Global Steel Scrap Market to Surpass 918 Million Metric Tons by 2030

SEATTLE (Scrap Monster): The "Steel Scrap: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Steel Scrap estimated at 624.5 Million Metric Tons in the year 2022, is projected to reach a revised size of 918.3 Million Metric Tons by 2030, growing at a CAGR of 4.9% over the analysis period 2022-2030.

Obsolete, one of the segments analyzed in the report, is projected to record a 5.8% CAGR and reach 525.1 Million Metric Tons by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Prompt segment is readjusted to a revised 3.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at 55.8 Million Metric Tons, While China is Forecast to Grow at 5.7% CAGR

The Steel Scrap market in the U.S. is estimated at 55.8 Million Metric Tons in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of 361.7 Million Metric Tons by the year 2030 trailing a CAGR of 5.7% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 3.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 150.3 Million Metric Tons by the year 2030.

 Courtesy: www.prnewswire.com