Newark, May 04, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global waste recycling services market is expected to grow from USD 56.28 Billion in 2020 to USD 91.67 Billion by 2030, at a CAGR of 5% during the forecast period 2021-2030.
Waste can be solid, liquid, or gaseous, with various disposal and management strategies for each. Industrial, biological, household, municipal, organic, biomedical, and radioactive wastes are all dealt with via waste management. Human activity, such as the mining and processing of basic resources, produces waste.
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Waste management is to limit waste's negative effects on human health, the environment, global resources, and aesthetics. Recycling is the process of collecting and processing materials that would otherwise be discarded as waste and transforming them into new products. The community and the environment may both benefit from recycling. Countries (developed and developing countries), regions (urban and rural areas), and the residential and industrial sectors all have varied approaches to waste management. The next trend is recycling. One of the most rapidly increasing industries is waste recycling services. Trends have changed, and the recycling industry can now benefit from a variety of technological advancements. Technology advancements in waste recycling, government initiatives to recycle waste products, and a push for reuse of waste resources are all driving the expansion of waste recycling services. Increased public awareness of the benefits of recycling, as well as an increase in the number of recycling manufacturers, are two further factors that will propel the recycling industry forward soon. Waste management is being planned in order to reduce waste's negative effects on the environment and human health. The waste pyramid organises waste recycling solutions for waste minimization and relates to the three Rs: reduce, reuse, and recycle. The waste pyramid's goal is to get the most real value out of items while producing the least amount of waste at the end.
Over the forecast period, rising waste management concerns, combined with increasing waste disposal issues, are expected to fuel demand for waste recycling services. Adoption of strict rules has boosted waste recycling research and development, which is projected to drive market expansion during the forecast period. The development of numerous waste disposal methods and procedures has evolved from increased awareness about appropriate waste disposal for the maintenance of animal and human health. Governments in several countries have developed programmes to combat waste, which are projected to complement market growth. The pandemic has prompted panic purchases of necessities like food, toilet paper, and cleaning supplies, which has increased waste generated during the lockdowns and raised demand for single-use plastics. Due to the restrictions on commercial activities imposed by the pandemic, the waste recycling industry has been impacted. However, the high initial cost of manufacturing and installing solid-state transformers is likely to impede global market growth.
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Key players operating in the global waste recycling services market are Amdahl Corp., Biffa, Collins & Aikman, Covanta, Epson, Inc., Eurokey Recycling, Ltd., Fetzer Vineyards, Interface, Inc., Northstar Recycling, Triple M Metal LP and Xerox Corp. among others. To enhance their market position in the global Waste Recycling Services market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
The bulbs, batteries & electronics is anticipated to grow at a significant rate over the forecast period.
The product segment is divided into paper & paperboard, plastics, metals, food, glass, yard trimmings, bulbs, batteries & electronics, others. The bulbs, batteries & electronics is anticipated to grow at a significant rate over the forecast period. Because of dropping electronics prices, rising disposable incomes, and early replacement of electronics, demand for electronics such as screens, mobile phones, telecommunication devices, laptops, and refrigerators has surged dramatically. This has resulted in an increase in electronic waste and a rise in demand for e-waste recycling, both of which are projected to fuel market expansion.
The industrial segment is anticipated to grow at the fastest CAGR of around 5.8% over the forecast period.
The application segment includes industrial and municipal. The industrial segment is anticipated to grow at the fastest CAGR of around 5.8% over the forecast period. This is due to global industrialization, which has resulted in a considerable volume of garbage generated by the industrial sector.
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Regional Segment Analysis of the Waste Recycling Services Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region emerged as the largest market for the global waste recycling services market with a market share of 38.7% and a market value of 21.78 billion in 2020. The rising industrialization and urbanization have resulted in a huge increase in the use of natural resources and waste generation.
About the report:
The global waste recycling services market is analysed based on value (USD Billion). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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