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Amid the COVID-19 crisis, the global scrap steel market, which was estimated at 574.5 million tonnes in 2020, is projected to reach a revised size of 748.2 million tonnes by 2026, Yahoo Finance reports, according to Yahoo Finance, with a CAGR growth will be 4.5% over the period of analysis.
The US scrap steel market is estimated at 52.3 million tonnes in 2021. At present, the country's share in the world market is 8.78%. China, the world's second largest economy, is projected to reach an estimated market size of 301.7 million tonnes in 2026, with a CAGR of 5.7% over the analysis period.
Other notable geographic markets include Japan and Canada, each of which forecast growth of 2.7% and 3.2%, respectively, over the period of analysis.
In Europe, Germany is projected to grow by about 2.6%, while the rest of the European market (as identified in the study) will reach 319.3 Mt by the end of the analysis period.
