Scrap Metal Recycling Market: Introduction
- Scrap metal recycling is the process of recovering metals from products which have reached the end of the product life cycle. Scrap metal which is recovered is then introduced as raw material in the production of new goods. Scrap metals are bifurcated into ferrous and nonferrous categories. Nonferrous metals are better valued as compared to ferrous metals.
- Ferrous scrap has some degree of iron while nonferrous scrap does not contain iron. Nonferrous scrap contains aluminum, lead, zinc, copper etc. The recycled scrap metal finds application in residential, commercial, and industrial sectors.
- Recycling reduces rare earth metal mining activities, besides reducing waste and saving energy. Considering these factors, the scrap metal recycling market is expected to grow during the forecast period.
Key Drivers, Restraints, and Opportunities of the Global Scrap Metal Recycling Market
- Scrap metals can be recycled repeatedly without any characteristic loss. The reuse of metals reduces the carbon footprint and helps in betterment of the environment. Scrap metal recycling and reusing helps to create a sustainable future. Scrap metal recycling reduces greenhouse gas emissions. As per Institute of Scrap Recycling Industries (ISRI), scrap metal recycling may cut 300 to 500 million tons of greenhouse gas emission.
- The scrap metal recycling market is expected to improve with the recycling rate. Development of recycling facilities in developed and developing regions, better waste collection systems, and promotion of metal recycling by manufacturers and governments is likely to help in business growth and create new business opportunities and increase employment. Canadian Association of Recycling Industries (CARI) states that the scrap metal recycling industry in Canada employs 1, 60,000 people directly and indirectly. The usage of rare metals in various products and its shortage is also expected to boost the scrap metal recycling market.
- The existing products are likely to be antiquated with development of technology. The rise in technology, industrialization & urbanization, disposable income, and awareness are expected to be the factors responsible for driving the scrap metal recycling market during the forecast period.
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Asia Pacific to Lead the Global Scrap Metal Recycling Market
- Geographically, the global scrap metal recycling market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
- Asia Pacific will lead the scrap metal recycling market due to increasing urbanization, industrialization, and construction activities, followed by North America. The scrap metal industry in the U.S. accounted for around US$ 50 Billion in 2015.
- Rapid growth of construction activities in Middle East & Africa is set to provide good business opportunities to the market.
Key Manufacturers Operating in the Global Scrap Metal Recycling Market
Leading players operating in the global scrap metal recycling market include:
- American Iron & Metal
- Aurubis AG
- Sims Metal Management Ltd
- Nucor Corporation
- OmniSource Corporation
- TKC Metal Recycling Inc.
- Metallon Recycling Pte Ltd
- DBW Metals Recycling
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Global Scrap Metal Recycling Market: Research Scope
Global Scrap Metal Recycling Market, by Type
- Ferrous Metals
- Others (Alloy Steel, Cast Iron, etc.)
- Non-Ferrous Metals
- Others (Lead, Zinc, Magnesium, etc.)
Global Scrap Metal Recycling Market, by Application
- Residential & Commercial
- Metal Cans
- Small and Large Appliances
- Plastic and Glass Bottles
- Others (small furniture, toys, etc.)
- Large Electronics
- Building Structures
- Railroad Tracks
- Others (farm equipment, piping, etc.)
Global Scrap Metal Recycling Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- 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
- 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.
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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.