Far from being just junk, the scrap metal industry is a global economic powerhouse valued at nearly half a trillion dollars, fueling sustainable production and driving circular economies worldwide.
Key Takeaways
- The global scrap metal market was valued at USD 448.6 billion in 2022 and is projected to grow at a CAGR of 5.4% from 2023 to 2030.
- In 2023, the U.S. scrap metal recycling industry generated $50.4 billion in revenue.
- Europe's scrap metal market reached €120 billion in value in 2022.
- Global steel scrap generation reached 721 million metric tons in 2022.
- U.S. produced 138 million tons of ferrous scrap in 2023.
- EU-27 generated 110 million tonnes of steel scrap in 2022.
- Global steel scrap consumption was 525 million metric tons in 2022.
- U.S. mills consumed 125 million tons of scrap in 2023.
- Turkey imported and consumed 35 million tons of scrap in 2022.
- U.S. shredded steel scrap price averaged $320 per gross ton in Q4 2023.
- Global HMS 1&2 (80:20) scrap price reached $450/mt CFR Turkey in Oct 2023.
- EU bonus scrap premium over base was €25/tonne in 2023.
- Recycling steel scrap saves 74% of energy compared to virgin production.
- Scrap-based steel production reduces CO2 emissions by 58% globally.
- U.S. scrap recycling conserved 145 million metric tons of iron ore in 2023.
The global scrap metal industry is a massive and growing multi-billion dollar market essential for sustainability.
Consumption & Demand
- Global steel scrap consumption was 525 million metric tons in 2022.
- U.S. mills consumed 125 million tons of scrap in 2023.
- Turkey imported and consumed 35 million tons of scrap in 2022.
- EU steel industry used 115 million tonnes of scrap in 2023.
- China consumed 240 million tons of steel scrap in 2023.
- India steel scrap demand reached 28 million tons in FY2023.
- Japan mini-mills consumed 24 million tons of scrap in FY2022.
- U.S. aluminum consumption from scrap 3.8 million tons in 2023.
- Global copper scrap consumption 3.4 million tonnes in 2022.
- Brazil steel scrap usage 16 million tons in 2023.
- South Korea consumed 17 million tons of ferrous scrap in 2022.
- Russia scrap consumption 13.5 million tons in 2023.
- Australia steel industry scrap use 4.8 million tons in 2022.
- UK consumed 10.5 million tonnes of steel scrap in 2023.
- Mexico scrap demand 11 million tons in 2022.
- Global stainless scrap consumption 20 million tons in 2023.
- Canada ferrous scrap use 6.9 million tons in 2023.
- Iran steel scrap consumption 5.2 million tons in 2022.
- South Africa scrap demand 3.4 million tons in 2023.
- Vietnam consumed 9 million tons of scrap in 2022.
- Global lead scrap demand 1.4 million tonnes in 2023.
- U.S. copper scrap consumption 2 million tons in 2023.
- EU non-ferrous scrap use 2.8 million tonnes in 2022.
- India aluminum scrap demand 1.3 million tons in FY2023.
- Worldwide zinc scrap consumption 900,000 tonnes in 2023.
- Thailand scrap consumption 4.5 million tons in 2022.
- Global nickel scrap demand 500,000 tonnes in 2023.
- U.S. stainless scrap use 2.5 million tons in 2023.
- China's non-ferrous scrap consumption 6.2 million tons in 2023.
- Global e-scrap metal demand from recycling 9 million tons in 2022.
Consumption & Demand Interpretation
The sheer tonnage of global scrap consumption proves the old industrial adage that one person's trash is truly another's foundry fortune, with China and the U.S. leading a surprisingly circular, and massive, metals buffet.
Environmental & Sustainability
- Recycling steel scrap saves 74% of energy compared to virgin production.
- Scrap-based steel production reduces CO2 emissions by 58% globally.
- U.S. scrap recycling conserved 145 million metric tons of iron ore in 2023.
- Aluminum scrap recycling saves 95% energy versus primary aluminum.
- Global steel scrap recycling rate reached 32.4% in 2022.
- Copper scrap recycling avoids 85% fewer greenhouse gases.
- EU steel scrap recycling prevented 300 million tons CO2 eq in 2022.
- U.S. ferrous scrap recycling diverted 175 million tons from landfills in 2023.
- Global e-waste recycling recovers 22.3% of metals, leaving 80% untapped.
