Recycled Copper Market Size Worth US$ 43.0 Bn, Globally, by 2031

Posted by Kaustubh Ravan on July 26th, 2024

The global recycled copper market stood at US$ 27.0 billion in 2022, and the global market is projected to reach US$ 43.0 billion by 2031. The global industry is anticipated to record a CAGR of 5.3% between 2023 and 2031.

The value of recycled copper market is increasing, owing to the increasing global demand for copper. Copper is a vital metal used in various industries, including construction, electronics, automotive, and renewable energy. The demand for copper also rises, as these industries continue to grow. Recycling copper from end-of-life products and scrap materials offers an efficient and sustainable way to meet this growing demand, reducing the pressure on mining and primary copper production.

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Global Recycled Copper Market: Key Players

Some of the key market players in the global recycled copper market are:

Glencore - Aurubis AG - Commercial Metals Company - Schnitzer Steel Industries, Inc. - Umicore N.V - Kuusakoski Group Oy - Sims Metal Management Ltd - Omni Source, LLC - Elgin Recycling - Pacific Metal Pty Ltd - Aaron Metals - Universal Recycling - Wilton Recycling - SA Recycling LLC - European Recycled Metal - LKM Recycling

Competitive Landscape

Prominent players in the recycled copper industry are taking advantage of the rapidly increasing demand for recycled copper. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

• In May 2023, Omni Source LLC announced the opening of its new recycled copper recycling facility in the United States. The new facility will have an annual production capacity of 100,000 MT of recycled copper.
• In April 2023, Sims Metal Management Ltd. announced the expansion of its recycled copper recycling capacity in Australia. The expansion will increase the company's annual production capacity of recycled copper by 50,000 MT.

Resource conservation and environmental benefits, is another significant factor contributing to the market growth. Recycling copper reduces the need for new mining and extraction, thereby conserving natural resources and reducing the environmental impact of mining activities. Copper recycling consumes less energy compared to primary copper production, leading to lower greenhouse gas emissions and contributing to climate change mitigation.

The market prospects have been driven by factors such as favorable government initiatives and regulations. Governments worldwide are increasingly recognizing the importance of recycling and implementing policies and regulations to promote sustainable practices. Incentives, tax benefits, and regulations that encourage or mandate copper recycling can significantly boost the growth of the recycled copper market.

Key Findings of the Market Report

• On the basis of scrap grade, “No. 1” scrap grade segment is expected to hold a significant share, and is likely to be most preferred, attributed to the high purity and quality, as well as sustainable manufacturing practices.
• By source, the electronic scrap segment is anticipated to hold a significant share, and is expected to augment the market growth, attributed to the factors including rapid growth of the electronics industry, and high copper content in electronic devices.
• By end-Use, the electrical & electronics segment is expected to account for a significant share, owing to factors such as increasing demand for electronic devices, and technological advancements and obsolescence.

Global Recycled Copper Market: Regional Landscape

• The recycled copper market in Asia Pacific is expected to hold a significant share, attributed to rapid urbanization and infrastructure development, as well as government initiatives and policies in the region.
• The regional market is witnessing an increase, due to the factors such as growing industrialization and manufacturing sector, and rising awareness of environmental impact.
• Supportive initiatives by copper associations, and e-waste management and recycling in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global Recycled Copper Market: Segmentation

Scrap Grade

• No. 1 (99% Cu Content)
• No. 2 (94%-98% Cu Content)
• Light copper scrap (88%-92% Cu Content)
• Red brass scrap (75%-85% Cu Content)
• Others

Source

• Semi-Finished Products
• Unalloyed Wires
• Copper Smelter Slag
• Electronic Scrap
• Machinery Parts
• Automotive Components
• Solar Power Systems
• Others

End-use

• Building & Construction
• Electrical & Electronics
• Industrial
• Automotive
• Energy
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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