Recycled Metal Market Size to be Worth USD 1.1 billion by 2031, with Notable CAGR of 3.6%| Transparency Market Research, Inc.

Partnerships among industries foster innovation and expand markets, boosting the use of recycled metals in manufacturing processes. Tailoring recycled alloys to meet specific industry requirements drives demand for specialized recycled metal products.

WILMINGTON, Del., Dec. 12, 2023 /PRNewswire/ -- The global recycled metal market is estimated to flourish at a CAGR of 3.6% from 2023 to 2031. According to Transparency Market Research, recycled metal sales are slated to total US$ 1.1 billion by the end of the aforementioned assessment period.

Increasing focus on urban mining explores recovering metals from urban waste streams like electronic scrap, contributing to a sustainable metal supply chain. Growing awareness about the finite nature of metal resources emphasizes the importance of recycling, driving industries towards recycled metal adoption.

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Fluctuating commodity prices and geopolitical factors impacting primary metal production encourage industries to rely on recycled metals for stability and cost-efficiency. The rise of artisanal recycling in developing regions, employing traditional methods, contributes to the global recycled metal supply, albeit on a smaller scale.

Increasing emphasis on metal traceability and origin verification fuels demand for recycled metals, ensuring ethical sourcing and compliance with environmental standards.

Recycled Metal Market Report Scope:

Key Findings of the Market Report

?  Non-ferrous metals, including aluminum, copper, and precious metals, are leading the recycled metal market due to high demand and recyclability.

?  The building & construction sector leads the recycled metal market due to increased demand for sustainable materials in construction.

?  North America leads the recycled metal market due to robust infrastructure, stringent regulations, and a strong focus on sustainability.

Recycled Metal Market Growth Drivers & Trends

?  Growing focus on sustainability and circular economy models propels the demand for recycled metals across industries, fostering resource conservation and environmental responsibility.

?  Stringent government regulations worldwide promote increased recycling rates, driving market growth and encouraging the adoption of recycled metals in various applications.

?  Heightened environmental awareness prompts industries and consumers to prioritize eco-friendly materials, fueling the demand for recycled metals in manufacturing and construction.

?  Innovations in metal recycling technologies enhance efficiency, enabling higher-quality recycled metals that meet industry specifications and performance standards.

?  Increased focus on supply chain resilience and raw material security drives the adoption of recycled metals as a reliable and sustainable source for manufacturing processes.

Global Recycled Metal Market: Regional Profile

?  North America leads the market with robust metal recycling infrastructure, stringent regulations, and a strong emphasis on sustainability. Key players like Sims Metal Management Ltd. and local recyclers drive innovation and foster a circular economy, focusing on efficient recycling and environmentally friendly practices.

?  In Europe, particularly in countries like Germany and the U.K., stringent environmental policies promote extensive metal recycling initiatives. Companies like Umicore N.V. are pivotal, emphasizing eco-friendly solutions and pioneering advanced recycling technologies, aligning with the region's commitment to sustainability.

?  The Asia Pacific exhibits immense growth potential due to rising industrialization and increasing environmental concerns. With countries like China and India investing in sustainable practices, the market witnesses significant expansion. Local recyclers and global players capitalize on this demand, driving innovations and fostering a sustainable approach to metal recycling in the region.

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Recycled Metal Market: Competitive Landscape

The recycled metal market boasts a competitive landscape led by major players like Sims Metal Management Ltd., Umicore N.V., and European Recycled Metal. These industry leaders dominate with extensive expertise in recycling ferrous and non-ferrous metals, supported by innovative technologies, efficient processing facilities, and a global network.

Emerging players focused on sustainable practices and adopting advanced recycling methods challenge established market leaders. Collaborations, mergers, and acquisitions among companies drive market consolidation, emphasizing eco-friendly solutions and fostering circular economy initiatives.

The competition fuels continuous innovation, pushing boundaries for efficient recycling processes and expanding market reach amid growing environmental consciousness and resource conservation goals. Some prominent manufacturers are as follows:

?  BASF SE

?  Commercial Metal Company

?  Nucor Corporation

?  Sims Metal Management Ltd.

?  Umicore N.V.

?  European Recycled Metal

?  SA Recycling LLC

?  Schnitzer Steel Industries, Inc.

?  Century Recycled Metal Pvt. Ltd.

?  Globe Recycled Metal

?  Kuusakoski Group Oy

?  OmniSource Corporation

?  Aaron Metals

Product Portfolio

?  Sims Metal Management Ltd. is a global leader in metal recycling, offering comprehensive recycling solutions. Their portfolio includes processing, recycling, and trading ferrous and non-ferrous metals, contributing to a sustainable circular economy focusing on environmental stewardship and resource conservation.

?  Umicore N.V. specializes in materials technology, providing sustainable recycling, refining, and manufacturing solutions. Their portfolio encompasses recycled metals, advanced materials for clean mobility, and efficient recycling processes, promoting a circular economy while prioritizing environmental and social responsibility.

?  European Recycled Metal is dedicated to recycling ferrous and non-ferrous metals. Their portfolio offers high-quality recycled metal products, contributing to sustainable practices, resource conservation, and eco-friendly initiatives across various European industrial sectors.

Recycled Metal Market: Key Segments

By Metal

?  Ferrous Metals

?  Non-ferrous Metals
- Aluminum
- Copper
- Lead
- Others

?  Precious Metals

By End User

?  Building & Construction

?  Automotive

?  Electrical & Electronics

?  Shipbuilding

?  Industrial Machinery

?  Others

By Region

?  North America

?  Europe

?  Asia Pacific

?  Latin America

?  Middle East & Africa

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