- Recycling 1 ton of steel scrap saves 1.1 tons of iron ore and 630 kg coal.
- Lead scrap recycling rate is 99% in automotive batteries in EU.
- Zinc scrap recycling reduces energy use by 80%.
- U.S. non-ferrous scrap recycling saved 25 billion gallons of water in 2023.
- Global ship recycling handles 90% of end-of-life vessels, yielding 20M tons scrap annually.
- Stainless steel scrap recycling cuts emissions by 70%.
- India steel scrap use avoided 50 million tons CO2 in FY2023.
- Nickel scrap recycling saves 75% energy.
- Turkey EAF steel from scrap emits 0.4 tCO2/ton vs 2.0 for BF-BOF.
- Global recycling of automotive scrap recovers 95% of vehicle weight.
- U.S. scrap industry reduces GHG by 200 million metric tons annually.
- EU non-ferrous scrap recycling rate over 50% for most metals.
- Recycling 1 ton copper scrap saves 2.2 tons ore and 1 ton concentrate.
- Brazil scrap recycling conserved 30 million tons ore equivalent in 2023.
- Global battery scrap recycling projected to handle 1.5M tons lithium-ion by 2030.
- U.K. steel scrap recycling saves 20 million tons CO2 yearly.
- South Africa scrap use in EAF reduces SOx emissions by 90%.
- Vietnam scrap recycling diverts 5 million tons waste from landfills annually.
Environmental & Sustainability Interpretation
While the scrap metal industry might seem like it's just tidying up our mess, it's actually running a clandestine energy-saving operation that, if it were a superhero, would be quietly thwarting climate change by the metric ton.
Market Size & Value
- The global scrap metal market was valued at USD 448.6 billion in 2022 and is projected to grow at a CAGR of 5.4% from 2023 to 2030.
- In 2023, the U.S. scrap metal recycling industry generated $50.4 billion in revenue.
- Europe's scrap metal market reached €120 billion in value in 2022.
- The ferrous scrap segment accounted for 65% of the global scrap metal market share in 2022.
- Asia-Pacific held 42% of the global scrap metal market revenue in 2023.
- The scrap metal recycling market in India was valued at INR 1.2 lakh crore in FY2023.
- Global scrap metal trade volume reached 400 million metric tons in 2022.
- U.S. scrap exports were valued at $10.2 billion in 2023.
- The non-ferrous scrap market size was USD 112.5 billion globally in 2022.
- China's domestic scrap metal market valued at RMB 800 billion in 2023.
- Scrap steel market in North America projected to reach USD 75 billion by 2028.
- Global e-scrap metal recycling market valued at USD 45 billion in 2023.
- Middle East scrap metal market size stood at USD 15.2 billion in 2022.
- Latin America's scrap recycling industry revenue hit USD 25 billion in 2023.
- UK scrap metal sector turnover was £6.5 billion in 2022.
- Australia's scrap metal market valued at AUD 4.2 billion in FY2023.
- Turkey's scrap imports valued at $12 billion in 2023.
- Global automotive scrap metal market size USD 30 billion in 2022.
- Japan scrap metal recycling market at JPY 2.5 trillion in 2023.
- South Korea's ferrous scrap market valued at KRW 10 trillion in 2022.
- Brazil scrap metal industry revenue USD 8.5 billion in 2023.
- Global shipbreaking scrap metal market USD 5.2 billion in 2023.
- Canada's scrap metal recycling market CAD 12 billion in 2022.
- Russia's scrap exports valued at $4.1 billion in 2023.
- Southeast Asia scrap market size USD 18 billion in 2023.
- Mexico's scrap metal trade volume value USD 3.5 billion in 2022.
- Global battery scrap metal market USD 10.8 billion in 2023.
- South Africa's scrap industry revenue ZAR 50 billion in 2023.
- Iran's scrap metal market valued at $2.9 billion in 2022.
- Worldwide appliance scrap metal recycling market USD 7.5 billion in 2023.
Market Size & Value Interpretation
While the world fixates on shiny new things, a half-trillion-dollar global empire is quietly and profitably built on the artful resurrection of what we've thrown away, proving one person's trash is truly another's staggering fortune.
Prices & Trade
- U.S. shredded steel scrap price averaged $320 per gross ton in Q4 2023.
- Global HMS 1&2 (80:20) scrap price reached $450/mt CFR Turkey in Oct 2023.
- EU bonus scrap premium over base was €25/tonne in 2023.
