LOS ANGELES, July 05, 2021 (GLOBE NEWSWIRE) — The Global E-Waste Management Market is expected to grow at a CAGR of around 14.5% from 2020 to 2027 and reach the market value of over US$ 142.5 Bn by 2027.
North America dominates Asia Pacific registers fastest growing CAGR for the e-waste management market
North America has dominated the e-waste management market in the past and is expected to do so again during the forecast period. The most influential factor responsible for the growth of the e-waste management market is technological advancements or even changing consumer requirements. Furthermore, developed countries such as the United States and the United Kingdom export a significant amount of e-waste generated in their countries to Asian countries, which is expected to bode well for the regional market throughout the forecast period.
Asia Pacific, on the other hand, has the fastest growing CAGR in the e-waste management market. Rising disposable income in developed and developing economies, combined with an increasing preference for electronic devices, is one of the key growth drivers for the region’s market.
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The global e-waste management market is segmented as processed material, source, and application. By processed material, the market is segmented as metal, plastic, glass, and others. Based on source, the market is segregated into industrial electronics, consumer electronics, and others. By application, the market is bifurcated into disposal and recycles.
Metal has the largest market share in the global e-waste management market based on the processed material segment. Because these metals are scarce, the prices associated with their products are also high. This has increased the need to reuse, refurbish, and recycle metal-based devices. As a result of these issues, electronic device manufacturers will almost certainly look for raw materials available from recycled e-waste. This also benefits nations by lowering greenhouse gas emissions, which will undoubtedly help to reduce the risks of global warming.
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Technologies like the Internet of Things (IoT) are driving the use of electronic devices in almost every human activity. As a result, the proliferation of electronic devices is expected to generate a significant amount of waste, driving the market.
Furthermore, rising health risks such as bronchitis, kidney damage, and Wilson’s disease as a result of insufficient toxic material discharge from electronic scrap and incineration are aggravating the need for effective scrap management techniques. Furthermore, the presence of precious metals like gold, silver, platinum, and gallium makes electronic scrap recycling an appealing and viable option. These factors are expected to have a positive impact on market growth.
COVID-19 impact on e-waste management market
In terms of economic impact, the market has experienced a positive growth trend. Adoption of work-from-home policies has led to increased demand for mobile computing devices, which has reduced the usage of stationary desktop and devices. As a result, in order to reduce operational costs, enterprises have been focusing on recycling these systems, creating an enormous opportunity for the overall market. With this growing opportunity, a number of businesses have begun to invest in e-waste management. Petonic Infotech, for example, announced a half-million-dollar investment in Prometheus e-waste recycling in January 2021. Petonic Infotech intends to use this investment to assist Prometheus e-waste in promoting sustainable e-waste management across India. Furthermore, the funding will assist Prometheus e-Waste in delivering a safe, hassle-free, and results-driven solution to India’s e-waste problem.
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Some of the leading competitors are Aurubis AG, Boliden AB, MBA Polymers, Electronic Recyclers International, Inc. (ERI), Sims Metal Management Ltd, Umicore N.V., Stena Technoworld AB, Tetronics, and among others.
Some of the key observations regarding e-waste management industry include:
- In November 2020, Aurubis AG announced a joint venture agreement with TSR Recycling GmbH & Co. KG (TSR). The joint venture will operate under the name Cablo GmbH. TSR will hold 60% of the joint venture as a partner and manage the company from an operational perspective. Aurubis AG will hold 40% of this newly established Limited Liability Company. All of the employees of Aurubis subsidiary Cablo in Fehrbellin, located in the German state of Brandenburg, will be part of the new joint venture as well as cable pre-processing employees of TSR from the site in Gelsenkirchen, located in the German state of North Rhine-Westphalia.
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