PUBLISHER: The Business Research Company | PRODUCT CODE: 1729123
PUBLISHER: The Business Research Company | PRODUCT CODE: 1729123
Recycled metal refers to metal materials that have been recovered, processed and reused after their initial life cycle, reducing the need for virgin metal extraction. It is an essential part of the circular economy, helping conserve natural resources, reduce energy consumption and minimize environmental impact. Recycled metal is used across various industries, including construction, automotive, packaging, electronics and industrial manufacturing, as a sustainable and cost-effective alternative to newly mined metals.
The recycled metal market consists of sales, by entities (organizations, sole traders, or partnerships), of recycled metals that are involved in the collection, processing and sale of recycled metals. The recycling process typically begins with the collection of scrap metal from sources such as end-of-life vehicles, demolished buildings, discarded appliances and industrial waste. The collected metal is then sorted, cleaned and processed through shredding, smelting and refining to produce high-quality recycled metal for industrial use. The final product can take the form of sheets, bars, coils, or other metal forms, depending on industry requirements.
The global recycled metal market was valued at $65,791.45 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 1.00%.
Increasing Automotive Industry
Increasing automotive industry drove the growth of the recycled metal market during the historic period. As vehicle production rises, manufacturers seek recycled metals such as aluminum, steel and copper to reduce production costs and meet environmental regulations. Recycled metals are widely used in car bodies, engines and electrical components, helping automakers improve fuel efficiency and reduce carbon footprints. For instance, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based lobbying and standards group of the automobile industry in the European Union, the first three quarters of 2023 saw over nine million cars produced in the European Union (EU), a 14% increase over the same time in 2022. Additionally, in October 2023, according to the report published by the Society of Indian Automobile Manufacturers (SIAM), an India-based national body representing major vehicle and vehicular engine manufacturers, a total of 2,621,248 units of passenger cars, three-wheelers, two-wheelers and quadratics were produced by the Indian auto industry. Automobiles sold 3,89,714 units, while the sales of three-wheelers and two-wheelers amounted to 76,940 and 189,579 units, respectively. These data show an impressive increase in sales annually. Therefore, increasing automotive production supported the growth of the recycled metal market.
Innovative Solution For Resource Scarcity And Low-Carbon Metal
Major companies operating in the recycled metal market are developing innovative solutions for resource scarcity and low-carbon metal demand. As natural resources become scarcer and the environmental impact of mining increases, recycling provides a more sustainable way to source metals while reducing waste and energy consumption. To meet the growing demand for low-carbon materials, companies are investing in advanced recycling technologies that enable the efficient extraction and purification of metals from scrap, significantly lowering carbon emissions compared to traditional mining methods. For instance, in April 2024, Umicore, a Belgium-based multinational materials technology company, launched Nexyclus, a unique offering that addresses resource scarcity and increased demand for recycled, responsibly sourced and low-carbon metals and builds on Umicore's global leadership in the recovery of precious metals with its longstanding circular business model. Umicore's Nexyclus represents the world's widest fully recycled, responsibly sourced precious metals offering, harnessing the technology leadership of our worldwide and world-renowned precious metals refining and recycling capabilities. The offering secures reliable access to critical raw materials for a range of industries supporting their own sustainability objectives and advances the circular economy.
The global recycled metal 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 21.75% of the total market in 2023.
Recycled Metal Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global recycled metal market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for recycled metal? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The recycled metal 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 recycled metal market; and compares it with other markets.