DUBLIN, Oct. 21, 2021 /PRNewswire/ -- The "Steel Scrap - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Steel Scrap estimated at 574.5 Million Metric Tons in the year 2020, 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.
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.
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 52.3 Million Metric Tons in 2021, While China is Forecast to Reach 301.7 Million Metric Tons by 2026
The Steel Scrap market in the U.S. is estimated at 52.3 Million Metric Tons in the year 2021. 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 in the year 2020 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.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- Supply Chain Disruptions Curtail Steel Scrap Consumption Volumes
- Impact of the Pandemic on Steel Scrap Industry
- Despite Short-Term Negative Tide Due to COVID-19 Crisis, Steel Scrap Market Poised to Prosper in the Long-Term
- Recent Market Activity
- Steel Scrap Industry Likely to Benefit from Decarbonization Trends
- Critical Importance of Steel in Every Aspect of Human Life to Sustain Momentum in the Steel Scrap Market in the Post COVID-19 Period
- A Snapshot of Steel End-Use Sectors
- Steel Production Prospers in 2017-2020 Period
- Exports Scenario Dominated by China
- China Becomes the Top Steel Importer
- Analysis by Scrap Type
- Steel Scrap Trade Scenario
2. FOCUS ON SELECT PLAYERS (Total 58 Featured)
- 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.
3. MARKET TRENDS & DRIVERS
- Anticipated Post COVID-19 Resurgence in the World Construction Sector to Renew Steel Demand, Triggering Parallel Momentum in Steel Scrap Market
- Revival of Automotive Industry in Post COVID-19 Period to Instigate Fresh Growth Opportunities
- Relevance of Steel in Household Appliances & Metal Goods Domains to Underpin Steel Scrap Demand in Upcoming Years
- High Volume Opportunities to Re-Emerge in Shipping Sector in Post COVID-19 Environment
- Pivotal Role of Steel in Machinery Manufacturing Augurs Well for Future Growth
- Steel Scrap Recycling to Grow in Prominence amid Rising Emphasis on Reducing CO2 Emissions
- Evolving Role of Electric Arc Furnace in Steel Making to Drive Scrap Demand
- Technology Advancements in Scrap Extraction & Processing Equipment Bode Well
- Digitization Comes to the Fore to Reinforce Steel Scrap Ecosystem
- Recent Technological Advances in Scrap Metal Recycling
- A Note on Steel Scrap Pricing Trends
- Key Issues Confronting the Future Growth of Steel Scrap Market
- Growing Prominence of Alternative Metals in Steel Recycling
- Export Restrictions on Steel Scrap
- Reduced Usage of Steel in Automobiles to Affect the Steel Scrap Market
- Restraints Impacting Recycled Scrap Commodity Market
- Steel Scrap: An Introduction
- Grades of Steel Scrap
- Steel Scrap Sorting & Preparation Methods
- Steel Scrap Recycling
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/2js30z
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets