According to a recent report published by Allied Market Research, titled, “E-waste Management Market by Processed Material Type, Source Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the e-waste management market size was valued at $41.97 billion in 2019, and is projected to reach $102.62 billion by 2027, growing at a CAGR of 11.9% from 2020 to 2027. Furthermore, the e-waste management market generated volume of 51.66 million tons in 2019, and is projected to generate 74.72 million tons by 2027, growing at a CAGR of 4.8% from 2020 to 2027.
The presence of both driving and limiting factors is expected to balance the growth of the market; therefore, the global e-waste management market is expected to experience moderate growth rate during the forecast period (2020-2027). The continuous decline in life span of electronic devices coupled with high rate of obsolescence are the factors anticipated to mark the growth of e-waste generation. This ultimately supports the market growth.
The problem of scarcity of precious metals used in electronic devices is expected to increase production of several electronic devices, making recycling of e-waste as essential. Therefore, the impact of driving forces is not expected to witness enormous change during the study period. The cost of e-waste processing methods and low awareness about hazardous effects of e-waste among the end users create adverse situations such as release of lead into the environment causes damage to human blood, kidneys, and central and peripheral nervous systems during the forecast period. .
The dynamics of the e-waste management market during the study period (2020-2027) depicts the dynamic prospect through 2027. The scarcity of precious metals is expected to create the need for recycling of electronic devices waste for the reuse of these metals in the future. In addition, the high rate of obsolescence of electronic devices including mobiles, computer, laptops and televisions increase e-waste leading to upsurge in recycling activities.
Despite expensive recycling methods, recycling is the most suitable option for e-waste management as it provides benefits such as extraction of precious metals and solves the problem of decreasing landfill areas. Moreover, government initiatives and increase in e-waste collection zones fuel the e-waste management market growth.
Developing countries lead in recycling the e-waste, as majority of the e-waste is exported to emerging countries by the developed countries. Amongst all sources of e-waste such as IT & telecommunication and consumer electronics, refrigerator sets from household appliances are discarded in highest number as compared to other appliances. The decrease in the life cycle of electronic products, such as computers, laptops, and cell phones generates large amount of electronic waste in the developed countries such as North America.
Key Findings of the Study
- By processed material type, the metalsegment dominated the e-waste management market forecast. However, the plastic segment is expected to exhibit significant growth during the forecast period in the e-waste management industry.
- Depending on source type, the household appliances industry generated the highest revenue in 2019. However, the industrial electronics sector is expected to witness a considerable growth in the near future.
- Depending on application, the trashed industry generated the highest e-waste in 2019. However, the recycled sector is expected to witness a considerable growth in the near future.
- Region wise, LAMEA is expected to witness significant growth in terms of CAGR in the coming years. Moreover, the Asia-Pacific market dominated the e-waste management market in 2019 in terms of revenue.
Some of the key market players profiled in the E-waste management market analysis include Aurubis AG, Boliden AB, Enviro-Hub Holdings Limited, Electronic Recyclers International Inc., LifeSpan Technology Recycling Inc., MBA Polymers Inc., SIMS Metal Management Limited, Stena Metall AB, Tetronics Limited, and Umicore SA. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. Further, these players are anticipated to invest more in R&D activities to provide compact and cost-effective solutions for numerous applications.