Selbyville, Delaware, March 30, 2021 (GLOBE NEWSWIRE) -- Reliable analysis indicates that global e-waste management market size was worth USD 29167.29 million in 2020 and is speculated to grow with a CAGR of 12.45% over the next eight years to accumulate USD 96399.98 million by the year 2028. Humongous volume of e-waste generation across the world, due to short lifespan of consumer electronics as well as fast technology obsolescence, is the primary growth catalyst.
The report goes on to scrutinize the industry sphere with regards to material terrain, source type, and application scope. It conducts an in-depth analysis of various regions contributing towards market remuneration, thereby highlighting the favorable as well as arresting factors. Moreover, information about the vendors operating in this market space, inclusive of business profile and service portfolio is entailed. Lastly, a deep-dive study of the Covid-19 pandemic on the growth matrix and overall valuation of the market is presented in the report.
Notably, electronic devices contain precious metals like gold, silver, palladium, indium, gallium, and platinum, which are scarcely available in nature, hence need to be recovered and recycled. This factor, in consort with ever-rising demand for rare elements for production of consumer electronics & communication devices is augmenting worldwide e-waste management market outlook.
The Latin American market is anticipated to grow the fastest globally over the forecasted period. In recent years, there has been a rise in the adoption of mobile phones in the region. And also, internet usage is increasing continuously. These factors are creating increased e-waste. Apart from this, rapid advancements in technology and the frequent switching to newer, advanced products by consumers are collectively adding to the volume of e-waste in the region. Latin America also boasts of having the fastest growth in internet users compared to any other region in the world, which is resulting in the adoption of both mobile phones and computers among people. All these factors are fueling the e-waste management market to grow further in the projected phase.
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On the downside, high cost of recycling in conjunction with inadequate recycling infrastructure are the major challenges prevailing in the market sphere. Also, lack of awareness regarding e-waste collection in developed nations, limited workforce, and illegal export of waste to developing economies are restraining global e-waste management industry expansion.
Elucidating regional scenario:
North America
According to expert verbatim, e-waste management market in North America is projected to record a y-o-y growth rate of 14.79% through 2028, on account of huge amount of e-waste generated in the United States. Federal bodies in the region have identified the issue and passed laws for e-recycling to manage the waste.
The United States produces electronic waste on a large scale. And millions of metric tons of e-waste are discarded by the country each year, mainly in landfills. This quantity is expected to burgeon in the coming years. It must, therefore, take steps towards efficiently managing this waste produced. In 2003, California became the first US state to pass a law on e-recycling. After this, 27 other states in the nation and the Columbia district followed suit. And though there are still 22 states left with no state-wide laws, in several places, take-back programs are being offered by private entities, non-profit organizations, as well as local governments.
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Latin America
Latin America e-waste management industry size is reckoned to expand at 16.8% CAGR over the analysis timeframe, owing to presence of the General Law for Prevention and Integral Management of Wastes. As per the directive, e-waste requires special handling as it is hazardous for environment as well as people, hence specific programs are to be framed for collection, management, and disposal of e-waste.
Mexico generates more than 358,000 tons of electronic waste each year. This includes digital devices like smartphones and tablets as well as electrical appliances like refrigerators and washing machines, states the National Institute of Ecology and Climate Change (INECC). However, the proper management of electronic waste has started to gain importance in recent years. This is because e-waste management is covered under the General Law for Prevention and Integral Management of Wastes. This law classifies e-waste as a type of waste requiring special handling. It also establishes obligations to make management plans and specific programs for waste disposal, as the irresponsible dumping of this waste is hazardous to the people and the environment, as well as natural resources.
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Europe
Seasoned analysts speculate that Europe e-waste management market share to register a compound annual growth rate of 12.73% during 2021-2028. High cognizance pertaining to recycling and management of e-waste, and emphasis on recovering & reusing materials are main factors driving the regional growth.
Italy is a country recycling 70% of its glass, and has taken strategic initiatives for recycling it. The nation is at the forefront when it comes to the recovery and reuse of materials. It is important to improve waste separation processes, and therefore, it is increasingly recycling glass. Glass is largely used in electronic devices, which makes it an important type of e-waste. These high levels of public awareness about the importance of recycling and managing e-waste indicate a substantial growth for the Italian e-waste management market in the years to come.
On the other hand, in Russia, Moscow has started tackling the problem of waste management. The growing waste is a major environmental problem the nation faces. And it is therefore taking efforts to eliminate huge waste dumps that have been present since the past couple of decades and have grown multifold by now. The recycled glass market in Russia has observed stable growth in the last few years, thanks to the support for the practice of recycling plastics from the Russian Federation. It is looking to develop a roadmap to establish a glass collection & recycling system in order to reduce waste and enhance the efficiency of glass packaging production. These measures show that the market for e-waste management in the country is on a growth path.
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Asia Pacific
Asia Pacific e-waste management industry is anticipated to grow with a CAGR of 9.67% through 2028, creditable to rapidly growing IT sector with extensive use of advanced technology, in tandem with government initiatives to generate awareness about e-waste and to setup more recycling units.
