Recycled Steel Market
The market for Recycled Steel was estimated at $342 billion in 2024; it is anticipated to increase to $468 billion by 2030, with projections indicating growth to around $609 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Recycled Steel Market Outlook
Revenue, 2024
$342B
Forecast, 2034
$578B
CAGR, 2025 - 2034
5.4%
The Recycled Steel industry revenue is expected to be around $360.2 billion in 2025 and expected to showcase growth with 5.4% CAGR between 2025 and 2034. With its use and the perfect blend of economic benefits and environmental consciousness it is not only just influencing market trends but also reshaping the core values of manufacturing industries.
Using recycled steel is a choice compared to conventional steel since it offers similar strength and durability while significantly reducing carbon emissions footprint.
The increase in interest for this material reflects a broader industry trend, towards adopting more environmentally friendly practices.
Market Key Insights
- The Recycled Steel market is projected to grow from $341.7 billion in 2024 to $578 billion in 2034. This represents a CAGR of 5.4%, reflecting rising demand across Building and Construction, Packaging and Automotive Industry.
- Nucor Corporation, ArcelorMittal S.A., Steel Dynamics Inc are among the leading players in this market, shaping its competitive landscape.
- China and U.S. are the top markets within the Recycled Steel market and are expected to observe the growth CAGR of 3.5% to 5.2% between 2024 and 2030.
- Emerging markets including Indonesia, Thailand and Egypt are expected to observe highest growth with CAGR ranging between 6.2% to 7.5%.
- Transition like Growth in Green Construction has greater influence in China and United States market's value chain; and is expected to add $11 billion of additional value to Recycled Steel industry revenue by 2030.
- The Recycled Steel market is set to add $236 billion between 2024 and 2034, with manufacturer targeting Automotive & Electronic & Appliances End-Use projected to gain a larger market share.
- With
increasing environmental consciousness, and
innovation in steel recycling technology, Recycled Steel market to expand 69% between 2024 and 2034.
Opportunities in the Recycled Steel
Correspondent with the worldwide focus of sustainable progressions is also the investment by various governments, in enhancing infrastructure projects using recycled steel for its enduring nature and eco friendly attributes; thus presenting a significant opportunity to transform the recycled steel industry.
Growth Opportunities in North America and Europe
North America holds a position in the recycled steel industry due to strict environmental laws and advancements in recycling technology The presence of a well developed industrial sector contributes to the consistent need for recycled steel Competition is fierce in this market with key players like Nucor and Commercial Metals Company taking the lead The increasing emphasis on sustainable industrial methods presents promising prospects, for market growth
In Europe's recycled steel sector closely tracks the automotive and construction industries high consumption rates with competitiveness among major players such as Arcelor Mittal and Tata Steel Europe. The market presents growth prospects through rising investments in eco technologies and governmental support, for steel recycling initiatives.
Market Dynamics and Supply Chain
01
Driver: Increasing Environmental Consciousness, and Robust Demand in End-use Sectors
The increasing worldwide attention to sustainability is also driving a rise in the need for recycled steel production methods that significantly decrease carbon emissions and save energy and water compared to traditional steel manufacturing processes. This shift not only offers a more economical option, with recycled steel but also promotes eco friendly decision making. The demand for steel is also rising steadily in sectors like construction and transportation because it performs similarly to conventionally made steel while being more eco friendly This increased demand is also driving the growth of the recycled steel market, in these industries.
The market for steel recycling is also experiencing growth thanks to advancements in technology, which have also made the recycling process more efficient and affordable than in the past leading to a transition from environmentally harmful traditional steel production, to sustainable recycled steel methods.
02
Restraint: Volatile Raw Material Prices
One major obstacle faced by companies in the steel market is the fluctuation in raw material prices. The process of recycling steel requires a mix of secondary materials whose prices are influenced by market conditions and geopolitical factors. This presents a challenge for businesses in the industry as unpredictable costs can disrupt budget plans and impact profit margins. The instability, in raw material prices makes it tough for market participants to sustain their profitability levels thus hindering market expansion.
