Recycled Steel Market: Introduction

  • Steel recycling refers to a process of converting steel scrap into reusable material. It is an alternative to ‘conventional’ waste disposal that lowers primary metal consumption and greenhouse gas emissions. According to the U.K.-based Recycle More Co., recycling of one ton of steel can minimizes water pollution by 76% and air pollution by 86%. 

Key Drivers and Restraints of Recycled Steel Market

  • Increase in focus on secondary production of steel due to scarcity of resources and environmental concerns such as scrap disposal and greenhouse gas emissions is a key factor driving the recycled steel market. Recycling steel requires up to 55% less energy than primary production.
  • Rise in efforts to maintain sustainability of primary metal resources and increase in demand for steel in various industries including building & construction, automotive, and manufacturing are expected to boost the global recycled steel market during the forecast period. Steel has the property to retain its strength, quality, and durability when recycled. This makes its adoption viable in several industries.
  • Growth in investments in the construction industry due to rise in standard of living, increase in migration of population from rural to urban areas, and strong economic growth, primarily in developing and developed countries, is anticipated to propel the global recycled steel market during the forecast period. However, improper disposal of metal waste is projected to restrain the global recycled steel market during the forecast period.

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Building & Construction Segment Expected to Hold Major Share of Global Market

  • The global recycled steel market can be segmented based on application, scrap source, and region
  • In terms of scrap source, the global recycled steel market can be divided into home scrap, prompt scrap, and obsolete scrap. Prompt scrap is a major source of generation of steel scrap. Increase in investments in the manufacturing sector is estimated to stimulate the prompt scrap segment of the global recycled steel market.
  • In terms of application, the global recycled steel market can be classified into electrical & electronics, construction, automotive, and others. Automotive is one of the major application segments of the recycled steel market, as steel offers high durability, cost competitiveness, and minimal maintenance requirements features. Rise in demand for automotive parts used in two-wheelers, LCVs, buses and coaches, HCVs, and passenger vehicles has propelled the demand for steel in the automotive sector.

North America to Account for Significant Share of Global Recycled Steel Market

  • In terms of region, the global recycled steel market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • The recycled steel market in North America is predicted to expand at a rapid pace during the forecast period owing to the introduction of several measures to promote metal recycling activities through better waste separation, and collection and sorting processes in developed nations such as the U.S. and Canada. For instance, the Government of Canada has been working with industries, territories, and provinces to promote the recycling and re-use of metal products. This is likely to boost not only the  recycling industry in Canada, but also the metal industry in the region.
  • The recycled steel market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the increase in investments in building and construction activities, primarily in developed and developing economies such as Japan, South Korea, India, and China, supported by rapid industrialization and urbanization. In the building & construction industry, steel is used as cladding for exterior walls and roofing due to its attractive appearance and good corrosion resistance properties.
  • The recycled steel market in Europe is also projected to witness growth during the forecast period due to increase in concerns to maintain national energy security and minimize carbon emissions
  •  The recycled steel market in Latin America and Middle East & Africa is expected to expand at a sluggish pace during the forecast period 

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Key Players Operating in Global Market

Leading companies operating in the global recycled steel market include:

  • ArcelorMittal
  • Tata Steel
  • Tucson Iron & Metal
  • Schnitzer Steel Industries, Inc.
  • Monterrey Iron & Metal Recycling
  • Steel Dynamics, Inc.
  • Wilton Recycling
  • SA Recycling LLC

Global Recycled Steel Market: Research Scope

Global Recycled Steel Market, by Application

  • Electrical & Electronics
  • Building & Construction
  • Automotive
  • Others

Global Recycled Steel Market, by Scrap Source

  • Home Scrap
  • Prompt Scrap
  • Obsolete Scrap

Global Recycled Steel Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Sweden
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Recycled Steel Market