SEATTLE (Scrap Monster): The new research report by Technavio forecasts notable growth to global steel scrap market in the near term.
According to the report, the global steel scrap market is predicted to record a growth by 62.78 million tonnes during the period from 2022 to 2027. The anticipated 1.62% CAGR growth of the market will be mainly driven by increasing applications of steel scrap in the end-user market as an effective means to reduce carbon footprints. The recycling of steel scrap not only reduces carbon dioxide emissions, but also minimizes consumption of water and energy and lowers air pollution.
The report mentions a few factors that may likely impede the projected market growth. These include complexity involved in the sorting process and the presence of impurities in steel scrap.
By end-user, construction segment is predicted to witness significant market share growth during the forecast period till 2027, driven by construction of high-rise buildings, tech parks, roads, highways, and bridges across the globe. The industry’s increased consumption of steel recovered from steel scrap will boost the demand for steel scrap. By region, the Asia-Pacific (APAC) is projected to account for approximately 66% of market growth by 2027, the report said.
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