining to reduce pollution are further encouraging metal recycling.

Economic: The recycled metal market witnesses stable demand from end-use industries even during economic downturns as metals cost substantially less than primary metals. Reusing scrap metals also supports circular economy principles.

Social: Growing public awareness about environmental protection and conservation of resources is positively impacting the metal recycling sector. Recycled metals are increasingly preferred over raw materials to reduce carbon footprint.

Technological: Advanced metal sorting and processing equipment enable higher purity and quality of recycled metals. Investments in robotics and automation are helping recyclers handle larger volumes and mixed scrap more efficiently.

Key Takeaways

The Global Recycled Metal Market Size is expected to witness steady growth over the forecast period due to rising environmental concerns and depleting ore reserves worldwide. The global recycled metal market is estimated to be valued at US$ 62.77 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.

Regionally, Asia Pacific currently dominates the market owing to strong growth in recycling rates led by China, Japan, and India. Metal recycling is gaining traction across the region driven by supportive government policies.

Key players operating in the recycled metal market are Novartis AG, Mylan N.V., Astellas Pharma Inc., Dr. Reddy’s Laboratories Ltd., Pfizer Inc., Abbott, Senju Pharmaceutical Co. Ltd., Glenmark Pharmaceuticals Ltd., Lupin Limited, and Vibcare Pharma Pvt. Ltd. Recyclers are focusing on collaborations with end-use industries and mechanical upgrades to handle complex scrap more effectively. Strategic partnerships are helping companies gain access to mixed scrap from new regions.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it