The global market for Steel Scrap was sized at 543.2 Million Metric Tons in 2024 and is projected to reach 727.1 Million Metric Tons by 2030, growing at a CAGR of 5.0% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Steel scrap is a vital component of the recycling industry, playing a crucial role in the production of new steel. Recycling steel scrap conserves natural resources, reduces energy consumption, and lowers greenhouse gas emissions compared to primary steel production from iron ore. The use of steel scrap in electric arc furnaces (EAF) significantly decreases the environmental impact of steelmaking, aligning with global sustainability goals.
The circular nature of steel, where it can be recycled indefinitely without loss of quality, makes steel scrap a cornerstone of the circular economy. The growing emphasis on sustainable practices is driving the importance and demand for steel scrap in the recycling industry.
What Factors Are Driving the Growth in the Steel Scrap Market?
The growth in the steel scrap market is driven by several factors. The increasing focus on sustainability and environmental regulations is encouraging the use of recycled materials in steel production. The rising cost of raw materials and the economic benefits of recycling are also boosting demand for steel scrap.
Technological advancements in recycling and processing are enhancing the quality and efficiency of steel scrap utilization. Additionally, the growth of the construction, automotive, and manufacturing industries is increasing the demand for steel, further driving the need for steel scrap. These factors collectively ensure the continued growth and innovation in the steel scrap market.
What Are the Benefits and Challenges of Using Steel Scrap?
The benefits of using steel scrap are numerous, including reduced environmental impact, lower production costs, and conservation of natural resources. Recycling steel scrap requires significantly less energy than producing steel from virgin materials, resulting in lower carbon emissions and reduced operational costs.
However, challenges exist in the collection, sorting, and processing of steel scrap to ensure consistent quality and remove impurities. Contaminants such as coatings, alloys, and non-metallic materials must be effectively managed to produce high-quality recycled steel. Advances in sorting and processing technologies are addressing these challenges, improving the efficiency and quality of steel scrap recycling.
How Is Technology Enhancing Steel Scrap Recycling?
Technological advancements are enhancing the efficiency and effectiveness of steel scrap recycling. Innovations in sorting technologies, such as magnetic separation and advanced sensor-based sorting, are improving the purity and quality of recycled steel. The development of sophisticated shredding and processing equipment is increasing the recovery rates of steel from mixed waste streams.
Advanced metallurgical processes are enabling the production of high-quality steel from scrap, meeting the stringent requirements of various industries. Automation and digitalization are also playing a role in optimizing recycling operations, reducing costs, and increasing productivity. These technological improvements are crucial for maximizing the benefits of steel scrap recycling and supporting the growth of the industry.
Report Features:
Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Company Profiles: Coverage of major players such as ArcelorMittal S.A., Commercial Metals Company, EVRAZ North America, Gerdau S/A, Metalico, Inc. and more.
Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Insights:
Market Growth: Understand the significant growth trajectory of the Obsolete Scrap segment, which is expected to reach 407.2 Million Metric Tons by 2030 with a CAGR of a 6.2%. The Prompt Scrap segment is also set to grow at 3.5% CAGR over the analysis period.
Regional Analysis: Gain insights into the U.S. market, sized at 51.5 Million Metric Tons in 2024, and China, forecasted to grow at an impressive 6.4% CAGR to reach 282.6 Million Metric Tons by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Segments:
Segment (Obsolete Scrap, Prompt Scrap, Home Scrap)
Steel Scrap Industry: Navigating the Challenges of Supply Chain Disruptions
Competitive Scenario
Steel Scrap – Global Key Competitors Percentage Market Share in 2024 (E)
Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
Steel Scrap: Powering the Future of Sustainable Steelmaking
Benefits of Scrap Steel Vs. Iron Ore in Steel Production
Steel Recovery Rates of Various Industries
Scrap Metal Recycling Dashing Closer to Resource Management & Circular Economy with Emerging Technologies
Decarbonizing Steel: How the Scrap Industry is Driving Change
Future Prospects and the Role of Steel Scrap
Critical Importance of Steel in Every Aspect of Human Life to Sustain Momentum in the Steel Scrap Market in the Post COVID-19 Period
A Snapshot of Steel End-Use Sectors
Steel Production Prospers in 2017-2023 Period
World Crude Steel Production (2012-2023) in Million Tons
Exports Scenario Dominated by China
Leading Steel Exporting Countries (2023): Exports (in Million Metric Tons) for China, Japan, South Korea, European Union (27), Germany, Italy, Belgium, Russia, Turkiye, Brazil, Iran, Netherlands, India, France and Indonesia
European Union: The Top Steel Importer
Leading Steel Importing Countries (2023): Imports (in Million Metric Tons) for European Union (27), USA, Germany, Italy, Turkiye, Mexico, South Korea, Vietnam, Thailand, Indonesia, France, Belgium, Poland, China, and Spain
Carbon Steel Scrap: Looming Demand-Supply Crunch to Impact Steel Industry & Lead to New Dynamics
Steel Scrap Trade Scenario
Leading Volume Importers (Million Metric Tons) of Ferrous Scrap (2023)
Leading Volume Exporters (Million Metric Tons) of Ferrous Scrap (2023)
Steel Scrap: An Introduction
Grades of Steel Scrap
Ferrous and Non-Ferrous Scrap: The Differences
Ways to Distinguish Stainless Steel Scrap from Other Metal Scraps
Steel Scrap Sorting & Preparation Methods
Steel Scrap Recycling
Insights into Steel Scrap Recycling Process: Facilitating a Closed-Loop Cycle
Recent Market Activity
Select Global Brands
Influencer/Product/Technology Insights
MARKET TRENDS & DRIVERS
Increased Global Steel Demand Fueling Demand for Ferrous Scrap
Emerging Technologies Figuring Prominently in Scrap Metal Recycling Space
The Buzz around Recycling & Innovation Gets Louder in Scrap Metal Industry
Advancements & Innovations in Scrap Extraction and Processing Drive Growth
Select Innovations
Digitization Comes to the Fore to Reinforce Steel Scrap Ecosystem
Sophisticated Technologies Make Inroads
Recent Technological Advances in Scrap Metal Recycling
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