[ 226+ Pages Report] Facts and Factors has recently published the report titled “E-Waste Recycling and Reuse Services Market” which illustrates that the global e-waste recycling and reuse service market was estimated at around USD 1,400 Million in 2020, and it is expected to provide revenue of about USD 2,100 Million by end of 2026, developing at a CAGR of around 7% between 2021 and 2026.
E-Waste or electronic waste is the leftovers that are formed when an electrical product is operated after its life cycle. Proper disposal and rapid consumption of technology have resulted in the accumulation of lots of e-waste across the globe. Improper disposal of e-waste can cause toxic fumes to be produced and can also often prove fatal to humans and animals. The toll on environmental concerns adds up another rug up the greenhouse effect. Health conditions such as bronchitis, kidney damage, and Wilson’s disease are a few of the diseases occurring due to improper disposal of e-waste. Devices such as TVs, Air conditioners, computers, mobile phones, fans, heaters, laptops, and others are included in a category where possibilities of e-waste are possible.
The presence of precious metals such as gold, silver, and copper among e-waste makes it a lucrative opportunity to properly process e-waste. Raising concerns regarding environmental concerns and rising health risks associated with regular incineration of e-waste along with cheaper methods for recycling and reusable technologies has pushed the growth of the e-waste recycling and reuse service market to a larger extent. Additionally, with technologies being developed at a rapid pace, the replacement cycle of such devices has reduced considerably. With a considerable rise in disposable income among individuals with a need for an ever-improving mode of living, an extensive surge of presence in electronic devices is observed. These factors further propel the rise of the market value of the e-waste recycling and reuse service market.
Government and authoritative bodies across the globe are regulating safe and measurable methods for manufacturers to safely dispose of their e-waste which leads to good practice. India has taken the charge where the Ministry of Environment, Forest, and Climate Change has mandated the recycling of e-waste by mandating manufacturers to do the same. However, a proper lack of authority related to regulations being enforced and lesser cash incentives will hamper the growth of the market to a certain extent.
The global e-waste recycling and reuse services market can be segregated based on material type, industry verticals, and regions.
The e-waste recycling and reuse services market can be segmented into metals, plastics, glass, and others in the category of material type. The other subcategory can be further segmented into rubber, wood, concrete, and ceramics. The metal segment is expected to account for the largest market share owing to the exclusive use in applications all across the electronics and electrical market, infrastructure, and other prominent sectors. The most common applications are found in printed circuit boards (PCBs) and microcontrollers which make up for the bulk of any electronic component. Furthermore, the plastic subsegment is expected to post a healthy CAGR during the forecast period owing to increased use of the component in electronics. On the basis of industry verticals, the market for e-waste recycling and reuse services market can be segmented into industrial and commercial electronics and consumer electronics. The consumer electronic subcategory can be further broken down into household & handheld, IT accessories & equipment, and others. Consumer electronics are expected to witness the highest market share and the lead contributor of e-waste. Extensive adaptability of consumer electronics coupled with the mentioned devices has been the prevalent factor in extending the growth of this subsegment.
The region of Asia-Pacific is expected to witness the highest growing market share during the forecast period. Major factors behind the market growth are accredited to rise in disposable income coupled with a surge in popularity of electronic devices. Furthermore, countries such as the U.S. and the U.K. export a significant amount of e-waste to the region which further propels the growth of the market. Several other factors such as an advent increase of value chain participants owing to recyclers, re-furbishers, de-manufacturers, and collectors among others is expected to increase the value of the e-waste recycling and reuse services market.
Europe is expected to witness the second largest market share in the market owing to a rapidly growing e-waste ecosystem and a growing list of applications in the sectors of healthcare, IT and automation, retail, agriculture, and many more. Furthermore, the adaptability of electronic waste recycling technology for image and speech recognition and data mining has also picked up steam.
The major participants in the e-waste recycling and reuse service market are Aurubis AG, Boliden AB, MBA Polymers, Inc., Stena Technoworld AB, Enviro-Hb Holdings Ltd., Sim Recycling Ltd., Umicore S.A., Waste Management, Inc., and Electronic Recyclers International, Inc., among others.
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