The study intends to dig deeper into the approximately US$8.5 Bn e-scrap recycling market (as of 2021) and reveal the short-term growth outlook along with the key performance influencers.
Stringent Laws for Preserving Environmental Health from E-waste to Augur Well for the Growth of the E-scrap Recycling Market
Environmental risks posed by dumping of electronic products and components have resulted in enactment of strict regulations to avoid adverse effects. This is expected to primarily uplift the prospects of e-scrap recycling market. For instance, National Centre for Electronics Recycling (NCER) has devised an interactive roadmap to gain detailed information regarding laws for e-waste recycling along with other details such as amount of e-waste volume to promote awareness. Similarly, the Environment Ministry in India announced release of new draft regarding e-waste management norms, setting fresh standards and mandates for companies. As per the draft businesses need to recycle 80% of the electronic waste generated by 2025.
Various elements in e-scrap such as mercury, lead, arsenic, antimony, and cadmium are non-biodegradable, and hazardous to human and environment health. These elements pollute soil and water resulting in health risks. This factor has influenced the activity of e-scrap recycling to preserve environmental health. Moreover, increasing awareness apropos to landfills has further paved new pathways of growth for the e-scrap recycling market. In this backdrop, the associated stringent regulations mandating the prevention of inappropriate disposal is expected to fuel e-scrap recycling activity on the global front.
Plastic Recycling Likely to Gain Momentum in E-scrap Recycling Market
With regards to processed materials, plastic recycling is gaining high steam. On the back of increasing adoption of plastic in the consumer electronics space and the e-waste generated, recycling of plastic is bound to increase at a momentous rate to contribute towards environment health. That said, recycling various types of plastic material such as expanded polystyrene (EPS), high impact polystyrene (HIPS), and acrylonitrile butadiene styrene (ABS) is expected to largely complement the growth of the e-scrap recycling market from a value standpoint.
North America Poised to Cement Dominance, Asia Pacific to Showcase a Highly Opportunistic Scenario for E-scrap Recycling Market
Growing penetration of technology in consumer electronics backed by strong economic growth remains instrumental in driving the e-scrap recycling market in North America. Moreover, rising GDP per capita post-COVID-19 situation has resulted in an increase in the use of advanced electronic devices in residential and commercial applications. Furthermore, with the advent of telehealth, the use of smartphones has increased considerably across developed countries such as Canada, and the United States. According to National Centre for Biotechnology Information (NCBI), smartphone technology has a critical role to play in the healthcare scenario by providing users access to different healthcare platforms.
Using the smartphone technology, online diagnosis has become possible thus contributing towards patient success in less time. This has further fuelled sales of advanced smartphone models that are integrated with health tracking applications. Moreover, adoption of other consumer electronic appliances such as smart vacuum cleaners, toasters, coffee makers, air fryers, hair dryers, and voice assistants has witnessed an upswing. These factors have resulted in an increase in the volume of e-scrap generated in the region, consequently aiding the growth of e-scrap recycling market in North America.
On the other hand, developing economies in Asia Pacific are expected to reflect high growth possibilities on the back of significantly growing electronics industry. In addition, the region has remained a lucrative marketplace of several industries that use electronics in their daily operations. This has further fuelled sales of electronic equipment, components, and consumables in the region. Backed by a stable growth in GDP per capita, individuals are investing in advanced electronic applications to gain convenience and streamline their routine tasks. Both commercially and in home use, electronic components are playing a vital role in simplifying tasks and processes, thereby increasing customer satisfaction. This is expected to result in an increased volume of e-waste generation in Asia Pacific. As per norms of government authorities, disposal of e-waste in surroundings has been banned, which in turn is likely to pave an optimistic pathway for the e-scrap recycling market in the coming years in the region.
E-scrap Recycling Market: Competitive Landscape
Collaborations and capacity expansions by initiating investments by major players have prevailed in the e-scrap recycling market. For instance, in 2022, Umicore announced its plan to invest in e-scrap recycling backed by its strategy – the Umicore 2030 RISE. An investment of US$ 525 million would be raised in large-scale recycling of batteries. This Greenfield plant will adopt Umicore’s new evolution in pyro-hydro technology focusing on sustainable growth. Similarly, in April 2022, a collaboration was signed between DOWA HOLDINGS Co. Ltd., and Tohoku University for the development and expansion of research efforts for provision of superior materials and technology and recycling. Main objective of this collaboration is the development of advanced technology for resource recycling, along with responding to challenges to sustainability such as carbon neutrality.
A few of the major companies in the e-scrap recycling 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.
The Global E-scrap Recycling Market is Segmented as Below:
By Product Type
By Processed Materials
Key Elements Included In The Study: Global E-Scrap Recycling Market
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