The global demand for Ferrous Scrap Recycling Market is presumed to reach the market size of nearly USD 213.95 MN by 2030 from USD 147.03 MN in 2022 with a CAGR of 4.8% under the study period of 2023 - 2030. Regarding volume, the market was calculated XX Kilo Tons in 2022 and forecast to touch XX Kilo Tons by 2030 with a CAGR of XX% during 2023-2030.
Ferrous scrap, also known as iron and steel scrap or scrap, is derived from end-of-life products (old or obsolete scrap) and scrap generated during the manufacturing process (new, prime or prompt scrap). Because of the metal's value, ferrous scrap is recycled or repurposed whenever possible. Sorting and separating ferrous metals from non-ferrous materials is the first step in ferrous metal recycling. Because ferrous metals are magnetic, all scrap metals must be run through a magnet or magnetic belt device to complete this process. During this process, ferrous metals are attracted to the magnet, making it easier to separate them from the rest of the scrap metal. Alternatively, to separate ferrous metals from other scrap metals for recycling, a shredder with magnetic drums can be utilized. Recycling ferrous metals entails melting the metals to a liquid state, purifying them, and compacting the resulting material into solid blocks or beams for use in manufacturing.
Market Dynamics
The increased need for scrap in numerous industries, including construction, automotive, and metals manufacture, is linked to its environmental and economic benefits, which help to reduce pollution and energy and raw material consumption. Increased scrap creation, as consumers visit scrap yards with ferrous materials that have reached their end-of-life (EOL) and technological improvements that have significantly expanded the recovery rate of scrap from products, is also propelling market expansion. Additionally, the global ferrous scrap recycling market is being driven by the growth of end-use sectors that are essential commodity consumers, like automotive and construction. Ferrous scrap is recycled and used to make girders, nuts, bolts, heavy crushing machines, vehicle cylinder blocks, machine tool components, brake drums, gear wheels, shafts, gears, engine parts, kitchen draining boards, pipes, aircraft parts, metal ropes, and garden tools, among other things. All these widespread applications of ferrous scrap are promoting market development.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of ferrous scrap recycling. The growth and trends of ferrous scrap recycling industry provide a holistic approach to this study.
Market Segmentation
This section of the ferrous scrap recycling market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Sector
- Construction
- Automotive
- Consumer Goods
- Industrial Goods
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Ferrous Scrap Recycling market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Ferrous Scrap Recycling Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the ferrous scrap recycling market include American Iron & Metal Company Inc., European Metal Recycling Ltd., Innovative Metal Recycling, OmniSource LLC, Sims Limited, SA Recycling LLC, Schnitzer Steel Industries Inc., Rudolf Schuy GmbH & Co. KG, TSR Recycling GmbH & Co. KG, Ward Recycling Ltd, Inc. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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