- U.S. aluminum tense scrap price $0.85/lb in Dec 2023.
- London Metal Exchange copper scrap index at $8,200/tonne in 2023 avg.
- Turkey scrap import price for HMS $410/mt CFR in Nov 2023.
- India shredded scrap landed price INR 38,000/tonne in Q3 2023.
- U.S. #1 busheling scrap $380/gt in Jan 2024.
- Global stainless 304 scrap price $1,800/tonne in 2023.
- Brazil scrap export price $380/mt FOB in 2023 avg.
- China domestic OB scrap RMB 2,800/tonne in Q4 2023.
- U.S. exports of ferrous scrap totaled 17 million tons in 2023.
- World scrap trade volume 130 million metric tons in 2022.
- Turkey imported 34 million tons of scrap in 2023.
- U.S. to Mexico scrap exports 6.5 million tons in 2023.
- EU intra-trade scrap volume 50 million tonnes in 2022.
- India scrap imports 7.2 million tons in FY2023.
- Global copper scrap trade 1.5 million tonnes in 2023.
- Bangladesh scrap imports 1.8 million tons in 2023.
- U.S. aluminum scrap exports 1.2 million tons in 2023.
- China banned scrap imports leading to 20% drop in volume 2018-2023.
- Pakistan scrap imports 2.1 million tons valued at $900 million in 2023.
- Global lead scrap trade 600,000 tonnes in 2023.
- EU exports of non-ferrous scrap 1.1 million tonnes in 2022.
- Vietnam scrap imports 6.8 million tons in 2023.
- U.S. stainless scrap export price $1,200/ton in 2023.
- Indonesia scrap demand drove imports to 3.5 million tons in 2023.
- Global zinc scrap trade 400,000 tonnes valued at $1.2 billion in 2023.
- Malaysia scrap imports 1.4 million tons in 2023.
- U.K. scrap export price £300/tonne avg in 2023.
Prices & Trade Interpretation
Despite commanding wildly different prices around the globe, from copper's premium to aluminum's relative anxiety, the world's scrap metal frenzy is a brutally efficient, multi-billion-ton dance where everyone—from Turkey’s voracious mills to U.S. exporters—is desperately circling the same shrinking pile of our discarded civilization.
Production & Supply
- Global steel scrap generation reached 721 million metric tons in 2022.
- U.S. produced 138 million tons of ferrous scrap in 2023.
- EU-27 generated 110 million tonnes of steel scrap in 2022.
- India scrap steel production hit 25 million tons in FY2023.
- China generated 220 million metric tons of scrap steel in 2023.
- Turkey produced 32 million tons of scrap metal in 2022.
- Japan ferrous scrap supply was 26 million tons in FY2022.
- U.S. aluminum scrap generation totaled 4.2 million tons in 2023.
- Global copper scrap production reached 3.1 million tonnes in 2022.
- Brazil generated 18 million tons of ferrous scrap in 2023.
- South Korea scrap steel output 15 million tons in 2022.
- Russia produced 12 million tons of scrap metal in 2023.
- Australia generated 5.5 million tons of steel scrap in 2022.
- UK scrap supply volume 12 million tonnes in 2023.
- Mexico ferrous scrap generation 10 million tons in 2022.
- Global stainless steel scrap production 18 million tons in 2023.
- Canada scrap metal output 7.2 million tons in 2023.
- Iran generated 4.8 million tons of scrap steel in 2022.
- South Africa steel scrap supply 3.1 million tons in 2023.
- Vietnam scrap production reached 8 million tons in 2022.
- Global lead scrap generation 1.2 million tonnes in 2023.
- U.S. copper scrap supply 1.8 million tons in 2023.
- EU non-ferrous scrap production 2.5 million tonnes in 2022.
- India aluminum scrap generation 1.1 million tons in FY2023.
- Worldwide zinc scrap output 800,000 tonnes in 2023.
- Thailand scrap metal production 4.2 million tons in 2022.
- Global nickel scrap supply 450,000 tonnes in 2023.
- U.S. stainless scrap generation 2.3 million tons in 2023.
- China's non-ferrous scrap output 5.8 million tons in 2023.
- World e-waste scrap metal content 8 million tons in 2022.
Production & Supply Interpretation
The world is quietly forging a circular economy from its own wreckage, as this mountain of discarded metal proves we're finally learning to mine our past instead of just plundering our future.
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