Recycled Metal Market Analysis

The non-ferrous segment will capture USD 194.3 billion and demonstrate a 5.1% CAGR till 2034. The recycled metal industry is segmented into ferrous and non-ferrous metals, each exhibiting distinct growth trends. Ferrous metals, primarily steel and iron, dominate due to rising demand in construction and manufacturing, especially in rapidly urbanizing regions like Asia-Pacific and the Middle East. The push for sustainability in these sectors further enhances the appeal of recycled ferrous metals as cost-effective and environmentally friendly options. Meanwhile, the non-ferrous segment, including aluminum, copper, and zinc, is also experiencing robust growth, driven by the electrical and electronics industries in North America, which seek high-quality recycled materials. Technological advancements in recycling processes are improving recovery rates and material quality across both segments.

The building & construction segment held a 37.5% market share in 2024, amounting to USD 46.1 billion and is projected to grow at a 5.5% CAGR from 2025 to 2034. The recycled metal market is experiencing diverse growth across various end-user industries. In the building and construction sector, there is a heightened demand for sustainable materials, leading to increased use of recycled metals like steel and aluminum. The transport industry is also leveraging recycled metals to enhance vehicle efficiency and reduce weight. In industrial machinery, manufacturers prioritize recycled materials to improve sustainability while maintaining performance.

The electrical and electronics sectors are notable for their reliance on high-quality recycled metals, driven by innovations in technology and sustainability practices. Additionally, the defense, military, and nuclear industries are incorporating recycled metals to meet stringent standards and promote resource efficiency. Packaging and consumer products are increasingly utilizing recycled metals to align with eco-friendly initiatives. Moreover, niche markets such as jewellery and coins are adopting recycled materials to meet consumer demand for sustainable luxury. Overall, these trends highlight the broad applicability and growing significance of recycled metals across multiple industries.

U.S. recycled metal market is projected to achieve USD 14.2 billion, with a CAGR of 3.8% from 2025 to 2034. The U.S. recycled metal industry is experiencing steady growth, driven by increasing demand for sustainable practices and rising raw material costs. As manufacturers prioritize environmental responsibility, the use of recycled metals has become integral to production processes, particularly in automotive, construction, and electronics sectors. The industry benefits from the rising global focus on reducing carbon footprints, as recycling metals significantly lowers energy consumption compared to primary metal production.

Technological advancements in sorting and processing have enhanced the efficiency and quality of recycled metals, making them more competitive with virgin materials. Additionally, regulatory frameworks encouraging recycling and circular economy models are fostering industry expansion.