Market Size of Iron Recycling Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Iron Recycling Market Analysis
The iron recycling market is expected to register a CAGR of 7.8% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. During the pandemic scenario, the construction and automotive manufacturing activities were on a temporary halt during the lockdown to curb the spread of new COVID-19 cases, thereby, decreasing the consumption of recycled iron from these end-user industries. However, the condition recovered in 2021, which is expected to benefit the market during the forecast period.
- Over the short term, an increase in urbanization and industrialization is expected to drive the market's growth.
- On the flip side, the unorganized flow of waste metals tends to act as a restraint on the growth of the market.
- Stringent regulations imposed by the government regarding metal mining act as an opportunity for the growth of the market in the near future.
- Asia-Pacific dominated the market globally, with the largest consumption from construction activities in countries such as India, China, and others.
Iron Recycling Industry Segmentation
Metal recycling is the process of taking waste metal, processing it, and creating new metal material. Iron can be recycled endlessly without its material qualities being compromised. Steel is an alloy of iron and can be recycled multiple times to be molded in products used in various end-user industries. The iron recycling market is segmented by end-user industry and geography. By end-user industry, the market is segmented into building and construction, automotive, packaging, shipbuilding, electronics & electrical equipment, consumer appliances, and other end-user industries. The report also covers the market size and forecasts for the iron recycling market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
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| Building and Construction | |
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| Electronics & Electrical Equipment | |
| Consumer Appliances | |
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Iron Recycling Market Size Summary
The iron recycling market is poised for significant growth, driven by increasing urbanization and industrialization. The market experienced a setback during the COVID-19 pandemic due to halted construction and automotive manufacturing activities, but recovery began in 2021. The construction segment is expected to lead the market's expansion, fueled by the rising demand for steel in renovation and remodeling projects. The emphasis on resource efficiency and environmental sustainability within the construction industry further bolsters the market's prospects. Asia-Pacific remains the dominant region, with substantial consumption from countries like China and India, where large-scale construction activities are ongoing. The market is also supported by stringent government regulations on metal mining, which create opportunities for growth.
The iron recycling industry is characterized by a fairly consolidated market structure, with key players such as ArcelorMittal, Nucor Corporation, and Commercial Metals Company leading the charge. These companies are investing in new facilities and partnerships to enhance recycling rates and reduce carbon emissions. The automotive industry also contributes to the market's growth, as recycled iron and steel are integral to vehicle manufacturing. The global demand for recycled iron is further amplified by the substantial volumes of scrap generated from construction and demolition activities. As the market continues to expand, the focus on sustainable practices and resource efficiency is expected to drive further growth in the coming years.
Iron Recycling Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increase in Urbanization and Industrialization
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1.1.2 Increasing Awareness regarding the Depletion of Metal Reserves
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Unorganised Flow of Waste Metals
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 End-user Industry
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2.1.1 Building and Construction
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2.1.2 Automotive
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2.1.3 Packaging
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2.1.4 Shipbuilding
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2.1.5 Electronics & Electrical Equipment
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2.1.6 Consumer Appliances
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2.1.7 Other End-User Industries
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Italy
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2.2.3.4 France
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2.2.3.5 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 South Africa
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2.2.5.3 Rest of Middle-East and Africa
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Iron Recycling Market Size FAQs
What is the current Iron Recycling Market size?
The Iron Recycling Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Iron Recycling Market?
ArcelorMittal, Nucor Corporation, CMC, European Metal Recycling Ltd. and Sims Limited are the major companies operating in the Iron Recycling Market.
