North America, Europe, and APAC Scrap Metal Recycling Market Size by Major Players, Trends, Key Regions and Growth Forecast to 2022-2031

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The North America, Europe, and APAC scrap metal recycling market is estimated to garner a revenue of USD 795.6 Billion by the end of 2031, by growing at a CAGR of 7.1% over the forecast period, i.e., 2021 – 2031. Moreover, in the year 2021, the market registered a revenue of USD 404.8 Billion. The growth of the market can be attributed to increasing awareness programs for sustainable waste management practices in these nations, backed by the rising concern for the increasing quantity of solid wastes generated from scrap metals by different types of industries. Besides this, the growing awareness for solid waste management (SWM) among companies, growing stringent norms to reduce environmental pollution, along with the increasing number of initiatives to promote sustainable waste management practices are some of the major factors anticipated to drive the market growth.

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The growth of the market can also be attributed to the numerous benefits associated with recycling of metals, as the recycling process helps in saving up to 20 times the energy required when compared to the mining of these metals from ores. Additionally, the production of metals using secondary raw materials also helps to lower carbon dioxide emissions. In addition to this, the increasing production and consumption of scrap metal is also projected to add in the growth of the market in the coming years. According to the statistics by the Bureau of International Recycling (BIR), China registered to have the largest consumption of scrap steel in the year 2019 with a consumption volume of 215.93 Million Tonnes. This was an increase from 187.77 Million Tonnes in the year 2018.

North America, Europe, and APAC Scrap Metal Recycling Market Regional Synopsis

North America, Europe, and APAC scrap metal recycling market is segmented by region into North America, Europe, and the Asia Pacific. The market in the Asia Pacific is anticipated to garner the largest revenue of USD 324.9 Billion by the end of 2031, up from a revenue of USD 171.8 Billion in the year 2021. The growth of the market in the region can primarily be attributed to the growing consumption of scrap metal across countries, such as China, India, South Korea, and Japan amongst others, followed by the increasing favorable government policies that promote recycling of metal wastes. One another significant factor anticipated to drive the growth of the market in the region is the rising consumption of Electrical and Electronic Equipment (EEE), backed by the presence of the most populated countries in the world, i.e., China and India as well as the growing disposable income. Moreover, with the growing consumption of EEE, the amount of e-waste generated is also increasing massively in the region. According to the statistics by the United Nations Institute for Training and Research, Asia generated the largest volume of e-waste of 24.9 Mt in the year 2019.

The scrap metal recycling market in the Asia Pacific is further segmented by country into India, Australia, Eastern Asia, and Rest of APAC. The market in Eastern Asia is expected to garner the largest revenue of USD 259.9 Billion by the end of 2031, up from a revenue of USD 135.9 Billion in the year 2021. On the other hand, the market in India is expected to grow with the highest CAGR of 7.7% during the forecast period.

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Growth Drivers and Challenges Impacting the Growth of the North America, Europe, and APAC Scrap Metal Recycling Market

Growth Drivers

  • Increasing Awareness Programs for Sustainable Waste Management Practices
  • Numerous Benefits Associated with Scrap Metal Recycling

Challenges

  • Unorganized Metal Waste Collection Procedure
  • Lower Recycling Rates for Most Rare Earth Metals

North America, Europe, and APAC Scrap Metal Recycling Market Segmentation Synopsis

The North America, Europe, and APAC scrap metal recycling market is segmented by type into ferrous metal, and non-ferrous metal. Out of these, the ferrous metal segment is anticipated to garner the largest revenue by the end of 2031 and also grow with the highest CAGR of 7.3% during the forecast period. By scrap type, the market is segmented into old scrap and new scrap, out of which, the old scrap segment is projected to garner the highest market share by the end of 2031. By instrument, the market is segmented into shredder & balers, shearing, granulation, and briquetting machine. Out of these, the shredder & balers segment is anticipated to garner the largest revenue of USD 333.7 Billion by the end of 2031, up from a revenue of USD 174.7 Billion in the year 2021. By industries, the market is segmented into building & construction, automotive, industrial manufacturing, electricals, shipbuilding, consumer electronics, and others. Out of these, the building & construction segment is anticipated to garner the largest revenue of USD 216.7 Billion by the end of 2031, up from a revenue of USD 111.4 Billion in the year 2021.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the North America, Europe, and APAC scrap metal recycling market that are included in our report are Metallon Recycling Pte Ltd., Sims Limited, ARJES GmbH, SSI Shredding Systems, Inc., DELITEK AS, Kuusakoski Oy, Nucor Corporation, OmniSource, LLC, Falcon Metals, L.P., Kimmel Scrap Iron & Metal Co, Inc., American Iron & Metal (AIM), Aurubis AG, DBW Metals Recycling, Hanwa Co., Ltd., KYOEI STEEL Ltd., Yoshikawa Kogyo Co., Ltd., OSAKA Titanium Technologies Co., Ltd., NIKKEI MC ALUMINIUM CO., LTD., and others.

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