Global Iron & Steel Scrap Recycling Market to Reach $610.71 Billion by 2027, Growing at a CAGR of 8.19%

Strategic Insights -

The global iron & steel scrap recycling market is experiencing significant growth, with an estimated size of $380.74 billion in 2021, $411.26 billion in 2022, and a projected growth to $610.71 billion by 2027, driven by the increasing demand for environmentally friendly processes, government regulations, and policies encouraging recycling.

Key Takeaways:

  • The global iron & steel scrap recycling market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.19% from 2022 to 2027.
  • The market is driven by the increasing demand for environmentally friendly processes, reduced landfill disposal, and government regulations encouraging recycling.
  • The unorganized metal waste collection in developing countries, risk of quality variation due to recycling, and the impact of the 2022 Russia-Ukraine conflict are major restraints on the market.
  • Key market drivers include the reduction of the burden on landfill disposal facilities, increased demand due to environmental friendly process, and government regulation and policies encouraging processing & recycling of iron & steel scrap.
  • Major vendors in the market include AMG Resources Corp, Arcelormittal, Aurubis AG, Baosteel Group Corporation, and Commercial Metals Company.
  • The market share analysis reveals the competition among vendors, with AMG Resources Corp and Arcelormittal being the major players in the market.
  • Company usability profiles highlight the recent significant developments by leading vendors, including innovation profiles in the Global Iron & Steel Scrap Recycling Market.

Statistics:

  • The global iron & steel scrap recycling market size was estimated at $380.74 billion in 2021 and is projected to grow to $610.71 billion by 2027.
  • The market is expected to grow at a CAGR of 8.19% from 2022 to 2027.
  • In 2022, the market size was estimated at $411.26 billion.
  • The global iron & steel scrap recycling market is expected to be driven by the increasing demand for environmentally friendly processes and government regulations encouraging recycling.

Sources:

  • [1] "Iron & Steel Scrap Recycling Market Research Report by Scrap Type (Cast Iron, Heavy Melting Steel, and Manganese Steel), Equipment, End User, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report by ResearchAndMarkets.com.
  • [2] "Cumulative Impact of 2022 Russia Ukraine Conflict" by ResearchAndMarkets.com.
  • [3] "View source version on businesswire.com: https://www.businesswire.com/news/home/20220429005282/en/" by Businesswire.com.