Global Steel Scrap Market to Reach USD 145 Billion by 2035; Ferrous Scrap and Industrial Recycling Drive Growth
The global steel scrap market is poised for significant growth over the next decade, fueled by rising demand for sustainable steel production, cost-effective raw materials, and adoption of circular economy practices. According to FactMR, the market is valued at USD 88.0 billion in 2025 and is projected to reach USD 145.0 billion by 2035, expanding at a compound annual growth rate (CAGR) of 5.1%. The FactMR report, “Steel Scrap Market Size, Share, and Forecast 2025–2035,” highlights a total market increase of USD 57 billion over the decade, driven by industrial, municipal, and construction applications. Ferrous scrap dominates the market with a 70% share, reflecting its superior melting properties, cost efficiency, and compatibility across steel manufacturing processes. Industrial scrap contributes to half of the total demand, reflecting growing adoption in manufacturing and heavy industries. Decade of Growth Anchored by Sustainable Practices and Recycling ...