The global copper scrap market size is anticipated to reach USD 105.90 billion by 2030 and is projected to grow at a CAGR of 8.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing use of renewable energy sources for electricity generation has resulted in technological developments in the wind generation sector. This factor, coupled with rising awareness and emphasis on clean energy and sustainability, is expected to drive the demand for copper in wind energy production. This is set to become the biggest driver for the market over the forecast period.
Copper Scrap Market Report Highlights
- Based on feed material, the old scrap segment led the market with the largest revenue share of 51.6% in 2023. These enter the scrap value chain largely through an unorganized route.Old scrap remains the most predominant supply source of scrap, and this is expected to remain same during the forecast period
- Based on grade, the #2 copper segment held the market with the largest revenue share of 31.6% in 2023, and it is also expected to grow at a significant CAGR over the forecast period, due to its wide availability
- Based on application, the brass mills segment is expected to grow at the lucrative CAGR over the forecast period, owing to high demand from applications such as hardware & plumbing, valves, casings, and decorative items
- Copper is of vital importance in wire & cable applications, and these are key enablers for global market.
- Asia Pacific dominated the market with the revenue share in 2023, owing to factors such as focus on reducing carbon emissions by a shift in attention toward renewable energy, amendments in trade policy, and investments across Asia Pacific region are expected to positively increase copper scrap demand
- In December 2022, AIM Recycling, a Canadian-based scrap recycler entered into a 50:50 JV agreement with Kalischatarra (Kalisch Recycling), a Mexican scrap recycler. This will expand the former’s customer reach in Mexico
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Further, rising investments in EV manufacturing facilities across the world are expected to positively influence copper usage, consequently benefiting the market growth over the forecast period. For instance, in March 2022, Suzuki Motor Corporation decided to invest USD 1,320.2 million in its manufacturing plant in Gujarat, India. It is also planned to produce 125,000 EVs by 2025. In addition, over past two years, companies such as Daimler, Stellantis, and General Motors invested USD 47.0, 35.0, and 23.0 billion for their EV production facilities, respectively.
Stringent environmental regulations were introduced to mitigate environmental adversities. As a result, scrap dealers are required to obtain a certificate of conformity that indicates scrap yards and businesses comply with waste regulations. Further, Standard Rules SR2015No3 describes metal recycling and waste electrical and electronic equipment authorized treatment facility (ATF) excluding ozone-depleting substances. A license is required for all metal trading and is issued by the local authority. These regulations influence demand for copper scrap and impact market growth.
The European Union has set an ambitious target to become climate-neutral by 2050. Owing to this, the region is witnessing a significant boost in the production of EVs. For instance, in July 2022, Volvo announced an investment of EUR 1.20 billion (USD 1.22 billion) to set up a new manufacturing plant in Slovakia, and the plant is expected to begin production by 2026. Similarly, the rising focus of European countries on sustainable and clean energy generation is propelling the demand for renewable energy like wind and hydro, which is positively impacting copper.
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We have segmented the copper scrap market report based on feed material, grade, application, end-use, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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