The e-scrap recycling market, valued at approximately US$8.5 billion in 2021, is poised for significant growth in the short term, driven by several key factors and market influencers. Stringent environmental regulations, a surge in plastic recycling, and regional dynamics in North America and Asia Pacific are shaping the landscape of this thriving industry.
Stringent Laws and Environmental Awareness Fuel E-Scrap Recycling
The increasing environmental risks associated with electronic waste (e-waste) disposal have led to the implementation of stringent regulations globally. Initiatives such as the National Centre for Electronics Recycling (NCER) in the United States and the Environment Ministrys draft in India are examples of proactive steps taken to manage e-waste responsibly. Notably, businesses are now mandated to recycle 80% of electronic waste generated by 2025, highlighting the growing commitment to preserving environmental health.
Non-biodegradable and hazardous elements found in e-scrap, including mercury, lead, arsenic, antimony, and cadmium, pose significant threats to human and environmental health. This concern has propelled e-scrap recycling activities, preventing these toxic materials from polluting soil and water. Increased awareness about the dangers of landfills further accelerates the growth of the e-scrap recycling market, emphasizing the need for proper disposal.
Plastic Recycling Gains Momentum
Plastic recycling has emerged as a pivotal focus within the e-scrap recycling market. The surge in consumer electronics, coupled with the rising volume of e-waste generated, is driving the demand for plastic recycling. Materials such as expanded polystyrene (EPS), high impact polystyrene (HIPS), and acrylonitrile butadiene styrene (ABS) are expected to play a vital role in bolstering the markets growth.
North America Dominates, Asia Pacific Offers Opportunities
North America is experiencing robust growth in the e-scrap recycling market, driven by technology penetration in consumer electronics and post-COVID-19 economic recovery. The adoption of advanced electronic devices, including smartphones integrated with healthcare applications, has soared in developed countries like the United States and Canada. Additionally, an upswing in the use of various consumer electronic appliances further contributes to the increased volume of e-scrap in the region.
In contrast, Asia Pacific is poised for exceptional growth due to its thriving electronics industry and the adoption of electronic equipment in various industries. Growing GDP per capita has led to increased investment in advanced electronic applications, resulting in higher e-waste generation. Government regulations banning the disposal of e-waste in the surroundings pave the way for a promising future for the e-scrap recycling market in the region.
Competitive Landscape
Major players in the e-scrap recycling market are actively collaborating and expanding their capacities. Notable developments include Umicores US$525 million investment in large-scale battery recycling and DOWA HOLDINGS partnership with Tohoku University to develop advanced technology for resource recycling and sustainability challenges. Leading companies in the market include Umicore N.V., Enviro-Hub Holdings Ltd., JX Nippon Mining and Metal Corporation, Stena Metall AB, DOWA HOLDINGS Co. Ltd., Electronic Recyclers International, Ecoreco Ltd., ITRenew Inc., and Sims Metal Management.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/e-scrap-recycling-market
Visit Our Blogs:
https://hackmd.io/@E4v1isUnROG4-prBVaQQGw/rJ8CWDAC2
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_442127045/2840/2023-10-19T11:34:41
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Micro Trustiva journalist was involved in the writing and production of this article.