Analysis of Steel Scrap Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global steel scrap market is valued at 655 Million Metric Tons in 2023 and is forecasted to jump to 1,050 Million Metric Tons by 2033, rising at a steady CAGR of 4.9% from 2023 to 2033 (forecast period).
A majority of scrap steel is used in the production of new steel. Improvements in the steel industry have had a significant impact on the demand for steel scrap. Also, because scrap metal can be traded internationally, economic conditions can greatly impact demand patterns and price trends.
The need for scrap metal recycling is anticipated to increase over the coming years due to the increased demand for raw materials used in the steel manufacturing industry from rapidly growing economies such as China, India, and Brazil. Rising countries’ priority on expanding recycled steel scrap usage to decrease their carbon footprints is also contributing to market growth. One of the most significant problems currently facing the world's steel sector is global warming.
Market Size in 2022
624.5 Million Metric Tons
Estimated Market Value (2023)
655 Million Metric Tons
Projected Market Value (2033)
1,050 Million Metric Tons
Global Market Growth Rate (2023 to 2033)
Obsolete Segment Growth Rate (2023 to 2033)
Companies Profiled in Market
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“Reducing CO2 Emission to Upsurge Demand for Steel Scrap”
Steel scrap is in high demand since recycling scrap greatly lowers CO2 emissions and increases the utilization of recycled steel in the production of several commodities. It is also anticipated that increased auto production will drive huge demand for steel and recycled steel scrap to be used in auto parts.
It is also anticipated that the rapidly rising number of end-of-life vehicles (ELVs) in countries such as China would contribute to rising scrap volumes. The global steel sector, particularly those countries that depend on imports to meet their domestic requirements, faces a problem as a result of a small number of countries placing limitations on the export of steel scrap.
“Quantity Metal Required to Support Manufacturing of Steel”
The metallic volume needed to support steel production, which, in turn, determines the choice between a basic oxygen furnace (BOF) and an electric arc furnace (EAF), domestic scrap availability, and scrap demand, will be the key factors influencing the use of scrap in steel manufacture in the future. The way scrap is used in the production of steel varies greatly around the world depending on the production methods used in each industry and the availability of domestic scrap.
Few countries also have inexpensive and convenient access to resources such as natural gas. The quantity and quality of steel products consumed also have an impact on the market since it affects how much scrap is used. In the same way that cash availability and capital costs affect whether BOF or EAF is chosen as the steelmaker, they also have an impact on the use of scrap.
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“Limitation on Export of Steel Scrap”
Even though steel scrap, due to its scarcity, was regarded as a critical resource in many countries, more than 25 countries previously placed various limitations on the export of steel scrap. These rules range from a complete ban on the export of steel scrap to higher taxes on shipments of scrap.
The market is anticipated to experience frequent increases in the price of steel scrap, increased demand for scrap alternatives, and high average steel scrap prices given the current situation.
“Rising Building & Construction Activities in the Region”
With its accelerating economic progress, Asia Pacific is set to exhibit high growth in the market. Over the forecast period, this is expected to be a significant driver for the worldwide consumption of consumer durables and the construction sectors.
China is the hotspot for firms dealing in scrap metal recycling since the use of recovered metals in the construction industry is high in the country. This is supported by a highly advanced manufacturing sector and rising construction and automotive industries.
After China, India is the world's second major producer of steel. The country's industrial sector is accelerating with several new projects since it is a significant producer and consumer.
“Technological Advancements in Automotives to Flourish Regional Growth”
The United States presently leads North America in the recycling of steel scrap, and it is anticipated that it will maintain this position over the decade. Technology advancements in the automotive and construction industries are driving up the sales of steel scrap across the country.
For the creation of new steel and cast-iron goods, iron and steel scrap are the essential raw materials. The recovery of goods that are no longer in use or required, as well as the quick availability of scrap from production processes, are extremely important to the United States scrap metal recycling. For more than 150 years, the steel sector has recycled steel scrap in the country.
“Effects of Metal Mining on Environment”
The steel scrap market's construction segment is expanding at an exponential rate. The use of recycled metals in construction has been driven by the need to lessen the environmental impact of metal mining.
“Obsolete Steel Mostly Recycled from Scrapped Automobiles”
Recycling steel scrap saves landfill space, energy, and raw resources. Millions of metric tons of steel cans, vehicles, appliances, building materials, and other steel items are recycled annually by domestic steel sectors. Scrapped automobiles are the main source of obsolete steel.
Compared to making iron and steel from iron ore, the remelting of scrap requires a lot less energy. By using iron and steel scrap, which is obtained through the remelting process, less waste needs to be disposed of in landfills and less scrap steel ends up in the environment.
Steel scrap obtained from the automobile sector is predicted to increase at a CAGR of 5.3% between 2023 and 2033.
“Increasing Demand for Home Furnishing across the World”
Steel is used in over 75% of all household appliances. Steel is being used more and more in home furnishings, including dining tables and chairs, sturdy home office equipment, and metal beds. Steel is the ideal material for all furniture because of its high strength, flexibility, and corrosion resistance.
Steel is a crucial component of architectural details, including room partitions, stairs, steel lamps, and steel tables. Glossy, ultra-modern textured steel floors can typically handle considerable traffic. As such, steel scrap is being widely utilized to manufacture home appliances across the world.
The global market for steel scrap is characterized by an increase in mergers and acquisitions. Key players in the steel scrap market are investing in small businesses that have implemented cutting-edge technologies, established effective procedures, and had a significant presence in regional marketplaces.
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The global steel scrap market is valued at 655 Million Metric Tons in 2023.
Global demand for steel scrap is expected to rise at a steady CAGR of 4.9% from 2023 to 2033.
The market for steel scrap is anticipated to reach 1,050 Million Metric Tons by 2033.
Demand for obsolete steel is expected to increase at 5.3% CAGR through 2033.
Baosteel Group Corporation, EVRAZ North America, BlueScope Steel Ltd., China Steel Corporation (CSC), Commercial Metals Company (CMC), Hyundai Motor Company, CITIC Ltd., HBIS Group Co. Ltd. are leading companies in the steel scrap market.
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