The global e-scrap recycling market industry has become an integral part of the modern society not only due to its social and economic impact, but also because it plays a vital role in the future of our planet. Extraction of valuable metals and other useful materials offers lucrative opportunities for top companies in e-waste management, especially in untapped markets.
The global e-scrap recycling market is projected to grow at a significant pace during the forecast period, owing to the presence of institutions dealing with environmental issues, including e-scrap management, and availability of large e-scrap volume across the globe.
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Growth in Usage of Electronic Products and Shorter Product Lifecycles Boosting Market
The need for electronic and electrical equipment has increased significantly as a result of technological improvements. E-scrap comprises laptops, computers, mobile phones, television sets, and other electrical or electronic household appliances, primarily fueled by expanding markets and rapid product innovations such as the switch from analog to digital technologies.
E-scrap production is rising rapidly on a worldwide scale. It is anticipated to keep rising in the next few years. E-scrap is thought to be dangerous and thus needs to be handled and treated carefully. Furthermore, the existence of other precious metals in e-scrap, including gold, silver, palladium, tantalum, and gallium, makes e-waste attractive for recycling.
Elimination of environmental and health risks brought on by the disposal of electronic waste in landfills is one of the major benefits of electronic recycling. Lead, mercury, cadmium, arsenic, and antimony are just a few of the dangerous and non-biodegradable materials that are present in significant amounts in e-scrap. These harmful materials pollute water and soil when e-waste is dumped in landfills, thus posing health risks.
Electronic waste management reduces the risk to human health and the environment. The e-scrap recycling business is anticipated to grow in the near future with the rise in awareness about environmental issues of landfills. Electronic scrap is one of the fastest growing recycling categories due to the toxic consequences of e-scrap and strict regulatory restrictions to prevent incorrect disposal. Hence, implementation of strict laws pertaining to environment-friendly processing of e-scrap is driving the market.
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Focus on Recycling Unprocessed E-scrap Propelling Market
Cities are predicted to produce the majority of e-waste. Therefore, it is crucial to manage this waste appropriately. It is also vital to increase collection and recycling rates and lessen the quantity of e-waste that ends up in landfills. New and interesting prospects are presented by the development of smart cities and the use of ICT for trash management. High discretionary income, urbanization, and industrialization are contributing to an increase in usage of electrical and electronic equipment, which in turn is causing a rise in e-scrap.
More than 60% of the entire amount of electronic waste produced is not recycled and is either illegally exported or dumped in landfills. This is seen as an opportunity for the market for recycling electronic waste. A further possibility for e-waste management is the engagement of e-scrap companies in charity, small-scale pilot projects, or event-based collections that help collect tiny, high-value waste of electrical and electronic equipment (WEEE).
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Increase in Purchase of Large White Goods to Bolster Demand for E-scrap Recycling
In terms of product type, the large white goods segment has been classified into refrigerators/freezers, washing machines, dishwashers, and others. Large white goods dominate the e-scrap recycling market. Increase in demand for refrigerators and freezers, washing machines, dishwashers, and many other consumer electronic goods has resulted in a rise in recycling of large white goods.
Implementation of stringent regulatory frameworks regarding the recycling of electronic waste across the globe has resulted in growth in recycling of large white goods. Large white goods are closely followed by small household appliances such as toasters, coffee makers, and hair dryers. Rise in usage of these appliances worldwide is benefitting e-waste suppliers. IT-related products such as computers and laptops, telephones and mobile phones, as well as printers and scanners also hold substantial share of the market for electronic waste recycling.
Wide Application of Plastic in Consumer Electronics Augmenting E-scrap Recycling Market
In terms of processed materials, the e-scrap recycling market has been divided into plastic, metal, glass, and others. The metal segment dominates the market and is further anticipated to grow during the forecast period. Plastic, on the other hand, is gradually gaining market share owing to its wide application in consumer electronic products. Plastic resins such as acrylonitrile butadiene styrene (ABS), high impact polystyrene (HIPS), and expanded polystyrene (EPS) are extensively used in consumer electronic products. Plastic recycling is anticipated to increase considerably in the next couple of years due to the rise in usage of plastics.
Regional Outlook of Global E-scrap Recycling Market
Europe dominated the global e-scrap recycling market in 2021. It was closely followed by Asia Pacific and North America, respectively, in the same year. Amendment of stringent regulations regarding the e-scrap recycling process in Europe, North America, and countries in Asia is driving the e-scrap recycling market in these regions. Rise in trend of export of electronic waste from western countries to Asia has helped Asia Pacific acquire a significant share of the global e-scrap recycling market.
Analysis of Key Players in Global E-scrap Recycling Market
The global e-scrap recycling market is consolidated, with a few large-scale vendors controlling a majority of the share. Most firms are investing significantly in comprehensive research and development activities to increase the availability of e-waste solutions. As per the electronic recycling industry analysis, mergers and acquisitions are important strategies adopted by key players. JX Nippon Mining and Metal Corporation, Umicore N.V., DOWA HOLDINGS Co., Ltd, Sims Metal Management, STENA METALL AB, ITRenew, Inc., Electronic Recyclers International, Enviro-Hub Holdings Ltd., and Ecoreco Ltd. are the prominent entities operating in this market.
Organization for Economic Cooperation and Development (OECD), the Basel Convention, and bilateral agreements between the U.S. and Canada, Mexico, Costa Rica, Malaysia, and the Philippines monitor the export-import practices of e-scrap across the globe.
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