DUBLIN–(BUSINESS WIRE)–The “E-scrap Recycling Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Processed Material Type and Geography” report has been added to ResearchAndMarkets.com’s offering.
According to this report the e-scrap recycling market is expected to reach US$ 8,199.04 million by 2028, registering a CAGR of 14.3% from 2021 to 2028.
The widespread use of electronic products and appliances in the consumer electronics sector necessitates the efficient disposal of these gadgets. Rigorous rules governing safe disposal and e-scrap recycling management are driving the e-scrap recycling market. According to the United Nations, the global e-waste volumes increased by 21% during 2004-2019. In 2019, the world dumped 53.6 million metric ton of e-waste, out of which only 17.4% was recycled. This is propelling the growth of e-scrap recycling market.
E-waste contains precious metals such as silver, gold, palladium, platinum, indium, and gallium. These unique elements are regularly used in the manufacturing of consumer gadgets, and IT and communication systems. The prices of these metals are high, owing to their scarcity. This boosts the demand for metal-based devices that can be reused, reconditioned, or recycled.
The disposal of e-waste in the surroundings harms the environment. For instance, lead is a neurotoxin found in approximately 4-8 pounds of old television sets and cathode ray tube (CRT) monitors. If not disposed of or recycled properly, it may leak into the earth’s surface, making the soil in that terrain infertile. Moreover, a huge volume of e-waste is transported to developing countries from developed countries every year. According to the EPA, in 2019, 3.75-10.72 million MT of e-waste was shipped to China. Transportation of e-waste negatively impacts the environment and individuals involved in the transport due to the disposal of hazardous chemicals, such as lead. This arises the need for the growth of e-scrap recycling market growth.
According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), APAC contributed 46.46% to the global e-waste generated in 2019, amounting to 24.9 million metric ton of e-waste by volume. Apart from producing such a massive volume of e-waste, developing countries like China also import e-waste from developed countries like the US. However, rapid government initiatives to reduce the impact of e-waste on the environment are propelling the growth of the e-scrap recycling market across the region. For instance, the Singapore government installed 300 plus e-waste recycling bins across the country in various locations such as town centers, shopping malls, and supermarkets from July 2021. The regulatory body aims to collect the waste on a quarterly basis while also offering home pick-up services for large household appliances. Such initiatives are expected to increase the demand for e-waste recycling, thereby providing lucrative opportunities to the e-scrape recycling market players across the region.
The e-scrap recycling market is segmented on the basis of product type, processed material, and geography. Based on product type, the e-scrap recycling market is segmented into IT & telecom equipment, small household appliances, large white goods, consumer electronics, and others. The e-scrap recycling market, by processed material, is segmented into metal, glass, plastic, and others.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global e-scrap recycling market
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- The key findings and recommendations highlight crucial progressive industry trends in the global e-scrap recycling market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Market Dynamics
Drivers
- Proliferation of Electronic Devices and Reduction in Product Lifecycle
- Scarcity of Precious Metals
Restraints
- Complexity and Toxicity Associated with Process
Opportunities
- Pressing Need of E-Waste Recycling in APAC Countries
Future Trends
- Technological Advancements in E-Scrap Recycling Services
- Impact Analysis of Drivers and Restraints
Companies Mentioned
- Dowa Holdings Co. Ltd
- Ecorec- Ltd
- Electronic Recyclers International, Inc
- Enviro-Hub Holdings Ltd
- Jx Nippon Mining & Metals Corporation
- Sims Metal Management Ltd
- Stena Metal Ab
- Tetronics
- Umicore
- Quantum Lifecycle Partners
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