The latest report by IMARC Group, titled “Ferrous Scrap Recycling Market Report by Type (Heavy Melting Steel, Old Car Bodies, Cast Iron, Pressing Steel, and Others), Application (Parts of Machine Tools, Parts of The Engine, Aircraft Parts, and Others), End User (Construction, Automotive, Shipbuilding, Equipment Manufacturing, Consumer Appliances, and Others), and Region 2024-2032“, The global ferrous scrap recycling market size reached US$ 148.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 203.9 Million by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
The process of ferrous scrap recycling involves collecting, processing, and reusing iron and steel-based materials that have reached the end of their useful life. This process plays a crucial role in sustaining the steel industry and conserving natural resources. In ferrous scrap recycling, items such as old cars, appliances, and industrial machinery are dismantled, and the recovered metal is melted down to create new steel products. This ultimately reduces the need for extracting raw iron ore, which saves energy, lowers greenhouse gas emissions, and minimizes waste in landfills. Moreover, it brings economic benefits by creating job opportunities and supporting a thriving secondary market for scrap materials. Notably, it aligns with global efforts to combat climate change and reduce the environmental impact of the steel industry. Currently, ferrous scrap recycling is gaining significant momentum worldwide due to its pivotal role in reducing carbon emissions and preserving finite natural resources.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/ferrous-scrap-recycling-market/requestsample
Ferrous Scrap Recycling Market Trends and Drivers:
The global ferrous scrap recycling market is booming due to a variety of factors. First, there’s a growing focus on environmental sustainability, which is pushing industries to adopt recycling practices and reduce the carbon footprint of steel production. Secondly, the demand for steel in construction, automotive, and manufacturing is on the rise, creating a need for cost-effective and eco-friendly raw materials like ferrous scrap. Government regulations on waste disposal and recycling targets are also playing a significant role in driving market growth. Additionally, businesses are realizing the economic benefits of recycling, such as lower energy consumption and resource conservation, which further incentivizes them to embrace ferrous scrap recycling. Advanced recycling technologies are making the process more efficient and affordable, further fueling market expansion. Lastly, increasing awareness among consumers and industries about the environmental and economic advantages of ferrous scrap recycling is boosting the demand for recycled materials.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Heavy Melting Steel
- Old Car Bodies
- Cast Iron
- Pressing Steel
- Others
Breakup by Application:
- Parts of Machine Tools
- Parts of The Engine
- Aircraft Parts
- Others
Breakup by End User:
- Construction
- Automotive
- Shipbuilding
- Equipment Manufacturing
- Consumer Appliances
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- American Iron & Metal Co Inc
- European Metal Recycling Ltd.
- OmniSource, LLC (Steel Dynamics, Inc.)
- Schnitzer Steel Industries, Inc.
- Sims Limited
- TSR Recycling GmbH & Co. KG (Remondis SE & Co. KG)
- Ward Recycling Limited
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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