Steel Scrap Market By Scrap Type (Old Scrap and New Scrap), By End-Use Sector (Construction, Automotive, Shipbuilding, Equipment Manufacturing, and Consumer Appliances), and By Region - Trends, Analysis, and Forecast Till 2034

At a compound annual growth rate (CAGR) of 5.30%, the steel scrap market is expected to reach US$1143.6 billion by 2034, up from its 2024 valuation of US$715.3 billion.

Reusable materials leftover from the production and use of products, such as surplus materials, car components, and building supplies, are referred to as scrap. Scrap, instead of garbage, has a marketable value, particularly in terms of recovered metals. Non-metallic materials are also recovered and recycled. Used or recycled steel in the form of scrap is the secondary raw material for the steel industry, even if iron ore is still the main source of steel production. The abundance of small steel companies that use scrap and other inputs in EAF/IF to make steel defines the steel sector. The best technology that has periodically been developed for the tasks described by shredding, shearing, baling, and slitting.