Wilmington, Delaware, United States, April 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global waste recycling equipment market was valued at US$ 2.8 Bn in 2022 and is projected to expand at a CAGR of 4.1% during the forecast period from 2023 to 2031.
Increase in awareness about preserving the environment and rise in adoption of sustainable waste management practices are fueling the waste recycling equipment market. Moreover, the role of governments in promoting sustainability is anticipated to trigger market development in the next few years. Additionally, rise in demand for recycled materials and surge in adoption of practices to reduce landfill waste are creating immense growth opportunities in the market.
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Key Findings of Market Study
Increase in Government Initiatives and Regulations – Governments across the world are enforcing measures to reduce greenhouse gases and subsequently carbon emissions in the environment. This is resulting in an increase in demand for recycling equipment and machinery to help reduce waste and promote sustainable practices. As a result, the amount of waste that runs into landfills is reduced, helping preserve the environment.
Increase in volume of waste due to surge in population and rise in consumerism necessitates waste recycling practices. As landfills are becoming scarce, governments are implementing policies such as landfill bans, landfill taxes, recycling targets, and incentivizing waste recycling initiatives. For instance, the European Union has set a target for member nations to recycle 55% of their waste by 2025. The U.S. Environmental Protection Agency has set a target to reduce the amount of waste that runs into landfills by 15% by 2030. Such regulations and targets favor the adoption of recycling practices, thereby driving demand for recycling equipment.
Roll out of government initiatives such as extended producer responsibility (EPR) schemes is fueling industry growth. This entails the responsibility of producers for the collection and recycling of their products at the end of the lifecycle. This drives producers to design products that are easier to recycle, and thus reduce the burden on waste recycling facilities.
High Demand for Recycled Materials – Recycling equipment and machinery are suitable to segregate, process, and recycle a wide range of waste materials. Recycled materials can be used to manufacture a range of products, which include construction materials, packaging, and consumer goods.
Low prices of recycled materials when compared to virgin materials is a key factor propelling market expansion. This is likely to attract manufacturers striving to reduce the cost of their products. Furthermore, adoption of recycled materials helps reduce dependence on virgin materials, which in turn helps conserve natural resources and reduce the environmental impact of resource extraction and processing.
Increase in demand for sustainable products among consumers is propelling market size. Consumers are increasingly becoming aware of the impact of their consumption habits on the environment, and are thus seeking products that are environmentally-friendly and sustainable. This is driving manufacturers to adopt recycled materials in order to meet consumer demand for sustainable products.
Mechanical strength of recycling equipment and machinery enables increased efficiency and effectiveness of the recycling process, and also allows for the recycling of a range of materials. This helps ensure the availability of high-quality recycled materials, which is essential for meeting the growing demand.
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Rise in Demand for Baler Press – Based on equipment type, the baler press segment is anticipated to lead the global industry during the forecast period. Baler press is used extensively across industries such as manufacturing, agriculture, and waste management. It is suitable to compress a wide of waste materials, including paper, plastic, cardboard, metal, and textile. Availability of baler press in various sizes and configurations increases demand for the equipment.
Baler press can help condense waste materials, thereby reducing the volume of waste. It could help reduce the impact of waste on the environment by cutting down the volume of waste and making it easy to transport to waste and recycling centers. Baler press can help reduce the cost associated with waste management, including transportation and disposal charges.
Growth Drivers
- Rise in need to adopt sustainable waste management practices to preserve the environment is driving the waste recycling equipment market
- Increase in demand for recycled materials coupled with rise in awareness about the impact of consumer purchasing behavior on the environment is fueling growth
Regional Analysis
Asia Pacific held the leading global waste recycling equipment market share in 2022. The region is anticipated to dominate the market during the forecast period. The key role of governments in supporting sustainable waste management practices is fueling the waste recycling equipment market. China and India are key markets in the region.
The waste recycling equipment market in North America is anticipated to expand during the forecast period. Government directives for waste management, increase in demand for recycled materials, and surge in awareness about sustainable waste management practices are of the key factors augmenting market growth in the region.
Competitive Landscape
The competition landscape of the waste recycling equipment market is moderately consolidated, with the presence of a small number of leading players that hold majority of market share. New product development, improvement of existing products, and expansion of geographical outreach are the key strategies adopted by key players in the waste recycling equipment market.
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The global waste recycling equipment market is segmented as follows:
Waste Recycling Equipment Market, by Equipment Type
- Baler Press
- Bag Opener
- Conveyor Belt
- Separator
- Shredder
- Baling Press
- Paper Refiner
- Granulator
- Rotary Shear
- Reel Splitter
- Centrifuge Separator
- Others
Waste Recycling Equipment Market, by Recycled Material
- Rubber
- Metal
- Plastic
- Paper
- Glass
- Textile
- Others
Waste Recycling Equipment Market, by End-use industry
- Automotive
- Manufacturing
- Building & Construction
- Electricals & Electronics
- Others (Paper, Rubber, etc.)
Waste Recycling Equipment Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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