Pune, India., Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to a new report published by The Insight Partners on “E-scrap Recycling Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Product Type (IT & Telecom Equipment, Small Household Appliances, Large White Goods, Consumer Electronics, and Others), Processed Material Type (Metal, Glass, Plastic, and Others) and Geography” the market in terms of revenue was estimated to be worth $3.22 billion in 2021 and is poised to reach $8.19 billion by 2028, growing at a CAGR of 14.3% from 2021 to 2028.
The growth of the e-scrap recycling market is driven by proliferation of electronic devices and reduction in product lifecycle and scarcity of precious metals. However, technological advancements in e-scrap recycling services is emerging as a future trend in the industry.
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Global E-scrap Recycling Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 3.22 Billion in 2021 |
| Market Size Value by | USD 8.19 Billion by 2028 |
| Growth rate | CAGR of 14.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Product Type, Processed Material Type, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The e-scrap recycling market is segmented into five regions—North America, Asia Pacific, Europe, the Middle East & Africa, and South America. In 2020, Europe accounted for the largest market share. The presence of a large young population across the region results in a huge preference for connected and advanced devices, such as smartphones, smart TVs, and speakers. Additionally, the robust IT infrastructure has encouraged the adoption of modern IT and telecommunication devices across commercial sectors. Thus, with a rise in the adoption of state-of-the-art consumer electronics, the need to discard older ones results in huge volumes of e-waste generation. Stringent regulations by European governments supporting the proper collection, recycling, and reuse of e-waste are propelling the e-scrap recycling market growth in the region.
Further, the APAC e-scrap recycling market is expected to grow at the highest CAGR during the forecast period of 2021–2028. Over the years, the region has experienced huge growth in the uptake of consumer electronics, and small and large home appliances. The growing disposal income of the population and frequent innovations in consumer electronics contribute to the high adoption and regular upgrading of electronics, which leads to massive e-waste generation by the region annually. However, continuous initiatives by regional regulatory bodies and electronic manufacturers to curb the disposal of e-waste in the surroundings will encourage the practice of e-scrap recycling in the coming years. These initiatives are expected to contribute to the growth of the APAC e-scrap recycling market over the years.
North American countries such as the US and Canada are known for the higher adoption of various types of electronics devices in commercial and residential applications. According to Mobile Economy Report 2020 published by Global System for Mobile Communications Association (GSMA), the smartphone penetration across North America in 2019 accounted for 83%, and it is anticipated to rise to 91% by 2025. Similarly, the region also has a high adoption rate of televisions in households. The adoption of small appliances such as vacuum cleaners, coffee makers, toasters, hairdryers, curlers, kettles, steam units, and fryers is greater than large appliances such as refrigerators, washing machines, dryers, freezers, dishwashers, and microwave ovens across the region. Moreover, the US and Canada are the prime consumers of smart home appliances due to the popularity of automation across households, increasing disposable income among the masses, and time-saving benefits aided by these appliances. Such factors are adding up to the volume of e-waste generated by the region, thereby creating ample opportunities for the growth of the e-scrap recycling market.
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Global E-scrap Recycling Market: Segmental Overview
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.
Global E-scrap Recycling Market: Competitive Landscape
DOWA HOLDINGS Co., Ltd; Ecoreco Ltd.; Electronic Recyclers International, Inc. (ERI); Enviro-Hub Holdings Ltd.; Global Electric Electronic Processing (GEEP); JX Nippon Mining and Metals Corporation; Sims Metal Management Limited; Stena Metall AB; Tetronics Limited; and Umicore are among the key players profiled during this e-scrap recycling market study. In addition, several other e-scrap recycling market players were studied and analyzed to get a holistic view of the e-scrap recycling market and its ecosystem.
Recent Developments:
- In 2021: DOWA ECO-SYSTEM CO., LTD., a subsidiary of DOWA HOLDINGS CO., LTD., secured permission for installing a hazardous waste detoxifying incinerator at its Indonesian subsidiary, which will commence operations in December 2021. In addition, the business plans to build a new waste treatment facility in East Java, complete with a secure landfill that can receive hazardous waste, and begin operations in the second half of 2022. It would allow the DOWA Group to offer improved waste management service in Indonesia while also preparing a system for adequately handling a more significant volume of garbage.
- In 2021: The Chairman of ERI, the country's largest fully integrated IT and electronics asset disposal provider and cybersecurity-focused hardware destruction business, announce 2022 as the year of recycling technology going mainstream. Despite the fact that e-waste is still the fastest-growing waste stream in the world, only 17% of discarded electronics are properly recycled.
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