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(I-AutoNewsWire.com, December 01, 2021 ) The global metal recycling market size is projected to grow from USD 52.1 billion in 2020 to USD 76.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast year. The growth of this market is attributed to the increasing demand for steel and the urbanization & industrialization in developing countries.
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The metal recycling market has been dominated by large players, such as ArcelorMittal (Luxembourg), Nucor Corporation (US), Commercial Metals Company (US), and Sims Metal Management Limited (US). These players have adopted various growth strategies, such as acquisitions and expansions to increase their market shares and enhance their product portfolios.
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Acquisitions and divestitures accounted for the largest share of all the strategic developments that took place in the metal recycling market between January 2015 and December 2019. Key players, such as Commercial Metals Company (US) and Sims Metal Management Limited (US), have adopted this strategy to strengthen their product portfolio, expand their market share and to meet & exceed their customers’ expectations in the metal recycling market.
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ArcelorMittal (Luxembourg) is a leading company in Europe and one of the world’s leading steel manufacturers. ArcelorMittal is considered to be the largest steel producer in America, Africa, and Europe In 2018, ArcelorMittal recycled 31 million tons of scrap steel, which included primary steel arising from the company’s operations and scrap that was purchased for use in the company’s furnaces. The use of scrap steel avoided 40 million tons of CO2 emissions. Their global R&D division is currently working with the Worldsteel Association on several recycling projects. Also, they have been collaborating with the automotive industry to analyze how much more value can be achieved by disassembling vehicles before they are shredded to recover scrap.
Nucor Corporation (US) manufactures steel and steel products; it also processes ferrous and nonferrous metals. Nucor is one of North America’s largest recycler, which uses scrap steel as the primary raw material in producing steel and steel products. The steel production of the company has increased by 9% from 22,619,000 tons in 2017 to 24,753,000 tons in 2018. However, the annual production capacity of the company grown from 120,000 tons in 1970 to a present total of over 27,000,000 tons. Nucor’s subsidiary, The David J. Joseph Company (DJJ) (US) and its affiliates operate six scrap recycling companies across the US and have a combined capability of processing approximately 5,000,000 tons of ferrous scrap annually. DJJ also operates 11 self-serve used auto parts store called U-Pull-&-Pay that complements its recycling operations.
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