SAN FRANCISCO, March 4, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Steel Scrap – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 20; Published: February 2022
Executive Pool: 1262
Companies: 58 – Players covered include ArcelorMittal SA; Baosteel Resources Co., Ltd. ; Commercial Company of Metals; EVRAZ North America; Gerdau Group; Maanshan Iron & Steel Company Limited; Metalico, Inc.; Nucor Corporation; Oryx stainless steel group; Schnitzer Steel Industries, Inc.; Sims Metal Management Limited; Steel Dynamics, Inc. and others.
Blanket: All major geographies and key segments
segments: Segment (Deprecated, Prompt, Home); End use (construction, automotive, shipping, consumer devices, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Turkey; Rest of Europe; Asia Pacific; India; South Korea; Rest of Asia Pacific; Latin America; Brazil; Rest of Latin America; Rest of the world.
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Global Steel Scrap Market to Reach 748.2 Million Metric Tons by 2026
Steel scrap is one of the most important raw materials needed for steelmaking, apart from iron ore and metallurgical coal. Steel and iron scrap are important raw materials in the steel production process. The steel industry is directly dependent on the supply of scrap metal. Steel is highly recyclable and is the most recycled material in the world. Recycled steel is one of the main materials used for steel production. The high magnetic properties of the metal facilitate the separation of steel from the waste stream and its recycling. Recycling steel leads to significant reductions in CO2 emissions, reduced use of valuable iron ore and substantial energy savings. Additionally, as global reserves shrink and the cost of extracting ore rises, scrap metal is expected to account for the bulk of metal production in the future. In the future, the growing demand for raw materials used in the steel industry from rapidly expanding emerging markets such as China, India and Brazil should fuel the demand for steel scrap. The development of new lightweight products, bake-hardenable grades and high-strength steels has enabled steel to meet the challenge posed by a wide range of competing materials.
Amid the COVID-19 crisis, the global steel scrap market estimated at 629.4 million metric tons in 2022 is expected to reach a revised size of 748.2 million metric tons by 2026, growing at a CAGR of 4.5% over the analysis period. . Obsolete, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.3% to reach 438.5 million metric tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Prompt segment is readjusted to a revised CAGR of 3.4% for the next 7-year period. This segment currently accounts for a 26.3% share of the global steel scrap market. Obsolete scrap, or old scrap, represents the largest segment. Obsolete scrap consists of any redundant steel product with no lifespan and is usually collected when products made from steel reach their end of life. Fast scrap is obtained when manufacturing steel products. This type of scrap consists of punches, turnings, bores and cuttings.
The US market is estimated at 54.1 million metric tons in 2022, while China is expected to reach 301.7 million metric tons by 2026
The steel scrap market in the United States is estimated at 54.1 million metric tons in 2022. The country currently accounts for an 8.78% share of the global market. China, the world’s second largest economy, is expected to reach an estimated market size of 301.7 million metric tons in 2026 growing at a CAGR of 5.7% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.7% and 3.2% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.6% while the rest of the European market (as defined in the study) will reach 319.3 million metric tons by the end of the analysis period. China represents a major steel producer, pushed by Chinese government measures to improve the residential construction market by reducing the share of down payments for home buyers. U.S. crude steel production is expected to improve in the near term due to the implementation of steel import tariffs and anti-dumping and countervailing duties, resulting in increased production and better capacity utilization.
Domestic segment to reach 147.9 million metric tons by 2026
Nearly 75% of all household appliances are made of steel. Steel is increasingly used in furnishings, from metal beds to sturdy home office equipment to dining tables and chairs. The toughness, corrosion resistance and flexibility of steel make it a perfect option for any furniture. Steel also makes its essential presence in architectural details such as partitions, stairs, steel lamps and steel tables. Textured steel floors with a lustrous, ultra-modern look generally stand up to heavy traffic. In the global home segment, United States, Canada, Japan, China and Europe will drive the CAGR of 3.18% estimated for this segment. These regional markets representing a combined market size of 86.1 million metric tons will reach a projected size of 111.6 million metric tons by the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific is expected to reach 24.6 million metric tons by 2026, while Latin America will grow at a CAGR of 3.8% over the analysis period.
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About Global Industry Analysts, Inc. and StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving over 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for over 33 years.
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