Burlingame, Nov. 12, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global waste recycling services market size is estimated to be valued at USD 65.38 billion in 2024 and is expected to surpass USD 93.24 billion by 2031, growing at a CAGR of 5.2% from 2024 to 2031.
The waste recycling services market is primarily driven by increasing concerns regarding carbon emissions and its impact on climate change. Recycling helps reduce carbon emissions associated with extraction and processing of raw materials. It is estimated that recycling reduces GHG emissions by around 64% as compared to production from virgin materials.
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Furthermore, stringent regulations imposed by governments across countries regarding proper waste disposal and recycling are also fueling growth of the market. Various countries have imposed bans on dumping of waste in landfills and set targets for recycling and reuse of materials which is positively impacting the demand for waste recycling services.
Market Trends:
Citizen engagement is one of the key trends being witnessed in the market. Various initiatives are being taken up to increase public participation in recycling activities through effective communication strategies. Recycling campaigns and curbside collection services enhance user convenience which plays a vital role.
Furthermore, technological innovations are also shaping the market. Advanced recycling technologies using robotics, IoT and artificial intelligence are enabling efficient collection, sorting and processing of recyclables. New technologies such as plasma gasification are also being increasing adopted which aid in complete recycling of waste including non-recyclable components to produce energy.
Waste Recycling Services Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $65.37 billion |
| Estimated Value by 2031 | $93.24 billion |
| Growth Rate | Poised to grow at a CAGR of 5.2% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising concerns for environmental protection • Influence of circular economy |
| Restraints & Challenges | • High operational costs • Lack of infrastructure in emerging economies |
Market Opportunities:
The waste collection services segment accounts for around 35% of the total waste recycling services market. Waste collection services help in gathering waste from residential, commercial, and industrial locations for proper disposal and recycling. This service plays a vital role in managing waste and achieving sustainability goals. With increasing waste generation across the world, the demand for professional waste collection is on the rise.
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Waste segregation and sorting process segregates different types of waste such as paper, plastic, glass, metal, and others to facilitate efficient recycling. This segment represents around 25% share of the overall market.
Adopting advanced sorting technologies allows extracting maximum value from waste and increases recycling rates. Major players are investing in AI-powered sorting systems for automating the process. Growing awareness about waste management and recycling is propelling the demand for waste sorting services from municipal and commercial locations.
Key Market Takeaways
The global waste recycling services market is anticipated to witness a CAGR of 5.2% during the forecast period 2024-2031, owing to stringent regulations promoting recycling and reuse.
On the basis of product, the paper & paperboard segment is expected to hold a dominant position, accounting for over 30% share due to high recycling rates of paper waste.
On the basis of application, the industrial segment is expected to hold a dominant position over the forecast period, accounting for more than 50% of the market share due to large quantities of waste generated by manufacturing industries.
Regionally, North America is expected to hold a dominant position over the forecast period, owing to well-established recycling infrastructure and policies in the region.
Competitor Insights
- Eurokey Recycling, Ltd.
- Northstar Recycling
- Triple M Metal LP
- Amdahl Corp.
- Interface, Inc.
- Covanta
- Epson, Inc.
- Collins & Aikman
- Xerox Corp.
- Fetzer Vineyards
Recent Developments:
In 2024, Recyclekro is set to launch India’s first plasma furnace, elevating e-waste.
In January 2023, Xerox acquired Advanced UK, a hardware and managed print services provider and long-standing Xerox Platinum partner.
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Detailed Segmentation-
By Product Type:
- Metals
- Paper & Paperboard
- Plastics
- Glass
- Food
- Others
By Application:
- Municipal
- Industrial
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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