PUBLISHER: The Business Research Company | PRODUCT CODE: 1643973
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643973
Scrap gold recycling refers to the process of recovering gold from various discarded materials and products containing gold. This recycling is a part of the precious metals industry, ensuring that valuable gold resources are recaptured from end-of-life products, manufacturing waste and other scrap materials, rather than being lost to landfills or unusable waste.
The scrap gold recycling market consists of sales, by entities (organizations, sole traders or partnerships), of scrap gold recycling services used to recover gold from used or unwanted jewelry, electronics, dental work and other products. These entities process scrap gold by melting, refining and repurposing it into pure gold, which can then be sold to manufacturers or investors.
The global scrap gold recycling market was valued at $11,522.08 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.00%.
Labor Shortages In The Mining Industry
Labor shortages in the mining industry drove the growth of the scrap gold recycling market in the historic period. Labor shortages in the mining industry led to a reduction in mining activities, impacting the supply of newly mined gold. As mining companies struggled to meet production targets, the demand for alternative sources of gold, such as scrap gold, increased. Consumers and businesses turned to recycling old gold jewelry and other items, thus boosting the scrap gold recycling market. This shift helped meet market demand for gold while minimizing reliance on mining, which was hampered by labor constraints. For example, in February 2024, according to McKinsey & Company, a US-based multinational strategy and management consulting company, mining companies faced a talent shortage, with 71% of leaders stating it hindered their ability to meet production targets and strategic goals. Additionally, 86% of mining executives reported increased difficulty in recruiting and retaining necessary talent, especially in specialized areas like mine planning, process engineering and digital fields such as data science and automation. Additionally, in April 2021, according to the International Council on Mining and Metals, a UK-based leadership organization improving sustainable development in the mining and metals industry, 20% of mining and metals workers were at risk of displacement due to evolving job and skill requirements. Simultaneously, employers in the industry faced increased competition from technology companies for talent, particularly those with digital and technology skills. Therefore, labor shortages in the mining industry significantly contributed to the expansion of the scrap gold recycling market.
Advancements In Precious Metals Recycling To Reduce Carbon Footprint And Enhance Sustainability
Major companies in the scrap gold recycling market are focusing on advancing precious metal recycling to reduce carbon footprints and enhance sustainability. By recovering metals such as gold, silver and platinum from electronic waste and industrial catalysts, these eco-friendly methods provide a greener alternative, minimizing environmental impact and reducing reliance on traditional mining. For instance, in April 2024, Heraeus Precious Metals GmbH & Co. KG, a Germany-based precious metals services and products company, introduced its Circlear product line, made from 100% recycled-content precious metals, certified for a significantly lower carbon footprint by TUV Sud. The circular metals, available in gold, silver, platinum, palladium, rhodium, ruthenium and iridium, are derived from secondary sources such as spent chemical and automotive catalysts. This wide portfolio caters to diverse industrial applications, including chemical products, catalytic gauzes, electrical contacts and pharmaceutical ingredients, offering a sustainable solution for various sectors.
The global scrap gold recycling market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 12.21% of the total market in 2023.
Scrap Gold Recycling Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global scrap gold recycling market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for scrap gold recycling? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The scrap gold recycling market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider scrap gold recycling market; and compares it with other markets.
Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.