Albany, NY -- (SBWIRE) -- 04/12/2021 -- Recycled Steel Market: Introduction
Steel recycling refers to a process of converting steel scrap into reusable material. It is an alternative to 'conventional' waste disposal that lowers primary metal consumption and greenhouse gas emissions. According to the U.K.-based Recycle More Co., recycling of one ton of steel can minimizes water pollution by 76% and air pollution by 86%.
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Key Drivers and Restraints of Recycled Steel Market
Increase in focus on secondary production of steel due to scarcity of resources and environmental concerns such as scrap disposal and greenhouse gas emissions is a key factor driving the recycled steel market. Recycling steel requires up to 55% less energy than primary production.
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Rise in efforts to maintain sustainability of primary metal resources and increase in demand for steel in various industries including building & construction, automotive, and manufacturing are expected to boost the global recycled steel market during the forecast period. Steel has the property to retain its strength, quality, and durability when recycled. This makes its adoption viable in several industries.
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Growth in investments in the construction industry due to rise in standard of living, increase in migration of population from rural to urban areas, and strong economic growth, primarily in developing and developed countries, is anticipated to propel the global recycled steel market during the forecast period. However, improper disposal of metal waste is projected to restrain the global recycled steel market during the forecast period.
Building & Construction Segment Expected to Hold Major Share of Global Market
The global recycled steel market can be segmented based on application, scrap source, and region
In terms of scrap source, the global recycled steel market can be divided into home scrap, prompt scrap, and obsolete scrap. Prompt scrap is a major source of generation of steel scrap. Increase in investments in the manufacturing sector is estimated to stimulate the prompt scrap segment of the global recycled steel market.
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In terms of application, the global recycled steel market can be classified into electrical & electronics, construction, automotive, and others. Automotive is one of the major application segments of the recycled steel market, as steel offers high durability, cost competitiveness, and minimal maintenance requirements features. Rise in demand for automotive parts used in two-wheelers, LCVs, buses and coaches, HCVs, and passenger vehicles has propelled the demand for steel in the automotive sector.\
North America to Account for Significant Share of Global Recycled Steel Market
In terms of region, the global recycled steel market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
The recycled steel market in North America is predicted to expand at a rapid pace during the forecast period owing to the introduction of several measures to promote metal recycling activities through better waste separation, and collection and sorting processes in developed nations such as the U.S. and Canada. For instance, the Government of Canada has been working with industries, territories, and provinces to promote the recycling and re-use of metal products. This is likely to boost not only the recycling industry in Canada, but also the metal industry in the region.
The recycled steel market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the increase in investments in building and construction activities, primarily in developed and developing economies such as Japan, South Korea, India, and China, supported by rapid industrialization and urbanization. In the building & construction industry, steel is used as cladding for exterior walls and roofing due to its attractive appearance and good corrosion resistance properties.
The recycled steel market in Europe is also projected to witness growth during the forecast period due to increase in concerns to maintain national energy security and minimize carbon emissions
The recycled steel market in Latin America and Middle East & Africa is expected to expand at a sluggish pace during the forecast period
Key Players Operating in Global Market
Leading companies operating in the global recycled steel market include:
ArcelorMittal
Tata Steel
Tucson Iron & Metal
Schnitzer Steel Industries, Inc.
Monterrey Iron & Metal Recycling
PACIFIC STEEL & RECYCLING
Steel Dynamics, Inc.
Wilton Recycling
SA Recycling LLC