Scrap metal recycling is vital as in multiple recycling no change in the property of the metal. According to the American Iron and Steel Institute (AISI), steel scrap recycling is more important than other metals. Metal Waste and Recycling Market Report shows that scrap metal and recycling value is calculated at $272960 million in 2021, which is expected to increase to $322900 million at a Compound Annual Growth Rate (CAGR) of 2.4% from 2022-2028.

Europe and China have a 50% share in the recycling market. Ferrous metal has a share of 90%, while its use in the equipment manufacturing sector has the highest share of 40%.

Scrap metals are collected from end-life products like home appliances, old cars, airplanes, ships, and buildings. Recycling metals are used worldwide in different sectors such as automotive, consumer appliances, battery, shipbuilding, equipment manufacturing, packing, and construction. Mining is challenging as extracting precious metals from the earth is time and cost-oriented; it requires heavy machinery like excavators, shovels, and trucks.

Manufacturing metal products with the use of recycled scrap material require low energy costs as compared to the use of new raw materials. Recycling reduces the social cost due to being environmentally friendly while mining creates enormous environmental hazards like sinkhole formation, and surface contamination and affects wildlife. Recycling reduces the cost of disposal and minimizes the material in landfills. Hazardous statistics show that 13 tons of harmful gases like carbon dioxide are produced every second, which needs to control.

The need for time and innovations make recycling a viable sector, creates more jobs, and involves less economic and social cost. Recycling makes it possible to keep reserved natural resources for future needs.