Market Overview:
The global
ferrous scrap recycling market reached a size of USD 153.6 million in 2024 and is projected to grow to USD 211.2 million by 2033, exhibiting a CAGR of 3.31% during 2025-2033. The increased growth is the result of a heightened awareness of the environment, the rapid erection of infrastructures, and effective governmental regulations towards promoting sustainable practices.
Study Assumption Years:
• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Years: 2025-2033
Ferrous Scrap Recycling Market Key Takeaways:
• Market Size and Growth: In 2024, the market was valued at USD 153.6 million and is expected to reach USD 211.2 million by 2033, growing at a CAGR of 3.31% from 2025 to 2033.
• Regional Performance: The market is witnessing significant growth in both developed and developing economies, driven by rapid infrastructure development and urbanization.
• Market Segmentation: The industry is categorized by type (e.g., heavy melting steel, old car bodies), application (e.g., machine tool parts, engine parts), and end-user sectors (e.g., construction, automotive).
• Environmental Initiatives: Growing environmental concerns and sustainable practices are propelling the demand for ferrous scrap recycling.
• Government Regulations: Favorable government policies and regulations are encouraging recycling activities, boosting market growth.
• Technological Advancements: Innovations in recycling technologies are enhancing efficiency and processing capabilities within the market.
Market Growth Factors:
Environmental Sustainability and Conservation of Resources:
With worldwide concern for environmental management, ferrous scrap recycling has gained a considerable uplift. Recycling of ferrous materials, therefore, reduces the demand for the extraction of virgin iron ore, which conversely conserves natural resources and limits ecological disturbances. It also decreases energy consumption by minimizing greenhouse gas emissions linked to primary metal production. The demand for recycled ferrous materials has, therefore, got momentum owing to industrial and consumer consideration toward the environment, thus fostering a circular economy and sustainable development.
Infrastructure Development and Urbanization:
The present urbanization and infrastructure-grown environment, mainly in the developing economies, have led to increased construction activity. The construction sector utilizes steel extensively, and the recycled ferrous scrap is advantageous for both cost and environmental concerns. The ever-ready supply of scrap that is generated from the demolition of structures and obsolete machinery gives scrap recycling a steady input. This complementarity of supply and demand chain for the construction industry is a major contributor to the development of the ferrous scrap recycling market.
Governmental Regulation and Support:
Governments the world over are implementing policies and regulations to encourage recycling and waste reduction. Tax benefits, subsidies, and strict waste disposal regulations all serve to encourage industries toward ferrous scrap recycling. Such measures target reducing pollution and enhancing resource efficiency and energy savings. Regulatory support for the promotion of sustainable waste management solutions has accordingly found a fertile environment for expansive growth in the ferrous scrap recycling market.
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Market Segmentation:
Breakup by Type:
• Heavy Melting Steel
• Old Car Bodies
• Cast Iron
• Pressing Steel
• Others
Breakup by Application:
• Parts of Machine Tools
• Parts of The Engine
• Aircraft Parts
• Others
Breakup by End User:
• Construction
• Automotive
• Shipbuilding
• Equipment Manufacturing
• Consumer Appliances
• Others
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
Regional Insights:
Asia Pacific currently leads the global ferrous scrap recycling market, holding a significant market share. This dominance is attributed to rapid industrialization, extensive infrastructure development, and stringent environmental regulations promoting recycling practices in countries like China and India. The region's commitment to sustainable growth further propels market expansion.
Recent Developments & News:
In September 2024, China's National Development and Reform Commission (NDRC) announced support for establishing a national resources recycling group. This initiative aims to enhance recycling across industries, including steel and base metals, aligning with China's strategy to upgrade equipment and promote consumer goods trade-ins. The move is expected to bolster the ferrous scrap recycling market by improving resource utilization and reducing reliance on raw material imports.
Key Players:
• 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
Note: 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.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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