SEATTLE (Scrap Monster): The latest research report published by Reportlinker.com suggests notable growth to global steel scrap recycling market over the next five-year period. The market is projected to touch 748 million metric tons by 2026. The report sees scrap accounting for major portion of metal production in future.
According to the report, global market for steel scrap amid the Covid-19 pandemic crisis is estimated at around 574.5 million metric tons in 2020. From these levels, the market is poised to grow at a CAGR of 4.5% over the analysis period to touch 748.2 million metric tons by 2025.
Obsolete scrap, comprising of any redundant steel product, will continue to represent the largest segment of world steel scrap market. Prompt scrap, representing scrap obtained during steel manufacturing process, is expected to grow at a revised rate of 3.4% CAGR over the forecast period. It must be noted that the segment currently accounts for just over 26% of the global steel scrap market.
The report estimates the U.S. scrap steel market at 52.3 million metric tons in 2021. Meantime, China is projected to touch an estimated market share of 301.7 million metric tons by 2026. Also, notable market growth is predicted in Japan, Canada and Germany.