Global Steel Scrap Market to Reach 738 Million Metric Tons by 2030
The global market for Steel Scrap estimated at 519.5 Million Metric Tons in the year 2022, is projected to reach a revised size of 738 Million Metric Tons by 2030, growing at a CAGR of 4.5% over the analysis period 2022-2030. Obsolete, one of the segments analyzed in the report, is projected to record 5.5% CAGR and reach 414.3 Million Metric Tons by the end of the analysis period. Growth in the Prompt segment is estimated at 3.2% CAGR for the next 8-year period.
This report thoroughly examines the steel scrap industry, with a particular focus on the repercussions of supply chain disruptions and the profound impact of the COVID-19 pandemic on steel scrap consumption volumes. It delves into the competitive landscape, offering insights into the market share of global key competitors in 2023 and categorizing their market presence.
Despite short-term challenges, the report underscores the steel scrap market's promising long-term prospects, elucidating the advantages of scrap steel compared to iron ore in steel production and its potential role in decarbonization trends within the steel industry. Furthermore, it emphasizes the critical importance of steel in various aspects of human life. The report also provides in-depth analysis of steel production trends over the period from 2017 to 2022, including data on world crude steel production.
Additionally, it explores the global trade dynamics surrounding steel scrap, highlighting leading exporting and importing countries. Furthermore, it offers insights into different scrap types, methods for distinguishing stainless steel scrap from other metal scraps, scrap sorting, preparation techniques, and the crucial practice of steel scrap recycling. The report concludes with an overview of recent market activity and identifies key global brands in the steel scrap market.
The U.S. Market is Estimated at 49.5 Million Metric Tons, While China is Forecast to Grow at 5.5% CAGR
The Steel Scrap market in the U.S. is estimated at 49.5 Million Metric Tons in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of 287.4 Million Metric Tons by the year 2030 trailing a CAGR of 5.5% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 3.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
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