A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Steel Scrap – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What’s New for 2022?
Global competitiveness and key competitor percentage market sharesMarket presence across multiple geographies – Strong/Active/Niche/TrivialOnline interactive peer-to-peer collaborative bespoke updatesAccess to our digital archives and MarketGlass Research PlatformComplimentary updates for one year
Edition: 20; Released: February 2022
Executive Pool: 1262
Companies: 58 – Players covered include ArcelorMittal S.A.; Baosteel Resources Co., Ltd.; Commercial Metals Company; EVRAZ North America; Gerdau Group; Maanshan Iron & Steel Company Limited; Metalico, Inc.; Nucor Corporation; Oryx Stainless Group; Schnitzer Steel Industries, Inc.; Sims Metal Management Limited; Steel Dynamics, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Segment (Obsolete, Prompt, Home); End-Use (Construction, Automotive, Shipping, Consumer Appliances, Other End-Uses)
Geographies: World; USA; 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 World.
Complimentary Project Preview – This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
ABSTRACT-
Global Steel Scrap Market to Reach 748.2 Million Metric Tons by 2026
Steel scrap forms one of the most important raw materials required for the manufacture of steel, apart from iron ore and metallurgical coal. Steel and iron scrap represents important raw materials in the production process of steel. The steel industry is directly dependent on the supply of scrap. Steel is highly recyclable, and is the world’s most recycled material. Recycled steel is among the key materials use for the production of steel. The high magnetic properties of the metal make it easy for steel to be segregated from waste stream and recycled. The recycling of steel leads to significant reductions of CO2 emissions, reduced usage of precious iron ore, and substantial energy savings. Moreover, as the global reserves shrivel and the cost of extracting ore rises, scrap is expected to account for major portion of metal production in future. In the future, rising demand for raw materials used in steel making industry from rapidly expanding emerging markets such as China, India and Brazil is expected to fuel demand for steel scrap. The development of new lightweight products, bake hardenable grades, and high strength steels has allowed steel to withstand the challenge posed by a wide range of competitive materials.
Amid the COVID-19 crisis, the global market for Steel Scrap estimated at 629.4 Million Metric Tons in the year 2022, is projected 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 projected to grow at a 5.3% CAGR 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 its induced economic crisis, growth in the Prompt segment is readjusted to a revised 3.4% CAGR 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 usage life and is generally collected when the products made from steel reach their end of life. Prompt scrap is obtained when steel products are being manufactured. This type of scrap consists of punchings, turnings, borings and cuttings.
The U.S. Market is Estimated at 54.1 Million Metric Tons in 2022, While China is Forecast to Reach 301.7 Million Metric Tons by 2026
The Steel Scrap market in the U.S. is estimated at 54.1 Million Metric Tons in the year 2022. The country currently accounts for a 8.78% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of 301.7 Million Metric Tons in the year 2026 trailing a CAGR of 5.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR while Rest of European market (as defined in the study) will reach 319.3 Million Metric Tons by the end of the analysis period. China represents a key producer of steel, driven by the Chinese government’s measures to improve the residential construction market by lowering share of down payments for home buyers. Crude steel production in the US is expected to improve in the near term owing to the implementation of tariffs on steel imports and anti-dumping and countervailing duties, leading to increased production and better capacity utilization.
Home Segment to Reach 147.9 Million Metric Tons by 2026
Almost 75% of all the household appliances consist of steel. Steel is increasingly used in home furnishings from metal beds to robust home office equipment to dining tables and chairs. The toughness, corrosion resistance and flexibility of steel make it a perfect option for all the furnishings. Steel also makes its vital presence in architectural fine points such as room dividers, stairways, steel lamps, and steel tables. Textured steel floors with a glossy, ultra-modern look generally withstand heavy traffic. In the global Home segment, USA, Canada, Japan, China and Europe will drive the 3.18% CAGR estimated for this segment. These regional markets accounting for a combined market size of 86.1 Million Metric Tons will reach a projected size of 111.6 Million Metric Tons by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 24.6 Million Metric Tons by the year 2026, while Latin America will expand at a 3.8% CAGR through the analysis period.
More
MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to todays busy business executives intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include – enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire.
