The global recycling equipment market size is anticipated to reach USD 1.3 billion by 2027, expanding at a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Growing awareness pertaining to the economic and environmental benefits of recycled processed materials are anticipated to surge the market over the forecast period.
Increasing utilization of recycled material such as steel, iron, plastic, rubber, and concrete in the end-use industries including automotive, electrical and electronics, building and construction, and packaging are anticipated to drive the market over the forecast period.
Growing concerns over increasing carbon footprint along with rising government efforts in numerous countries in order to promote recycling of material is expected to create significant opportunities for the manufacturers. Increasing awareness towards sustainable advantages and benefits of reusing waste material is projected to drive the market.
The market is extremely competitive and relies on technological and product developments. For instance, in January 2019, ELDAN Recycling A/s launched a new Twin Shaft Clean-Cut Shredder (TSCC) for the production of clean-cut tire chips from car or truck tires.
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In 2019, the baler press segment accounted for 30.4% of overall market share owing to increasing utilization of baler presses to compact, bind, and bale recyclable processed materials for the purposes of storage and transportation
The shredders segment is expected to grow with a robust pace, registering a CAGR of 6.4% from 2020 to 2027 owing to the growing utilization of shredders in recycling of plastic and tire materials
Plastics is expected to be the largest material segment in the industry owing to the increasing awareness towards sustainable advantages and benefits of reusing plastic waste
Europe is anticipated to dominate the recycling equipment market on account of numerous initiatives and stringent regulations imposed on waste disposal by key governments including Germany, Italy, France, and U.K.
Asia Pacific is expected to witness a robust CAGR of 6.8% over the forecast period on account of rapid industrialization along with the imposition of stringent laws pertaining to waste management, and disposal processes
Key players in the market are focusing on several strategies including new product developments, expansions, partnerships, and joint ventures.
Grand View Research has segmented the recycling equipment market on the basis of equipment, processed material, and region:
Recycling Equipment Outlook (Revenue, USD Million, 2016 - 2027)
Recycling Equipment Processed Material Outlook (Revenue, USD Million, 2016 - 2027)
Recycling Equipment Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Recycling Equipment Market
Recycling Equipment Manufacturing
The CP Group
Clean Harbors, Inc.
Forrec Srl Recycling
Mid Atlantic Waste Systems
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