Reports
Congruence Market Insights announces the release of its latest report, "Global Steel Scrap Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2031." This comprehensive report offers an in-depth analysis of current market dynamics, key trends, competitive landscape, and future growth opportunities in the global steel scrap market.
Executive Summary
The global steel scrap market is experiencing significant growth, driven by increasing construction activities, stringent environmental regulations, and a global shift towards sustainability. The report provides a detailed analysis of the market dynamics, regional insights, and competitive landscape over the forecast period. With expanding urbanization, industrialization, and technological advancements, the market is set for robust growth between 2024 and 2031.
Highlights of the Report
· Market Size & Growth: The global steel scrap market was valued at USD 710.6 million in 2023 and is projected to reach USD 1,018.2 million by 2031, growing at a CAGR of 4.7% during the forecast period.
· Market Segmentation: The report segments the steel scrap market by type (obsolete scrap, prompt scrap, home scrap), application (construction, automotive, manufacturing, energy, packaging, shipbuilding, etc.), and region. Key segments include construction, which accounted for a significant market share in 2023.
· Regional Insights: Asia-Pacific accounted for the largest market share at 36.3% in 2023 and is expected to register the fastest growth, expanding at a CAGR of 5.0% between 2024 and 2031. Growth in this region is driven by rapid industrialization, urbanization, and government initiatives promoting recycling.
· Competitive Landscape: The report profiles key players in the steel scrap market, including ArcelorMittal, Baosteel Co.,Ltd., EVRAZ plc, Gerdau S/A, and more. The competitive landscape focuses on product innovations, sustainable material use, and advancements in recycling technologies.
Availability and Access
The full report, "Global Steel Scrap Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2031," is now available for purchase on the Congruence Market Insights website. Interested parties can access a free sample or request more information by visiting www.congruencemarketinsights.com or contacting our sales team at sales@congruencemarketinsights.com.
You can also access the report sample here: https://www.congruencemarketinsights.com/report/steel-scrap-market/request-sample
Key Market Drivers
· Rising Construction Activities: Rapid urbanization, economic growth, and infrastructure development significantly drive the demand for steel scrap as a raw material for steel production.
· Stringent Environmental Regulations: Increasing global emphasis on reducing carbon emissions and resource depletion drives the use of recycled steel scrap, bolstering market growth.
Challenges and Opportunities
While the global steel scrap market presents vast opportunities, the report highlights potential challenges such as:
· Technological Advancements: Innovations in recycling technologies to enhance the efficiency and quality of steel scrap processing provide significant market growth opportunities.
· Regulatory Hurdles: Stricter environmental regulations in certain regions may pose challenges to market entry and expansion.
Expert Insights
Commenting on the release of the report, Congruence Market Insights said, "The global steel scrap market is entering a transformative period as technological advancements and sustainability goals converge. Our latest report provides key stakeholders with the insights needed to capitalize on the opportunities within this evolving market."
About Congruence Market Insights
Congruence Market Insights is a leading market research firm dedicated to providing in-depth analysis and strategic solutions for businesses across diverse industries. We specialize in delivering actionable insights, market intelligence, and forecasting to empower informed decision-making. Our expertise spans across sectors such as telecommunications, healthcare, automotive, technology, and more, helping clients navigate dynamic market environments and stay ahead of competition.
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