Rapid technological progress coupled with rising purchase ability of people, the global Electronics Recycling Market is likely to witness growth over the tenure of assessment. In addition, rise in the capacity of user interface of various electronic products is likely to boost the market. Extensive use of electronic products has invariably led to the accumulation of electronic waste over time. According to a report by the U.N, nearly 20 million to 50 million tones of electronic waste is produced across the globe. Only a very less part of it, around 20%, is recycled. The electronic waste generated annually is worth more than US$62.5 billion, which is more than the GDP of most of the nations in the world.
Of late, electronic waste has come up as one of the leading threats for the environment. The waste thus generated from electronic products pollutes water, soil, and air. Electronic waste is a highly toxic substance that contains arsenic, lead, mercury, cadmium, and various other harmful substances.
Based on three different parameters, the global electronics recycling market has been segmented. These parameters are type, source, and region.
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Global Electronics Recycling Market: Notable Developments
One of the recent market developments related to the global electronics recycling market is as mentioned below:
- In May 2019, Aurubis AG penned an agreement to acquire Metallo Group, Belgium-based recycling and refining company. Post acquisition, it is expected that the recycling portfolio of Aurubis AG will be widened. The innovative technological solutions from the Metallo Group will strengthen the recycling strategy of Aurubis AG.
Some well-known organizations in the global electronics recycling market comprise the below-mentioned:
- Aurubis AG
- Cimelia Resource Recovery Pte Ltd
- Sims Metal Management Limited
- Zak Enterprises
- Enviro-Hub Holdings Ltd
- Good Point Recycling
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Global Electronics Recycling Market: Key Trends
The below-mentioned restraints, opportunities, and drivers characterize the global electronics recycling market during the assessment period, from 2019 to 2027.
Increased Accumulation of Electronic Waste to Boost the Market
The increasing demand for electronic products has led to augmented production of such gadgets. Rapid evolution in the technology of electronic products makes them more attractive for the customers. Once the life cycle of an electronic product is completed, i.e. when it stops functioning and can no longer be repaired for use, it is disposed of. Such a device then becomes an electronic waste. When electronic waste comes directly in contact with nature, it can leave hazardous effect on the nature and destroy ecological balance. Such factors are likely to stimulate growth of the global electronics recycling market in the years to come.
Recyclable electronic waste does not take all of the electronic waste into account, though recycling of such wastes is strictly needed. Various recyclable devices comprise cell phones, laptops, televisions, computers, shredders, vacuum cleaners, fax machines, and so on. However, not all electronic products can be recycled.
Rise in the disposable income of people together with inclination to spend on various electronic consumer products is leading to such increased accumulation of electronic waste all over the world. As such, there lies immense potential for the global electronics recycling market in years to come. Furthermore, growing awareness about recycling of electronic waste is expected to foster growth of the global electronics recycling market in times to come.
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Global Electronics Recycling Market: Geographical Analysis
The global electronics recycling market is likely to be dominated by Europe. The region is likely to retain its dominance over the tenure of assessment. Growth of the region is attributed to the strict legal regulations and directives regarding the recycle and reuse of electronic waste. Europe is likely to be closely followed by North America.
Asia Pacific is another region that is likely to rise to prominence rapidly following increasing awareness about the benefits of recycling of electronic waste.
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