New Forecast: Global Scrap Metal Recycling Market to Hit $722B by 2035

SEATTLE (Scrap Monster): The global scrap metal recycling market is projected to witness steady growth over the next decade, driven by increasing demand for sustainable raw materials and rising metal prices across industries.

According to recent market estimates, the sector was valued at $436.11 billion in 2025 and is expected to grow to $458.70 billion in 2026, eventually reaching approximately $722.65 billion by 2035. This reflects a compound annual growth rate (CAGR) of 5.18% between 2026 and 2035.

The expansion is largely supported by global efforts to reduce environmental impact and strengthen circular economy practices, as industries increasingly rely on recycled metals to cut emissions and production costs.

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Regionally, Asia-Pacific dominated the global scrap metal recycling market in 2025, accounting for around 48% of total market share. Meanwhile, North America is forecast to record the fastest growth rate during the 2026–2035 period.

By metal type, ferrous metals accounted for the largest share at approximately 75% in 2025, while non-ferrous metals are projected to grow at the fastest pace.

Among end-use sectors, building and construction led the market with 38% share, while the automotive industry is expected to post the strongest growth in the coming years.