DUBLIN, Dec. 1, 2023 /PRNewswire/ — The “Steel Scrap – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Steel Scrap Market to Reach 738 Million Metric Tons by 2030
The global market for Steel Scrap estimated at 519.5 Million Metric Tons in the year 2022, is projected to reach a revised size of 738 Million Metric Tons by 2030, growing at a CAGR of 4.5% over the analysis period 2022-2030. Obsolete, one of the segments analyzed in the report, is projected to record 5.5% CAGR and reach 414.3 Million Metric Tons by the end of the analysis period. Growth in the Prompt segment is estimated at 3.2% CAGR for the next 8-year period.
This report thoroughly examines the steel scrap industry, with a particular focus on the repercussions of supply chain disruptions and the profound impact of the COVID-19 pandemic on steel scrap consumption volumes. It delves into the competitive landscape, offering insights into the market share of global key competitors in 2023 and categorizing their market presence.
Despite short-term challenges, the report underscores the steel scrap market’s promising long-term prospects, elucidating the advantages of scrap steel compared to iron ore in steel production and its potential role in decarbonization trends within the steel industry. Furthermore, it emphasizes the critical importance of steel in various aspects of human life. The report also provides in-depth analysis of steel production trends over the period from 2017 to 2022, including data on world crude steel production.
Additionally, it explores the global trade dynamics surrounding steel scrap, highlighting leading exporting and importing countries. Furthermore, it offers insights into different scrap types, methods for distinguishing stainless steel scrap from other metal scraps, scrap sorting, preparation techniques, and the crucial practice of steel scrap recycling. The report concludes with an overview of recent market activity and identifies key global brands in the steel scrap market.
The U.S. Market is Estimated at 49.5 Million Metric Tons, While China is Forecast to Grow at 5.5% CAGR
The Steel Scrap market in the U.S. is estimated at 49.5 Million Metric Tons in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of 287.4 Million Metric Tons by the year 2030 trailing a CAGR of 5.5% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 3.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
MARKET TRENDS & DRIVERS
- Increased Global Steel Demand Fueling Demand for Ferrous Scrap
- Advancements & Innovations in Scrap Extraction and Processing Drive Growth
- Digitization Comes to the Fore to Reinforce Steel Scrap Ecosystem
- Sophisticated Technologies Make Inroads
- Recent Technological Advances in Scrap Metal Recycling
- New Sorting Technologies & Mechanisms
- High-Tech IT Solutions
- Advanced Scrap Metal-to-Steel Conversion Processes
- Artificial Intelligence
- Researchers Develop Deep Learning-Based Model for Classifying and Rating Steel Scrap
- Use of X-Rays
- Bright Prospects for Stainless Steel Scrap Market
- Revival in the Construction Sector to Renew Steel Demand, Triggering Parallel Momentum in Steel Scrap Market
- World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
- Revival of Automotive Industry in Post COVID-19 Period to Instigate Fresh Growth Opportunities
- World Automobile Production in Million Units: 2008-2022
- Relevance of Steel in Household Appliances & Metal Goods Domains to Underpin Steel Scrap Demand in Upcoming Years
- High Volume Opportunities to Re-Emerge in Shipping Sector in Post COVID-19 Environment
- Pivotal Role of Steel in Machinery Manufacturing Augurs Well for Future Growth
- Steel Scrap Recycling to Grow in Prominence amid Rising Emphasis on Reducing CO2 Emissions
- Processes and Benefits of Steel Recycling
- Steel Industry: Current & Future Prospects to Influence Steel Scrap Market
- Green Trend Catches Up Steel Industry
- Evolving Role of Electric Arc Furnace in Steel Making to Drive Scrap Demand
- Global Production of Crude Steel (2022): Percentage Breakdown by Method of Production by Select Region
- Steel Production by Manufacturing Process in Select Countries (2022)
- A Note on Steel Scrap Pricing Trends
- Key Challenges Confronting the Steel Scrap Market
- Growing Prominence of Alternative Metals in Steel Recycling
- Export Restrictions on Steel Scrap
- Declining Use of Steel in Automobiles
FOCUS ON SELECT PLAYERS (Total 73 Featured)
- ArcelorMittal S.A.
- Baosteel Group Corporation
- Commercial Metals Company
- EVRAZ North America
- Gerdau S/A
- Metalico, Inc.
- Nucor Corporation
- Oryx Stainless Group
- Schnitzer Steel Industries, Inc.
- Sims Metal Management Limited
- Steel Dynamics, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/z34aeh
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SOURCE Research and Markets