03
Opportunity: Green Building Material Boom and Automotive Industry Dependence
The rising awareness about issues has led to a surge in the need for eco friendly and reused materials in various industries like construction and infrastructure development projects. Recycled steel is gaining popularity due to its durability and adaptability, to applications while meeting the sustainability criteria required for green building initiatives.
The widespread use of steel in the car industry presents opportunities for market growth to emerge. As the focus shifts towards reducing carbon emissions increases automakers are turning to increased utilization of recycled steel as part of their sustainability efforts thus enhancing the potential, for recycled steel usage.
04
Challenge: Toughened Environmental Regulations
Stringent environmental regulations pose a challenge for the steel industry, as recycling steel requires a high amount of energy and may have environmental risks that are closely-monitored by regulators.
Supply Chain Landscape
1
Collection & Processing
Sims Metal ManagementOmniSource Corporation
2
Steelmaking
Nucor CorporationGerdau S.A
3
Manufacturing
ArcelorMittalTata Steel
4
Distribution & End User Industry
ConstructionAutomotiveShipbuilding
1
Collection & Processing
Sims Metal ManagementOmniSource Corporation
2
Steelmaking
Nucor CorporationGerdau S.A
3
Manufacturing
ArcelorMittalTata Steel
4
Distribution & End User Industry
ConstructionAutomotiveShipbuilding
Use Cases of Recycled Steel in Building & Construction
Building and Construction : Recycled steel plays a role in the construction industry by contributing to the creation of sturdy and long lasting buildings while being mindful of time and costs involved in the process as well as energy efficiency benefits – it is estimated that recycling steel conserves up to 75% of energy resources compared to manufacturing new steel products. Companies at the forefront of the market such as Nucor and Gerdau embrace this eco approach to reduce environmental impact, within the industry by opting for sustainable practices.
Automotive Industry : Recycled steel plays a role in the production of cars as an average vehicle consists of 65% recycled steel content. Making it lighter and stronger while also being a cost effective option that enhances fuel efficiency and safety features in automobiles. Major players in the industry such, as Ford and Volkswagen utilize recycled steel to create more environmentally sustainable vehicles as part of their dedication to preserving the environment.
Packaging : Many companies opt for recycled steel to produce a range of packaging materials such as food cans and aerosol containers due to its lasting strength and eco nature that aligns with sustainability goals in theindustry'sforefront players like Crown Holdings and Ball Corporation showcase their commitment, to resource efficient packaging solutions by utilizing recycled steel in their products.
Recent Developments
The worldwide market for Recycled Steel has made progress in recent times due to growing environmental awareness and the advantages of using recycled materials over new ones in terms of efficiency being recognized more widely nowadays. There is a growing emphasis placed upon sustainability in industries which is driving the demand for recycled steel forward. Leading sectors such, as manufacturing and construction are progressively integrating recycled steel into their production processes to fulfill their operational requirements.
December 2024 : The demand for steel at EcoSteel Systems skyrocketed by 20% driven mainly by their collaboration, with leading construction companies focused on eco friendly building initiatives.
October 2024 : Iron Recycle Corp launched a cutting edge automated sorting system tailored to streamline steel recycling operations and boost efficiency.
July 2024 : GreenSteel Manufacturing expanded its operations in Asia by establishing three facilities focused on producing recycled steel. These strategic moves have strengthened their footprint, in the industry.
Impact of Industry Transitions on the Recycled Steel Market
As a core segment of the Metal & Minerals industry,
the Recycled Steel market develops in line with broader industry shifts.
Over recent years, transitions such as Growth in Green Construction and Shift towards Electric Arc Furnaces have redefined priorities
across the Metal & Minerals sector,
influencing how the Recycled Steel market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Growth in Green Construction
The global push for practices and the increased focus on eco friendly construction projects are driving the demand for recycled steel in the market significantly. These construction endeavors prioritize waste reduction and recycling efforts which make recycled steel an option for their building requirements. This trend not only boosts the recycled steel sector but also opens up new avenues for expansion and development, in the industry.
02
Shift towards Electric Arc Furnaces
In the steelmaking process nowadays there has been a move away from traditional blast furnaces, towards Electric Arc Furnaces . EAFs mainly rely on recycled steel scrap which makes them well suited for the steel sector.