Wilmington, Delaware, United States, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to the E-scrap recycling market research report by Transparency Market Research (TMR), the market is anticipated to expand at a CAGR of 7.6% from 2022 to 2031, and reach US$ 7.3 Bn by 2031.
The global e-scrap recycling industry has tapped new revenue generation opportunities due to its significant social, economic, and environmental contributions. Top e-waste management companies have lucrative prospects to recover valuable metals and other materials, particularly in emerging markets.
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E-scrap Recycling Market: Growth Drivers
- Demand for electronic and electrical equipment has increased substantially as a result of technological advancements across the world. Laptops, mobile phones, computers, and other electrical or electronic household appliances are examples of e-scrap. The generation of e-scrap is primarily driven by expanding markets and rapid product innovations such as the transition from analog to digital technologies. These advancements act as growth drivers for the global market.
- E-scrap production has shown a noteworthy rise and is estimated to witness exponential growth in the next few years. E-scrap is considered hazardous and must be handled and treated with caution. Furthermore, the presence of precious metals such as silver, gold, and gallium in e-waste opens new business opportunities for the e-scrap recycling market.
- Implementation of stringent regulatory frameworks governing the recycling of electronic waste globally has resulted in an increase in recycling of large white goods. The increased use of household appliances around the world benefits e-waste providers. Laptops, mobile phones, printers, scanners, and other items account for a sizable portion of the electronic waste recycling market, which is likely to create business opportunities for e-scrap recycling market
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Key Findings of E-scrap Recycling Market
- The metal segment is projected to dominate the market. The plastic segment, on the other hand, is gradually gaining a lucrative market share as a result of its widespread use in consumer electronics. In consumer electronics, plastic resins such as expanded polystyrene (EPS) are widely used. This aspect is likely to lead to significant growth of the e-scrap recycling market.
- In terms of product type, the e-scrap recycling market is dominated by large white goods. The increase in demand for refrigerators, dishwashers, and many other consumer electronic goods has increased the scope for recycling large white goods.
- The global e-scrap recycling market is driven by increased use of electronic items and shorter lifecycles of the products. The market is expected to grow significantly during the forecast period, owing to rise in disposable income, urbanization, and industrialization in most parts of the world. Besides, growing consumer awareness about environmental issues related to landfills and the hazardous effects of e-scrap, along with stringent government regulations to prevent hazardous disposal, make electronic scrap one of the fastest growing segments.
E-Scrap Recycling Market: Regional Assessment
Europe dominated the global e-scrap recycling market in 2021 and is expected to be followed by Asia Pacific and North America. The e-scrap recycling market in Europe, North America, and Asia Pacific are being driven by the amendment to stringent regulations governing the recycling process. The rising trend of electronic waste export from western countries has helped Asia Pacific capture a sizable share of the global e-scrap recycling market.
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E-Scrap Recycling Market: Key Players
Leading players operating in the market are:
- STENA METALL AB
- Electronic Recyclers International
- JX Nippon Mining and Metal Corporation
- DOWA HOLDINGS Co., Ltd
- ITRenew, Inc.
- Sims Metal Management
- EcoReco Ltd.
- Umicore N.V.
- Global Electric Electronic Processing Inc.
- Enviro-Hub Holdings Ltd.
E-Scrap Recycling Market: Segmentation
Product Type
- Information Technology (IT) and Telecommunications Equipment
- Computers & Laptops
- Telephones & Mobile Phones
- Printers & Scanners
- Photocopiers
- Others (Tablets, Wi-Fi devices etc.)
Large White Goods
- Refrigerators/Freezers
- Washing Machines
- Dishwashers
- Others (Dishwashers, Cooking Ranges etc.)
Small Household Appliances
- Toasters
- Coffee Makers
- Hairdryers
- Stereo Equipment
- Others (Irons, Electric Toothbrushes etc.)
- Other Appliances (Handheld Drills, Sports Equipment, Electronic Toys etc.)
Processed Materials
- Plastic
- Metal
- Ferrous
- Non-ferrous
- Other Precious Metal
- Glass
- Others (Aluminum, Polycarbonate etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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