E-Waste Recycling and Reuse Services Market is Expected to Surpass US$ 2,471.5 Mn by 2028
Electronic waste or E-waste or waste electrical and electronic equipment (WEEE) is a discarded electric and equipment. Consumer electronic products such as PC monitors, computer equipment, cell phones, and stereos are some of the major sources of e-waste. Items that contain numerous electrical components generate the largest amount of e‐waste. Years of R&D, multiple product generations, and consumer’s willingness to upgrade creates a constant supply of this type of waste.
Market Statistics:
The global e-waste recycling and reuse services market is expected to surpass US$ 2,471.5 Mn in terms of value by the end of 2028.
Market Drivers
Growing environmental and health concerns are expected to propel the global e-waste recycling and reuse services market growth over the forecast period. E-waste is comprised of various components including toxic substances that affect human health. Many times these components are not disposed of properly. An item like cadmium is a carcinogen as well as also rapidly worsens soil health causing flow-on effects to local ecosystems, it is also released in the atmosphere if burnt. Lead has a well-documented history of its hazardous effects. Several environmental organizations such as Greenpeace have created a huge level of awareness amongst the public. As a result, governments of several nations worldwide have created their own sets of rules and regulations for efficient management of e-waste.
Market Opportunity
Existence of rare earth metals can provide major business opportunities in the global e-waste recycling and reuse and services market. With the increasing demand for rare earth metals, their prices have climbed yet so higher by doubling in four months. Several companies worldwide are buying the rare earth metals which are the base in the latest technologies. The price of Neodymium, a rare earth metal used in headphones and in electric cars costs US$ 283 per kilogram. Whereas in 2010; this metal was costing only US$ 42.0 per kilogram.
Global E-waste Recycling and Reuse Services Market: Recent Developments
- In August 2020, Kolkata based e-waste Management Company Hulladek Recycling and Agartala based Green Partner have announced their collaboration for e-waste management services in Tripura. The partnership aims to provide proper e-waste management solutions in the state and North-East India.
- In October 2021, Cerebra Green, the e-waste division of Cerebra Integrated Technologies Ltd., has increased its capacity by 100% from the current Recycling & Refurbishment Capacity of 20,000 Metric Tons to 40,000 Metric Tons.
- In April 2021, Eco Recycling Ltd (Ecoreco), a India based first and leading professional E-Waste Management Company launched a free mobile phone application “Book My Junk” for Home Pickup.
Market Restraint
Challenges associated with illegal dumping of e-waste in emerging economies are expected to hinder the global e-waste recycling and reuse services market growth over the forecast period. Majority of developed countries have pre-determined sites for e-waste management and dumping. However, this is not the case with emerging economies. In such countries, the e-waste is often dumped into illegal wastelands and dumping sites. Such illegal dumping creates massive challenges in recycling of these devices and resulting in a significant loss in terms of revenue. Moreover, such illegal dumping can start a fire if proper care is not taken.
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Global E-waste Recycling and Reuse Services Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 pandemic has led to a massive negative impact on the global e-waste and recycling and reuse services market. Most of the business faced concerns related to uncertainty, stagnant economic activities, and disruption in global supply chain industry. With stringent regulations on physical distancing and adoption of lockdown policies, many organizations faced slowdown in economic growth. Furthermore, China is the largest manufacturer of electronics products and with the temporary shutdown in manufacturing operations, the market witnessed a major negative impact. However, circumstances are gradually improving with vaccine rollout and decreasing cases.
Key Takeaways:
- The global e-waste recycling and reuse services market was valued at US$ 1,406.6 Mn in 2020 and is forecast to reach a value of US$ 2,471.5 Mn by 2028 at a CAGR of 7.3% between 2021 and 2028.
Market Trends
Among regions, Europe is expected to witness significant growth in the global e-waste recycling and reuse services market during the forecast period. This is owing to the generation of a large amount of e-waste across the region. Furthermore, stringent regulations on e-waste generation and recycling are expected to propel the Europe e-waste recycling and reuse services market growth over the forecast period.
Asia Pacific is expected to register a robust growth rate in the global e-waste recycling and reuse services market over the forecast period. This is owing to increasing number of value chain participants in e-waste recycling process. Furthermore, growing government support for e-waste recycling is expected to boost the Asia Pacific e-waste recycling and reuse services market growth over the forecast period.
Competitive Section
Key companies operating in the global e-waste recycling and reuse services market are Tetronics Ltd, Stena Techno world, CRT Recycling Inc., UMICORE SA, Global Electric Electronic Processing Inc., Sims Recycling Solutions, MBA Polymers Inc., Cimelia Resource Recovery, and Electronic Recyclers International Inc.
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