New York, USA, April 21, 2021 (GLOBE NEWSWIRE) -- The latest report by Research Dive states that the global precious metals E-waste recovery market is set to witness a rise in revenue from $8,721.0 million in 2019 to over $12,636.3 million at a stable CAGR of 4.7% from 2020-2027.
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This detailed report also provides a glimpse into some of the important aspects of the market such as, the growth factor, challenges, varied opportunities, restraints, and more during the forecast period. In addition, the report also provides market figures that help the new brands understand the market better.
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Market Dynamics
Precious metals play a major part in the revenue growth of the market. They are used in the making of not only jewellery and other accessories, but in various electronic equipment as well. These metals are also scarce and extracting them from the earth is a long drawn process which takes a long time. Recycling the metals from used items gathered at recycling plants helps the environment and also allows a balanced maintenance of these resources.
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However, the mining and extraction process contains the risk of workers being affected by harmful substances. These toxic fumes and other by-products can be harmful to their health which tends to be one of the primary restraining factors for the market. On the other hand, introduction to new equipments, technology, and techniques for the recovery process, is going to help the precious metals E-waste recovery market grow even further.
Segmental Analysis
The report segregates the market into different segments – metal type, source, and regional analysis.
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Gold Metal Type Sub-segment to Gain Highest Market Share
The gold metal type sub-segment witnesses a revenue growth of $3,906.7 million in 2019. The metal is known to be used as an anti-corrosive agent and also conducts electricity efficiently which is why it is used in a variety of home appliances. Hence, the segment is predicted to grow immensely in the forecast period.
Consumer Electronics Sub-segment to Contribute Majorly to the Market Growth
The consumer electronics sub-segment is expected to experience a rise in revenue from $3, 3463.2 million in 2019, to over $5190.9 million in 2027 at a stable CAGR of 5.1%. Many consumer electronics upon becoming dysfunctional are disposed of by people. These items contain metals such as mercury and cadmium which may be harmful if disposed incorrectly. Thus, the recovery of these metals from e-waste is a crucial activity. This is expected to boost the growth of the precious metals e-waste recovery market.
Asia Pacific to Experience Immense Growth in the Market
The Asia-Pacific region is anticipated to experience a growth in revenue from $3,927.1 million in 2019, to over $5,767.8 million in 2027. The increased availability of IT and telecommunication equipment has led to the growth of the market.
Key Players of the Market
According to the report, some of the prominent brands working on helping the market grow further are:
• Johnson Matthey
• Materion Corporation
• Sims Recycling Ltd
• Metallix
• Enviroleach Technologies Inc.
• Umicore
• Boliden Group
• TANAKA HOLDINGS Co.
For instance, in June 2020, Materion Corporation, known for their expertise in high-performance engineered materials, partnered with Optics Balzers AG, a renowned optical coatings brand. The initiative is expected to expand the reach of Materion into Europe and Asia as well.
Impact of COVID-19 on the Global Precious Metals E-Waste Recovery Market
The pandemic had a widespread effect on various industries worldwide. Many of them were forced to shut down due to lack of manpower and resources. The supply chain was then cut off which led to immense loss for the industries. The precious metals E-waste recovery market also faced with similar circumstances, witnessed an initial drop in growth but slowly picked up pace in the post lockdown period. With the slow yet steady restoration of the supply chain, the industry is predicted to experience consistent growth in the market.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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