Recycling has a limited recovery basis. Over generations, for a recovery fraction r over n generations, remaining material is r^n.
At a 90% recovery rate, after 2 generations, 81% of the original material remains. After 10 generations, it's a smidge under 35%.
The most heavily recycled material in the U.S. is asphalt, with rates approaching 90% recovery.
The most-recycled mineral or metal is lead, with rates of 74%. At two generations, the remaining material is 55%. After 10, it's less than 5%.
https://www.usgs.gov/centers/nmic/recycling-statistics-and-i...
USGS also have numerous interesting publications on mineral usage and supplies: