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The electronic waste recycling market size is forecast to increase by USD 28.25 billion, at a CAGR of 21.54% between 2023 and 2028. The market's expansion hinges on multiple factors, notably stringent government regulations mandating effective e-waste management practices. Additionally, the rise in global industrial activities contributes significantly to this growth trajectory. Another pivotal factor is the increasing emphasis on adopting circular economy initiatives across industries. These initiatives aim to minimize waste, promote recycling, and ensure resource efficiency, aligning with sustainable practices. As businesses worldwide navigate environmental concerns and compliance requirements, the demand for e-waste management solutions continues to escalate. This trend underscores the market's responsiveness to evolving environmental standards and the imperative for sustainable business practices on a global scale.
Market Forecast 2024-2028
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The Market is propelled by various factors. Recycling cost factor drives innovation in Ewaste facilities and processes among Electronic manufacturers to tackle the ewaste problem effectively. A crucial driver is the recovery rate of precious metals and recycled metals, addressing the sustainability aspect. However, challenges persist in managing harmful effects and ensuring data security during Ewaste collection. Trends include advancements in handling Consumer electronics and medical equipment, yet the market faces challenges in handling diverse metals and chemicals, promoting Ewaste management practices, and addressing the impact of online shopping on ewaste generation. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
There has been an increase in demand for consumer electronics and automobiles across the world due to the increase in consumer spending. Additionally, there has been significant growth in the automotive sector in Southeast Asia due to the rise in manufacturing and production activities over the years.
Thus, the increase in demand from consumers has fuelled the production and sales of consumer electronics. As a result, it has led to the generation of more e-waste. Thus there is an increase in demand for e-waste management across end-user industries which is positively impacting the electronic waste recycling market. Hence, such factors are expected to drive market growth during the forecast period.
In order to improve e-waste recycling, several associations and private organizations across the world are arranging various programs and conferences. For example, in October 2021, Swiss Vault, a consortium for Zero Waste Data storage systems, carried out a program in support of the European Commission's GHG program. The team leveraged nanosensor technology to design data storage hardware in order to enhance the recycling and recovery of valuable metals and materials.
Additionally, in April 2023, SERI announced its partnership with the 2023 E-Waste World Conference. The institute offers its expertise to facilitate the shift from a traditional e-waste recycling agenda to a whole-lifecycle approach to avoid waste generation. Thus, such developments are positively impacting the electronic waste recycling market. Hence, such factors are expected to drive market growth during the forecast period.
There are serious health risks that can be caused due to improper waste disposal. For instance, the utilization of processes like open-air burning and acid baths to recover valuable materials from electronic components makes workers prone to harmful substances. Additionally, there are also increasing chances of toxic materials leaching into the groundwater.
Thus, such kinds of practices can make workers vulnerable to high levels of contaminants, including lead, mercury, cadmium, and arsenic, resulting in irreversible health effects, such as cancer, miscarriages, neurological damage, and retarded development in children. Thus, it is expected to negatively impact the market. Hence, such factors are expected to hinder market growth during the forecast period.
The Market is segmented based on critical factors shaping its landscape. Recycling cost factor and ewaste facilities play a crucial role in the Ewaste collection segment, where Electronic manufacturers focus on efficient Ewaste management strategies. This segment also includes raw material recovery and the handling of harmful effects from discarded Electronic devices. Another significant segment revolves around Consumer electronics, encompassing metals and chemicals recovery, particularly precious metal extraction like palladium. The market also addresses Product innovation in recycling methods and emphasizes durability and recycled metals in manufacturing medical equipment from Electronic devices.Additionally, the Electronic Waste Recycling Market caters to the disposal and recycling of larger items like washing machines, refrigerators, and air conditioners through efficient Ewaste management practices, considering their Plastic, Glass, and metal components.
The metals and chemicals segment is estimated to witness significant growth during the forecast period. Factors such as the increasing need to recover different metals and chemical materials during the e-waste recycling process are significantly contributing to the growth of this segment. Some of the types of toxic metals and chemicals which are in e-waste include lead, cadmium, mercury, and nickel, and organic compounds, such as flame retardants, chlorofluorocarbons, polycyclic aromatic hydrocarbons, polybrominated diphenyl ethers, polychlorinated dibenzo-p-dioxins, and furans.