India lacks effective e-waste disposal mechanisms. And therefore, pollution resulting due to unmanaged e-waste has become a serious cause of concern in the nation. The exponential growth of the IT sector, along with an enhanced adoption of modern technologies, has further worsened this problem. Close to 95% of the e-waste generated in India is recycled in the informal sector and in a crude manner. At present, the country has 178 registered recyclers to process e-waste. Also, several initiatives to manage e-waste have gained momentum.
For instance, E-Parisaraa, an e-waste management project, is supported by the Indo-German e-waste initiative. The project is aimed at managing e-waste without causing ecological damage. Improving the e-waste recycling process shows immense potential. Also, MEITY (the Ministry of Electronics and Information Technology) has initiated a program to raise awareness about e-waste under the Digital India initiative. Whereas, the Mumbai Metropolitan Region is anticipated to be unburdened of the rising nuisance of e-waste very soon, as the Government of Maharashtra will start a plant for scientifically recycling e-waste produced in the region. All these factors show that India?s e-waste management market is set to flourish in the years to come.
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Global E-waste Management Market by Material Ambit (Revenue, USD Million, 2020-2028)
- Glass
- Plastic
- Metal
- Others
Global E-waste Management Market by Source Terrain (Revenue, USD Million, 2020-2028)
- Consumer Electronics
- Industrial Electronics
- Household Appliances
Global E-waste Management Market Application Spectrum (Revenue, USD Million, 2020-2028)
- Recycled
- Trashed
Global E-waste Management Market Regional Outlook (Revenue, USD Million, 2020-2028)
North America
- United States
- Canada
Latin America
- Brazil
- Mexico
Europe
- Russia
- Italy
- Germany
- Spain
- France
- United Kingdom
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia & New Zealand
- ASEAN Countries
Middle East & Africa
- South Africa
- Saudi Arabia
- Turkey
- United Arab Emirates
Global E-waste Management Market Competitive Hierarchy (Revenue, USD Million, 2020-2028)
- Umicore N.V.
- Tetronics (International) Ltd.
- Stena Metall AB
- Sims Metal Management Ltd.
- MBA Polymers Inc.
- Lifespan Recycling Co. Inc.
- Enviro-Hub Holdings Ltd.
- Electronic Recyclers International Inc. (ERI)
- Boliden AB
- Aurubis AG
Table of Content:
1. GLOBAL E-WASTE MANAGEMENT MARKET - SUMMARY
2. INDUSTRY OUTLOOK
2.1. MARKET DEFINITION
2.2. KEY INSIGHTS
2.2.1. RECOGNITION OF THE NEED TO PREVENT BIOLOGICAL HAZARDS
2.2.2. INCREASE IN E-WASTE GENERATION
2.2.3. INCREASE IN DEMAND FOR A SKILLED WORKFORCE
2.3. IMPACT OF COVID-19 ON E-WASTE MANAGEMENT
2.4. PORTER?S FIVE FORCES ANALYSIS
2.5. MARKET ATTRACTIVENESS INDEX
2.6. VENDOR SCORECARD
2.7. VALUE CHAIN ANALYSIS
2.8. MARKET DRIVERS
2.9. MARKET RESTRAINTS
2.10. MARKET OPPORTUNITIES
3. GLOBAL E-WASTE MANAGEMENT MARKET OUTLOOK - BY MATERIAL TYPE
3.1. METAL
3.2. PLASTIC
3.3. GLASS
3.4. OTHERS
4. GLOBAL E-WASTE MANAGEMENT MARKET OUTLOOK - BY SOURCE TYPE
4.1. HOUSEHOLD APPLIANCES
4.2. INDUSTRIAL ELECTRONICS
4.3. CONSUMER ELECTRONICS
5. GLOBAL E-WASTE MANAGEMENT MARKET OUTLOOK - BY APPLICATION
5.1. TRASHED
5.2. RECYCLED
6. GLOBAL E-WASTE MANAGEMENT MARKET - REGIONAL OUTLOOK
6.1. NORTH AMERICA
6.2. EUROPE
6.3. ASIA-PACIFIC
6.4. LATIN AMERICA
6.5. MIDDLE EAST AND AFRICA
6.5.4.5. REST OF MIDDLE EAST & AFRICA
7. COMPETITIVE LANDSCAPE
Related Report:
Solid Waste Management Market Size, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 - 2026
The global solid waste management market is likely to register a substantial growth rate in the forthcoming years. Solid waste management is a term which is used to refer to the process of collecting as well as treating solid wastes. It also provides solutions for recycling items which do not belong to trash or garbage. Waste management is about how solid waste could be used as a valuable resource. Declining public health & productivity, contamination of water bodies, and airborne emissions are some of the key issues associated with the mismanagement of solid waste. Growing urbanization along with a steady increase in the global population has ticked up the implementation of solid waste management processes for discarded products while maintaining the social, technical, and economic feasibility of the treatment practices. Ongoing efforts toward resource recovery coupled with the increasing demand for integrated solid waste management practices across urban agglomerates will augment the market growth.
Industries produce solid waste in the form of packaging wastes, medical wastes, food wastes, housekeeping wastes, demolition materials, hazardous wastes and special wastes. Industrial solid waste management market is set to witness substantial growth on account of increasing investments toward the development of new industrial centers and manufacturing facilities.
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