Global Steel Scrap Industry

Global Steel Scrap Industry

  • July 2020 •
  • 277 pages •
  • Report ID: 5205337 •
  • Format: PDF
The global market for Steel Scrap is projected to reach 755 million metric tons by 2024, driven by the migration towards steelmaking technologies that rely heavily on steel scrap such as Electric Arc Furnaces (EAF) and blast oxygen furnaces (BOFs). The market is poised to richly benefit from rising investments in scrap metal extraction equipment; development of recycling technologies that offer higher recycled yield; and growth in digitization across the supply chain which enables flexible material flow and improved efficiency of inventory management. Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 5.5% over the analysis period. The growth in the region is led by rapid economic growth and a parallel increase in demand for steel produced by sustainable practices; and enforcement of tighter environmental regulations that exert pressure on manufacturers to reduce emissions. With countries such as China and India reaching advanced stages of industrialization, availability of post-consumer scrap is increasing thus creating an environmental burden that requires sustainable resolution. The focus in these countries is therefore shifting towards steel reuse and reduction of CO2 footprint of the domestic steelmaking industries.