Recycled Steel Market to Witness Massive Growth Over the Next Decade

Author:Suny Group

The increased demand for scrap steel for steel production and its application in various sectors including the automobile industry, building and construction industry are projected as the main factors for the market growth. The establishment of more steel mills using electric arc furnaces will further drive market growth. However, the widespread use of alternative metals and scrap steel export restrictions by several countries across the globe are likely to challenge the recycled steel industry growth over the forecast period until 2028, the PMR research report said.

The report segments recycled steel market by end-use industry into seven major categories- Building & Construction Packaging Automotive Industrial Machinery Electronics & Electrical Equipment Shipbuilding.

According to the report, the recycled steel market is expected to witness relatively high growth rate in Asia-Pacific region, followed by Europe and North America. It predicts increased demand for recycled steel from the Middle East and African regions. Meantime, the report notes that the recycled steel market in Latin American region is likely to remain untapped, due to limited availability.