The latest report by IMARC Group, titled “Ferrous Scrap Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global ferrous scrap recycling market size reached US$ 142.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 179.1 Million by 2028, exhibiting a growth rate (CAGR) of 4.00% during 2023-2028.
Ferrous scrap recycling is the process of collecting, processing, and reusing iron and steel-based materials that have reached the end of their useful life. It plays a vital role in the sustainability of the steel industry and the conservation of natural resources. In ferrous scrap recycling, items like old cars, appliances, and industrial machinery are dismantled, and the recovered metal is melted down to create new steel products. This reduces the need for extracting raw iron ore, thus saving energy, lowering greenhouse gas emissions, and minimizing waste in landfills. It also offers economic benefits by creating job opportunities and fostering a robust secondary market for scrap materials. It aligns with global efforts to combat climate change and reduce the steel industry’s environmental impact. At present, ferrous scrap recycling is gaining immense traction across the globe due to its crucial role in reducing carbon emissions and conserving finite natural resources.
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Ferrous Scrap Recycling Market Trends and Drivers:
The global ferrous scrap recycling market is primarily driven by the rising environmental consciousness and sustainability initiatives that push industries to embrace recycling practices, reducing the carbon footprint associated with steel production. Additionally, the escalating demand for steel in the construction, automotive, and manufacturing sectors has strengthened the need for cost-effective and sustainable raw materials, positioning ferrous scrap as an attractive alternative. Apart from this, the implementation of stringent regulations on waste disposal and recycling targets set by governments are propelling market growth. Moreover, the economic benefits of recycling, such as reduced energy consumption and resource conservation, that encourage businesses to adopt ferrous scrap recycling represent another major growth-inducing factor. Besides this, ongoing advancements in recycling technologies that make the process more efficient and cost-effective have catalyzed market growth. Furthermore, the increasing awareness among consumers and industries about the environmental and economic advantages of ferrous scrap recycling has augmented the demand for recycled ferrous materials, thereby contributing to market growth.
The report has segmented the market into the following categories:
Breakup by Type:
- Heavy Melting Steel
- Old Car Bodies
- Cast Iron
- Pressing Steel
Breakup by Application:
- Parts of Machine Tools
- Parts of The Engine
- Aircraft Parts
Breakup by End User:
- Equipment Manufacturing
- Consumer Appliances
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- American Iron & Metal Co Inc
- European Metal Recycling Ltd.
- OmniSource, LLC (Steel Dynamics, Inc.)
- Schnitzer Steel Industries, Inc.
- Sims Limited
- TSR Recycling GmbH & Co. KG (Remondis SE & Co. KG)
- Ward Recycling Limited
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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