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The metals and chemicals segment was the largest segment and was valued at USD 4.57 billion in 2018. The increasing focus on the adoption of circular economy concepts and making e-waste recycling more efficient both in developed and developing countries are fuelling the growth of this segment. Additionally, the production of electronic and electrical equipment highly relies on raw materials such as iron, copper, silver, gold, aluminum, and manganese, among others. Additionally, the rate of extraction of such types of materials for producing consumer electronics, appliances, and other electronic devices is higher than their availability in nature. Thus, the availability of such materials is expected to be fuelled by e-waste collection and management. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
Based on the source, the segment is classified into household appliances, entertainment, and consumer electronics, IT and telecom, medical equipment, and others. Factors such as the increasing adoption of household appliances, shorter lifecycles, and limited options for repair are fuelling the growth of this segment. Some of the key appliances that produce most e-waste include refrigeration appliances, air conditioners, and washing machines. Hence, the increasing use of air conditioners and refrigerators is fuelling the need for recycling such appliances due to their shorter lifecycles and limited repair options. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 36% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Another region that offers significant growth opportunities is Europe. Some of the key countries which have significantly contributed to the growth of the global market in Europe include Germany, the UK, France, and Russia, among others as these countries produce huge volumes of e-waste due to large-scale consumption of consumer electronics, household appliances, and medical equipment, among others.
Additionally, there are several regulations enforced by the government authorities for the management of e-waste. For example, the EU Waste from Electrical and Electronic Equipment (WEEE) Directive mandates safe and responsible collection, recycling, and recovery procedures for all types of e-waste. Furthermore, there is an increasing focus on e-waste management in the Circular Economy Action Plan, promoting the sustainable utilization of resources by both European businesses and consumers. This has led to the launch of several initiatives to ensure efficient waste management in the region. Hence, such factors are expected to drive market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aurubis AG: The company offers e-waste recycling for electronic devices, recovering copper and precious metals from the delivered electrical and electronic scrap with environmentally sound methods.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ALBA Group Plc and Co. KG, Boliden AB, E Parisaraa Pvt. Ltd., Egyptian Electronics Recycling Co., Electrocycling GmbH, Enviro Hub Holdings Ltd., Global Ewaste Solutions, Good Point Recycling, Kuusakoski Oy, MBA Polymers Inc., Sembcorp Industries Ltd., Sims Ltd., Stena Metall Group, TES Singapore Pte Ltd., Tetronics, Umicore SA, Veolia Environnement SA, Waste Management Inc., and Electronic Recyclers International Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with market research and growth forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The Market is experiencing a surge driven by various critical factors. With a rising focus on data security and environmental health, coupled with the imperative of economic growth and digitization, the market has witnessed significant product innovation. Companies are investing in precious metal recovery from electronic gadgets, emphasizing recycling cost factors and waste reduction strategies. E-waste facilities play a pivotal role in managing the disposal of electronics to mitigate the harmful effects of hazardous elements found in devices like computers, television sets, cell phones, printers, scanners, and fax machines. The market's growth is further propelled by technology adoption in cloud computing and circular value chains, championed by tech firms and designers prioritizing circularity and electronics stewardship.
However, challenges such as the digital divide and social side effects of electronic waste persist. Efforts to bridge this divide and enhance consumer awareness are crucial in driving sustainable practices and reducing the negative impacts on human health and the environment. As the market evolves, recycling facilities are adopting advanced techniques to improve recovery rates of recycled metals like palladium, emphasizing durability and environmental factors in product design and disposal. In summary, the Electronic Waste Recycling Market is at the forefront of addressing ewaste problems, embracing technological advancements to minimize emissions and groundwater pollution, and promoting online shopping practices that prioritize product restoration, reuse, and responsible garbage disposal to mitigate environmental and health concerns.
Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.54% |
Market growth 2024-2028 |
USD 28.25 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.07 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
UK, US, China, Japan, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALBA Group Plc and Co. KG, Aurubis AG, Boliden AB, E Parisaraa Pvt. Ltd., Egyptian Electronics Recycling Co., Electrocycling GmbH, Electronic Recyclers International Inc., Enviro Hub Holdings Ltd., Global Ewaste Solutions, Good Point Recycling, Kuusakoski Oy, MBA Polymers Inc., Sembcorp Industries Ltd., Sims Ltd., Stena Metall Group, TES Singapore Pte Ltd., Tetronics, Umicore SA, Veolia Environnement SA, and Waste Management Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Material
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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