​ The global steel scrap market is valued at 655 Million Metric Tons in 2023 and is forecasted to jump to 1,050 Million Metric Tons by 2033, rising at a steady CAGR of 4.9% from 2023 to 2033 (forecast period). This expansion is largely driven by the escalating demand for recycled materials in steel production, particularly in rapidly industrializing nations such as China, India, and Brazil. These countries are prioritizing the use of recycled steel scrap to reduce carbon footprints, addressing the pressing issue of global warming that challenges the steel industry worldwide. For instance, in 2019, India's Ministry of Steel introduced a steel scrap recycling policy aimed at promoting organized, safe, and environmentally friendly processing and recycling of steel products. Additionally, the International Trade Administration reported that over 32 million metric tons of ferrous scrap were utilized by primary and secondary steel producers in 2019, marking an 11.4% increase from the previous year.

The market's growth is further influenced by the need to reduce CO2 emissions, with recycled steel scrap playing a pivotal role in lowering the carbon footprint associated with steel production. The rise in end-of-life vehicles (ELVs), particularly in China, contributes to increased scrap volumes, bolstering the supply of recyclable materials. However, the market faces challenges due to export restrictions imposed by certain countries on steel scrap, affecting global supply chains and pricing dynamics. The choice between basic oxygen furnaces (BOF) and electric arc furnaces (EAF) in steel manufacturing significantly impacts scrap utilization, with regions relying heavily on EAF technology using up to 85% scrap relative to metallic input. Conversely, some markets prefer direct reduced iron (DRI) as their primary input, resulting in lower overall scrap consumption. The availability of resources like natural gas and the quality of steel products consumed also influence scrap usage patterns. ​

Geographically, Asia Pacific, led by China and India, is poised for substantial growth in the steel scrap market. China's advanced manufacturing sector and expanding construction and automotive industries make it a focal point for scrap metal recycling. India, as the world's second-largest steel producer, is witnessing accelerated industrialization with numerous new projects, reflecting its significant role as both a producer and consumer in the steel sector. In North America, the United States stands out for its advancements in automotive and construction technologies, driving increased demand for steel scrap. The U.S. steel industry has a long-standing tradition of recycling, with iron and steel scrap serving as essential raw materials for new steel and cast-iron products. ​

In terms of applications, the construction segment is experiencing exponential growth due to the environmental benefits of using recycled metals, which mitigate the impact of metal mining. Obsolete steel, primarily sourced from scrapped automobiles, plays a crucial role in recycling efforts, conserving landfill space, energy, and raw resources. The remelting of scrap requires significantly less energy compared to producing iron and steel from iron ore, contributing to sustainability. Additionally, the home segment is witnessing increased demand for steel in furnishings and appliances, with steel's strength, flexibility, and corrosion resistance making it ideal for various household applications. ​

The competitive landscape of the steel scrap market is characterized by mergers and acquisitions, with key players investing in companies that have adopted innovative technologies and established efficient processes. Notable companies in the market include Baosteel Group Corporation, EVRAZ North America, BlueScope Steel Ltd., China Steel Corporation (CSC), Commercial Metals Company (CMC), Hyundai Motor Company, CITIC Ltd., and HBIS Group Co. Ltd. These organizations are focusing on expanding their capacities and enhancing their technological capabilities to meet the growing demand for steel scrap. For example, Nucor Corporation announced investments to increase vacuum degassing capacity at its bar mill in Darlington, South Carolina, enabling the production of tailored bar products that adhere to high industry standards.

Market segmentation reveals that the obsolete segment is expected to grow at a CAGR of 5.3% from 2023 to 2033, driven by the recycling of end-of-life products such as vehicles and appliances. The prompt and home segments also contribute significantly to the market, with prompt scrap generated during manufacturing processes and home scrap arising from internal recycling within steel mills. The construction, automotive, shipping, and consumer appliances sectors represent key application areas, each contributing to the overall demand for steel scrap. ​

The report highlights several key opportunities in the steel scrap market, including the potential for technological advancements in recycling processes, the expansion of recycling facilities in emerging economies, and the development of policies promoting sustainable practices. Addressing questions related to market volume, growth rates, and leading suppliers, the report provides comprehensive insights into the factors driving the steel scrap market and the challenges it faces. By focusing on the information provided in the specified link, this analysis offers a detailed overview of the market's development, outlook, segmentation, competitive landscape, and key opportunities.

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