Improved management of e-waste materials, technological advancements and implementation of stringent recycling rules is anticipated to drive the global Electronics Recycling Market growth exponentially over the next few years. Electronics recycling of waste scrap containing bio-degradable and harmful materials enables refurbishment of functional components, which may further positively impact market growth.
Rising environmental initiatives by equipment manufacturers, government and non-profit organizations may further stimulate global electronics recycling market growth. Moreover, increasing awareness pertaining to eco-friendly products may also fuel market demand. Limited shelf life of electronic products, environment sustainability programs, high rate of obsolescence, and existence of rare earth metals are a few factors expected to drive the market over the forecast period.
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Technological advancements in launching of new products coupled with rising consumer buying power may result in high obsolescence rate of electronic products, which may further drive the electronics recycling market in the near future. Diminishing product shelf-life may lead to e-waste accumulation, triggering recycling, which is expected to spur the market demand. Factors such as existence of toxic materials, better disposal management, and resource conservation are expected to favorably impact electronics recycling market growth.
Growing demand for electronic devices across wide range of applications such as communication, health, security, education, food supply, and medicine generates e-waste which may in turn drive the electronics recycling market growth. Excess of e-waste may lead to health issues, pollution, landfills, and overcapacity of incinerators, which may further stimulate need for recycling. Further, faster replacement cycles and high availability of recycled and new devices are some key factors expected to substantially drive market demand. Further, limited landfill capacity, high mining cost, escalating landfill prices, increasing volume of e-waste, and the paucity of precious metals may catapult market demand over the forecast period.
Cost-fluctuations of various raw materials including nickel, aluminum, steel, tin, copper, gold, silver, plastic resins, and zinc are expected to appear in the electronics recycling market further spurring market demand. Further, recycling creates job opportunities along with keeping environment clean. It also aids reusing recycled components in various products making them economical and efficient. The global electronics recycling market is expected to gain prominence over the forecast period owing to the aforementioned factors.
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However, lack of regulatory paired with recycling infrastructure may pose major hindrance to the electronics recycling market growth. Additionally, low consumer awareness in developing nations paired with less number of collection centers may act as major market threats. Low recycling rate with no incentive policies for consumers may hamper market demand over the forecast period. Further, high e-waste management costs may inhibit electronics recycling market growth. Uncontrolled dismantling, disposal, and burning of e-waste may negatively impact electronics recycling market growth. Other key challenges to be confronted are federal, state & local law compliance, data security, auditing & managing e-waste recyclers, and handling logistics of e-waste programs/partners.
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The European market is expected to exhibit high growth followed by North America owing to the stringent legal regulations and directives in this region. Further, Asia Pacific is foreseen to show upsurge in the electronics recycling market demand over the forecast period. This may be attributed to the high e-waste volume paired with cheap labor availability in this region. In addition, rising e-waste recycling & collection rates and amalgamation of recycling markets may further fuel the electronics recycling market demand in this region
Global electronics recycling market’s key players include A2Z Group, Eco-Tech Environmental Services Inc., MBA Polymers Inc., AERC Recycling Solutions, CRT Recycling Ltd., Dlubak Glass Company, American Retroworks Inc., Sims Metal Management Limited, Universal Recyclers Technologies, and Fortune Plastic & Metal Inc.
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