The recycled metal market is estimated to be valued at US$ 54.48 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The recycled metal market involves the reuse and recycling of scrap metals. Recycled metals have applications across various end-use industries such as construction, automotive, shipbuilding, and equipment manufacturing. Recycled metals offer advantages such as reduced production costs, environmental sustainability, and supply security for metal producers. The growing need for resource conservation and stringent environmental regulations are propelling the growth of the recycled metal market.

Market key trends:
One of the key trends propelling the growth of the recycled metal market is the increase in precious metal recovery. Precious metals such as gold, silver, platinum, and palladium have immense applications across industries such as electronics, medical devices, dental fillings, etc. The supply of precious metals from mining operations is limited and non-renewable. Moreover, extracting precious metals through mining has severe environmental impacts. As such, recovering precious metals from e-waste and other recycling streams provides an economically and environmentally viable solution. Advanced separation techniques are enabling higher recovery rates of precious metals from complex recycling streams, which is augmenting the market growth.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Recycled Metal Market requires significant capital investments for setting up collection and recycling facilities. However, opportunities exist in developing economies due to growing environmental regulations.
Bargaining power of buyers: The bargaining power of buyers is moderate as recycled metals are commoditized products and buyers have options to switch between suppliers. Buyers are price sensitive.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as a few large suppliers dominate the supply of recycled feedstock. Suppliers can influence prices.
Threat of new substitutes: The threat from substitutes is low as recycled metals are an integral part of the circular economy and essential materials for industries.
Competitive rivalry: is intense as the market is dominated by a few global players.

SWOT Analysis
Strength: Growing environmental regulations mandate higher use of recycled metals. Recycled metals are economically viable substitutes to primary metals.
Weakness: Collection and sorting infrastructure is not well established in developing nations. Quality inconsistencies exist in feedstock materials.
Opportunity: Rapid urbanization and industrialization in Asia Pacific and Africa offer new growth avenues. Emerging technologies improve scrap recycling processes.
Threats: Volatility in scrap prices impacts profitability. Substitution threat from alternative sustainable materials.

Key Takeaways
The global Recycled Metal Market Share  size is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing environmental regulations favoring recycling. The Asia Pacific region dominates the global recycled metal market and is projected to grow at the fastest rate during the forecast period, due to rapid industrialization and urbanization in China and India. Key players operating in the recycled metal market incorporate Sims Metal Management Ltd., Schnitzer Steel Industries, Inc., Nucor Corporation, European Metal Recycling Ltd., Kuusakoski Group, Novelis Inc., OmniSource Corporation, Ferrous Processing & Trading Co. (FTP), Metal Management Inc., ELG Haniel Group. Sims Metal Management Ltd. is one of the leading players in the global recycled metal market, offering scrap metal collection and recycling solutions to industrial and consumer sectors across over 50 countries worldwide.

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