Electronic scrap recycling is recycling of waste generated due to the dispose of electronic products in landfills. Scrapped electronic products can be used in manufacturing new and advanced electronic devices and also helps in reducing the environmental impact. Electronic scrap recycling consider one of the feasible solution for the elimination of harmful effects on the environment.
The global electronic scrap recycling market is expected to surpass US$ 31.67 Mn in terms of value by the end of 2028.
Growing concern over environmental impact is augmenting the market growth of electronic scrap recycling. One of the major advantage of electronic scrap recycling is that it helps in reducing the environmental and health hazards instigated. According to the Federal Environmental Protection Agency (EPA), in the U.S., more than 4 million tons of e-waste are disposed of in landfills every year, and this volume is expected to increase in the coming years. This e-waste contains a substantial amount of toxic and non-biodegradable substances that contaminate the water and soil, resulting in various health problems.
Increasing focus on recycling unprocessed e-waste is expected to bring bright market opportunities over the forecast period. According to the Coherent Market Insights analysis, around 70% to 80% of the total e-waste generated is non-recycled and is either illegally exported or disposed of in landfills. This results in the rise of environmental and health hazards. For this, the European Union’s WEEE Directive is aimed at tackling this issue by requiring that all electronic scrap is recycled. Moreover, other countries are also expected to adopt the same legislation for the conservation of energy and resources.
Global Electronic Scrap Recycling Market: Recent Developments
Technical issues associated with the smelting and refining processes are projected to hamper the market growth of electronic scrap recycling. Electronic scrap recycling requires experts and proper knowledge regarding smelting and refining processes. Also, sorting, recycling, and distribution of the plastic content in electronic devices entails additional time and cost which is further hampering the market growth.
Global Electronic Scrap Recycling Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on electronic scrap recycling market.
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Increasing disposable income and changing lifestyles of the consumers is driving demand for electronic products. The growing population around the globe is another major factor fueling the market growth of electronic products which is driving demand for electronic scrap recycling in order to reduce the accumulation of waste in the landfill. According to the United Nation, the world’s population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050.
Increasing manufacturing of products for recycling purposes is gaining traction in the market. For instance, in May 2019, Samsung Electronics, Seoul, South Korea, was recognized by the U.S. Environmental Protection Agency (EPA), Washington, for its sustainably designed products and processes, as well as diverting electronics from landfill. In December, the company won the Gold Tier award in the EPA’s Sustainable Materials Management Electronics Challenge for diverting nearly 276,000 tons of electronics from landfills to e-Stewards certified recyclers.
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