Exploring the Steel Scrap Market: Growth, US$ 1018.4 billion, and CAGR of 4.7% Trends-BY PMI
Prophecy Market Insights latest research report on the In Steel Scrap Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Nov. 08, 2023 (GLOBE NEWSWIRE) — Steel Scrap is also known as post-consumer scrap that has been generated during production of steel products. Steel scrap is the primary raw material which helps in conserving vital natural resources. Further, according to Ministry of Steel, steel scrap recycling policy each ton of scrap saves 1.1 ton of iron ore, 55 kg of limestone and 630 kg of coking coal.
Growing steel production and increased demand for steel across globe has become major contribution in target market growth. Scrap metals can be recycled repeatedly without any characteristic loss. The reuse of metals reduces the carbon footprint and helps in betterment of the environment. Presence of major players and growing investment in sustainable products is expected to drive the demand for Steel Scrap market growth.
- In August 2021, Tata Steel launched country’s first steel scrap recycling plant of 0.5 million tons per annum at Rohtak in Haryana (India). The new launched plant has become the first facility in India which is equipped with modern, mechanical devices like baler, shredder, and material handler.
Growing applications of steel in automotive, construction and shipbuilding industries has become a leading factor in target market growth. The rise in technology, industrialization & urbanization, disposable income are expected to be the factors responsible for driving the Steel Scrap market during the forecast period.
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Impact of COVID-19 on the market
The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. Biopharmaceutical firms are at the leading position of the human response to the coronavirus pandemic. The biotech entities are investigating SARs-Cov-2 at an unprecedented rate and a significant amount of funds are being put into the R&D. With the several candidates in trial, the public and private sectors are expected to work in unison for the estimative period, until a vaccine is developed for Covid-19. This report will quantify the impact of this pandemic on the Steel Scrap market.
- By scrap type, the global market is segmented into old scrap and new scrap.
- By end-use sector, the building & construction segment is the fastest-growing segment in the metal recycling market. The need to reduce the environmental impact of mining metals has encouraged the use of recycled metals in the building & construction sector.
- By region, Asia Pacific is the fastest-growing market for metal recycling due to its increasing economic growth. It accounted for over a third of the world’s GDP, according to a paper published by World Economics in February 2017. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other Asia Pacific countries had a combined population exceeding four billion people (as of 2018).
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The prominent player operating in the global steel scrap market includes,
- ArcelorMittal S.A.
- Baosteel Resources Co., Ltd.
- Commercial Metals Company
- Gerdau Ameristeel Corporation
- Maanshan Iron & Steel Company Limited
- Metalico Inc.
- Nucor Corporation
- Oryx Stainless Group
- Schnitzer Steel Industries Inc.
- Sims Metal Management Limited.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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