According to a report available on Radiant Insights, Inc.; the worldwide scrap metal recycling market is expected to exhibit a CAGR above 3% over the forecast period (2017 to 2021). Strict environmental regulations to curb carbon emissions can propel the market. Near depletion of rare earth metals is expected to positively impact market growth in the forthcoming years. Consumer awareness regarding recycled products and surge in obsolete metals can further support market growth.
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Scrap metal recycling is a method of reusing the metals obtained from automobiles and other objects that contain iron & steel. This method mostly utilizes ferrous and non-ferrous metals as its source. Steel is the most recyclable material. The United States accounts for over 70 million metric tons (MMT) ferrous scrap and nearly 8 MMT non-ferrous scrap. It faces tough competition from China, which exports around 55% of recycled aluminum back to the US at economical rates.
Major market participants adopt mergers & acquisitions to sustain the stern competition & fluctuating steel prices. For instance, Sims Metal Management sold six of its recycling facilities to OmniSource Corporation in 2015. Companies are banking on online retail channels to gain higher returns. They invest in ventures other than metal recycling such as auto salvage and electronic recycling. The US Department of Energy (DOE) is anticipated to pass a programmatic environmental impact statement to dispose of radioactive metals. This can be beneficial to players in the long run.
The worldwide market for scrap metal recycling is segmented by types, end-users, and regions. Types are bifurcated into ferrous & non-ferrous scrap metal recycling. Ferrous metals are rich in iron and steel, while non-ferrous metals comprise lead, zinc, brass, stainless steel, and aluminum & aluminum alloys. Ferrous metals can continue dominating the overall market on account of demand over the forecast period. Applications in vehicle manufacturing, construction materials, and electrical devices can boost the growth. Aluminum held a huge market share on account of demand in 2014.
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Key end-users are divided into electrical & electronics, building & construction, shipbuilding, industrial machinery, automotive, and others. In 2014, building & construction generated substantial revenue owing to disposal of waste in landfills. Growing infrastructural projects around the world can further impel demand in the years to come. Automotive can exhibit a high growth potential during the next four years.
Geographically, the market is segmented into Asia Pacific (APAC), Europe and Middle East & Africa (EMEA), and Americas. APAC led the global market on the basis of revenue in 2014. China is anticipated to generate the maximum revenue over the forecast period. India is also expected to showcase lucrative growth in the near future. Thailand, Malaysia, Singapore, and South Korea can further propel regional demand in the forthcoming years. Europe can witness steady expansion during the forecast period due to strict environmental regulations and high adoption of recycled metals from Italy and Germany.
Major players operating in the worldwide scrap metal recycling market are OmniSource Corporation, ArcelorMittal, Sims Metal Management, Aurubis AG, and Commercial Metals Company. New entrants can find it difficult to gain strong foothold within this highly competitive market. Most companies opt for mergers & acquisitions to sustain the stern competition. For instance, Commercial Metals Company has decided to acquire OmniSource through its subsidiary, Owen Steel Company, in 2017. Newly acquired recycling facilities can allow the former an access to a constant source of raw materials.
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