Scrap metals collected from various sources are raw materials used in metal recycling. Scrap metals are separated and processed several times to yield recycled metal. Scrap metals are primarily collected from discarded automotive components, construction materials, electronic devices, electrical goods, etc. Ferrous, non-ferrous, and precious metals are key product types of the global recycled metal market. Ferrous metals include iron and steel. Non-ferrous metals include aluminum, copper, zinc, nickel, and lead. Precious metals such as gold, silver, and palladium are also recycled.

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Recycled metal can be used in various industries such as building & construction, automotive, shipbuilding, electrical & electronics, industrial machinery, household appliances, packaging, and power transmission. Ferrous metals (iron and steel) are the widely used metals in various industries such as automobiles, appliances, construction, and packaging. Aluminum, copper, lead, zinc, nickel, titanium, cobalt, and chromium are the commonly used non-ferrous metals. Precious metals such as gold, silver, platinum, and palladium are the other metals that are recycled. Precious metals are recycled in lower amounts as they are costlier compared to ferrous and non-ferrous metals.

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Primary production of metals entails extraction of metals from metal ores, where a large amount of energy is required for the extraction process. Secondary production involves the preparation of metals from scrap collection. The nature of products being considered for recycled metals plays an important role in the recycled metal market. The metal scrap stock that is used for recycled metal needs to undergo several processing steps. Therefore, selection and collection of scrap is a major challenge faced by the recycled metal industry. Cars and consumer electronic goods are a major source of recycled metal. Developed countries in Europe have implemented stringent laws regarding the end-of-lifecycle vehicles. Awareness about the recycling of old products is high among consumers and producers of automotive and electronics. This facilitates easy collection of scrap metal that is ready to be used for recycling purposes.

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Manufacturers are shifting toward the production of metals through recycling due to the increase in awareness about energy conservation. Major producers of metals are focusing on lowering their environmental footprint by adopting advanced energy management systems. Players in the metal industry have also implemented energy-efficient production processes. This helps reduce the cost of production. Producers of ferrous and non-ferrous metals have started producing metals from scrap through the recycling process in order to strengthen environmental sustainability. Recycled metal is projected to help industry players achieve their sustainability goals in the near future. This, in turn, is estimated to propel the recycled metal market in the next few years.