Report Overview
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The global Copper Scrap Market size was USD 65950 million in 2022. As per our research, the market is expected to reach USD 84900 million by 2028, exhibiting a CAGR of 4.3% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with Copper Scrap Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Copper Scrap is an unprocessed alloy of nickel and iron. Given that it contains the greatest nickel; the alloy composition has uses in the production of nickel steel. Nickel and iron make up the majority of copper scrap. In addition, it contains a lot of silicon, aluminum, and iron oxides as well as components with little calcium. Copper scrap can be used in a wide range of industries, including those related to the automobile, consumer goods, health & life sciences, and construction, depending on the type.
The demand for stainless steel is forecast to rise throughout the anticipated period across a number of industries, including those in the food industry (including kitchen sinks, cutlery and cookware), building and architecture, as well as the automobile. In architecture and construction, stainless steel can be used as a structural material. This component seems to enhance the Copper Scrap market share.
COVID-19 Impact: Pandemic to Affect the Copper Scrap Market Growth
The COVID-19 pandemic outbreak and the subsequent lockdowns, social segregation laws, and trade sanctions caused serious disruptions throughout the global supply chain networks, severely restricting the growth of the Copper Scrap market. The lengthy lockdowns in a number of significant economies stopped industrial production, which had an impact on the demand for and cost of copper scrap. Asia and Global Copper Scrap Holdings, two sizable mining companies, halted some of their activities in response to the outbreak. The low ability to maintain present maintenance shutdown schedules was mentioned by participants in portions. However, it is anticipated that demand for copper scrap would rise during the predicted period as a result of the industrial sector's steady recovery and the restart of mining activities.
Latest Trends
"Copper Scrap Market to Propel Over the Forecasted Period"
It is anticipated that during the next several years, the key factor driving the expansion of the copper scrap market would be the escalating demand for copper scrap in stainless steel alloys. Almost two thirds of the nickel sold each year is currently used in stainless steel production. The primary factor driving market growth is also the rise in demand for copper scrap in less expensive energy storage systems for solar cells, automotive batteries, and wind turbines.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into Copper and Copper Alloys amongst which Copper is the leading segment.
- By Application Analysis
Based on application, the market can be divided into Transportation, Construction, Electrical and Electronics, Industrial Machinery, and Others amongst which Transportation is the leading segment.
Driving Factors
"Architecture Industry to Augment the Copper Scrap Market Growth"
Columns, beams, and other architectural components can all be made from copper scrap, which is employed in many different ways in construction projects. Canopies, atriums, staircases, and copper scrap can all be built using it. Because stainless steel, which provides architectural buildings a beautiful appearance, is in more demand, the market for scrap copper is growing globally.
"Automotive Industry to Proliferate the Copper Scrap Market Growth"
The global market for copper scrap is also expected to experience new growth over the next few years as a result of a number of factors, such as the expanding global market for electric vehicles, strict government regulations, strict energy conservation initiatives, and rising automotive demand. The growing acceptance of electric vehicles and the recently discovered application of copper scrap in the medical field are likely to create opportunities in the future.
Restraining Factors
"Volatility in Costs and Environmental Laws to Hinder the Copper Scrap Market Growth"
Iron ore is particularly unpredictable, though, due to rising demand from different industries. As a result, elements including varying import and customs tariffs and shifting raw material costs, among others, may hinder the expansion of the world copper scrap market. Strict environmental regulations, potential health risks related to increased sulfur dioxide emissions from the melting of copper waste, and nickel price volatility are likely to impede the market's growth.
Regional Insights
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"Asia Pacific to Dominate the Copper Scrap Market Share Worldwide"
Asia-Pacific controls the majority of the copper scrap market in terms of revenue and market share. This is a result of the increased demand for copper scrap over the predicted period. According to forecasts, China, Japan, South Korea, and India would continue to be the top countries for market growth. Over the anticipated term, Asia Pacific is expected to maintain its leadership position.
North America is expected to grow the fastest throughout the projection period and may even surpass Asia Pacific because of the rising demand for copper scrap, greater product development, and the presence of several major players in this market.
Key Industry Players
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Aurubis (Germany)
- Commercial Metals(CMC) (U.S.)
- SIMS Metal Management (U.S.)
- European Metal Recycling (EMR) (U.K.)
- HKS Metals (Belgium)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 65950 Million in 2022 |
Market Size Value By |
US$ 84900 Million by 2028 |
Growth Rate |
CAGR of 4.3% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the copper scrap market expected to touch by 2028?
The global copper scrap market size is expected to reach USD 84900 million by 2028.
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What CAGR is the copper scrap market expected to exhibit by 2028?
The copper scrap market is expected to exhibit a CAGR of 4.3% by 2028.
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Which are the driving factors of the copper scrap market?
The driving factors of the copper scrap market are Architecture Sector and Automotive Sector.
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Which are the key players or most dominating companies functioning in the copper scrap market?
The dominating companies in the copper scrap market are Aurubis (Germany), Commercial Metals(CMC) (U.S.), SIMS Metal Management (U.S.), European Metal Recycling (EMR) (U.K.), and HKS Metals (Belgium).
