U.S. Copper Scrap Market Share, Regional Outlook, Survey Report 2030

U.S. Copper Scrap Industry Overview

The U.S. copper scrap market size was valued at USD 620.2 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.

The market is expected to be driven by the rising electrification of vehicles, amidst global pressure to reduce greenhouse gas emissions. Electric vehicles require 3 to 4 times more copper compared to internal combustion engine (ICE) vehicles. Copper has vital importance in the production of electric vehicles (EVs) and related infrastructure. The focus on lowering carbon emissions through alternative energy sources has gained top priority in the U.S. and other countries around the world. EVs have the potential to reduce greenhouse gas emissions and thus aid in the goal of achieving a carbon-neutral economy.

Gather more insights about the market drivers, restrains and growth of the U.S. Copper Scrap Market

U.S. copper scrap market size, by application, 2020 - 2030 (USD Million)

Copper exhibits the highest conductivity after silver. With the advent of battery-powered and hybrid electric vehicles, the amount of copper wiring in the components of automobiles has increased at a greater pace. There are various types of EVs, which require more copper content than ICE vehicles. Copper is used in batteries, windings, busbars, wiring, electric motors, and charging infrastructure.

In 2020, the temporary suspension of industrial activities impacted both primary and secondary (scrap) copper. This affected the copper supply, ultimately resulting in the shortage of copper scrap and a hike in copper prices, reaching the all-time high levels of USD 10,000 per ton in 2021. In the U.S., copper production declined by nearly 5% in 2020 amidst the pandemic.

In 2021, nearly 160 kilotons of the overall copper scrap were acquired from old resources i.e. post-consumer scrap, while 710 kilotons of copper scrap were recovered from industrial fabrication operations in the U.S. Copper scrap accounted for a share of 32% of the total copper supply in 2021 in the U.S. The key driving factors for the U.S. copper scrap include the rapid adoption of electric vehicles (EVs), solar panels, and 5G technology.

The U.S. copper scrap market has the presence of several companies with a strong presence in North America and other parts of the world. The competition is expected to rise over the coming years, as the companies are focusing on various inorganic growth strategies such as joint ventures and mergers & acquisitions. For instance, in February 2021, Prime Materials Recovery, Inc. formed a joint venture with Spanish Cunext Group to form a recycling facility to produce copper anodes from copper scrap and fines.

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Market Share Insights

  • November 2021: Germany-based Aurubis announced an investment of USD 340 million in Georgia, the U.S. by the first of half 2024. The company is likely to produce e-waste, recycled cable, and other metal-bearing material. The facility is projected to have a recycling capacity of 90,000 tons per year.
  • September 2021: Elemental Holding Group announced the acquisition of Legend Smelting and Recycling (LSR) with facilities in California, Illinois, Ohio, and Indiana. LSR specializes in the recycling of non-ferrous metals and catalytic converters. Elemental Group has acquired 3 companies since 2019, which are Maryland Core, PGM of Texas, and LSR.
  • July 2020: Accel International Holdings announced an investment of USD 55 million at its new plant in Port St. Lucia. This plant can produce wires, cables, and conductors for aerospace, medical and industrial applications.

Key Companies profiled:

Some prominent players in the U.S. copper scrap market include

  • Schnitzer Steel Industries, Inc.
  • Commercial Metals Company (CMC)
  • Alter Trading Inc.
  • EMR USA Holdings Inc.
  • Ferrous Processing and Trading (FPT)
  • Kimmel Scrap Iron & Metal Co
  • OmniSource, LLC
  • SCRAP PROCESSORS, INC.
  • Sims Limited
  • The David J. Joseph Company

Order a free sample PDF of the U.S. Copper Scrap Market Intelligence Study, published by Grand View Research.

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