Global Metal Recycling Market to Hit $369 Billion by 2030

SEATTLE (Scrap Monster): The latest research report published by Allied Market Research (AMR) suggests tremendous growth to global metal recycling market over the period from 2021 to 2030. The market, valued at $217 billion in 2020, is estimated to grow at a CAGR of 5.2% to hit $368.71 billion by the end of the current decade.

The report cites high rate of obsolescence and rising consumer awareness as the major growth drivers. The scarcity of rare earth metals will open new market opportunities in future. However, the market growth is likely to be hampered by lack of adequate scrap collection zones and unorganized flow of waste metals.

The automotive segment accounted for more than one-third of the global metal recycling market in 2020. Meantime, the shipbuilding segment is projected to record fastest growth from 2021 to 2030, growing at a CAGR of 8.2%.

Based on type of scrap, the old scrap segment accounted for more than 50% of the global metal recycling market. However, the new scrap segment is expected to record the highest CAGR growth of 6.1% during the forecast period.

The Asia-Pacific region contributed to more than two-fifths of the global market in 2020. The region is expected to register a CAGR growth of 7.4% during the forecast period, driven by rapid growth in metal recycling in countries such as Japan, India, China and South Korea, the AMR report noted.