The global electronics recycling market is expected to show substantial growth over the forecast period, on account of technological advancements, formulation & implementation of stringent recycling rules, and improved management of e-waste materials. Electronics recycling enables refurbishment of functional components and recycling of waste scrap containing bio-degradable and harmful materials further resulting in resale or reuse, thus driving the electronics waste recycling market.
Growing environmental concern and initiatives undertaken by government, non-profit organizations and equipment manufacturers are anticipated to be the key factors driving the global electronics recycling market growth. Further, growing awareness regarding eco-friendly products is also expected to fuel the market demand. Factors such as environment sustainability programs, limited shelf life of electronic products, existence of rare earth metals and high rate of obsolescence are further expected to spur the global market growth over the next few years. In addition, lack of consumer awareness and inadequate public education is further expected to fuel market demand.
Rapid technological advancement leading to launch of new products paired with increasing consumer buying power have resulted in high obsolescence rate of electronic products which in turn drives the e-waste recycling market substantially. Declining shelf-life of products leading to accumulation e-waste triggers the need for recycling and spurs electronics scrap recycling market demand. Resource conservation, existence of toxic materials and better disposal management are anticipated to promote rapid electronics recycling market growth.
Surging demand for electronic gadgets across diverse range of applications including security, communication, health, education, food supply and medicine may result in generating e-waste which in turn is expected to drive electronics recycling market growth. Accumulation of e-waste leads to pollution, health issues, overcapacity of incinerators and landfills which is further expected to stimulate need for recycling. Faster replacement cycles, technological advancements and greater availability of recycled and new devices may further catapult market demand. Moreover, increasing volume of e-waste, limited landfill capacity, escalating landfill prices, the high mining cost and the paucity of precious metals may cause ripple effect.
Recycling not only helps environment cleanliness but also provides job opportunities. Further, cost fluctuations for raw materials such as steel, tin, nickel, aluminum, copper, zinc, gold, silver and plastic resins, typically expected to show up in electronic recycling market which further puts pressure on purchasing budgets. Moreover, re-using recycled components in new products makes them efficient and economical. The global market is expected to witness substantial growth over the next few years owing to aforementioned factors.
Despite various electronics recycling benefits, the lack of regulatory and recycling infrastructure is anticipated to hamper the market growth. Further, lack of awareness in less developed nation coupled with few e-waste collection centers may pose threat to this market. Low rate of recycling and no incentive policy for consumers may negatively impact the electronic recycling market growth. The electronics recycling market may be inhibited by high e-waste management cost. Additionally, factors such as uncontrolled disposal, dismantling, and burning of e-waste may pose hindrance to electronics recycling market growth. Key challenges faced by this market include complying with Federal, State & Local Laws, managing & auditing of e-waste recyclers and downstream processors, managing logistics of e-waste programs/partners and data security.
The global electronics recycling market can be classified based on type of equipment processed such as computers, telecom, industrial and consumer of which computers holds maximum share in developed nations. Further, the sources of equipment’s include consumers/residential, manufacturer’s/ industry users, government agencies and school/universities.
Europe is expected to witness high market demand, followed by North America. This may be attributed to stringent legal directives and regulations to recover recycle and reuse e-waste in this region. Asia Pacific is anticipated to witness significant growth over the forecast period owing to abundant volume of e-waste coupled with cheap labor in this region. Additionally, growing e-waste recycling and collection rates and integration of recycling markets may further spur the electronics recycling market demand in this region.
Key market participants in the global electronics recycling market include Eco-Tech Environmental Services Inc., American Retroworks Inc., AERC Recycling Solutions, Dlubak Glass Company, MBA Polymers Inc., Universal Recyclers Technologies, CRT Recycling Ltd., Fortune Plastic & Metal Inc., Sims Metal Management Limited and A2Z Group.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.