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E-Waste Management Market Expected to reach $143.87 Billion by 2028

 

Report Code : A00483

quote The rapid increase of electronic and electrical equipment waste combined with insufficiency of precious metal and a huge cost of mining have made e-waste recycling essential. Also, Europe has built strict regulatory frameworks regarding environmental protection, as it has the least portion of land left for landfills compared to other regions of the world. These factors are collectively driving the growth of the e-waste recycling market. Electronic and electric equipment share a major portion of the total waste generated in Europe. Increase in pollution levels and decrease in lands to fill waste have led to the formation of stringent regulatory policies in the European countries. Consequently, considerable attention toward control of this type of waste to limit illegal dumping shipment of e-waste to developing countries has improved the situation. Also, high collection rate of electrical and electronic devices from people and cooperation between public companies and private sector have quote

Abhijith Nair
Research Analyst, ICT at Allied Market Research

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According to a recent report published by Allied Market Research, titled, “E-Waste Management Market by Processed Material, Source Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2028,” The global e-waste management market size was valued at $49.88 billion in 2020, and is projected to reach $143.87 billion by 2028, registering a CAGR of 14.3% from 2021 to 2028.

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 (2021–2028). 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 (2021–2028) depicts the dynamic prospect through 2028. 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 market growth. 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 market growth.

Developing countries lead to 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.

The current estimation of 2028 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on growth of the market. With offices and enterprises adopting mandatory work from home policies, there has been a greater adoption of laptops and mobile devices, thereby lowering the usage of office desktop and computers. This scenario has resulted in creating a recycling option for these equipment, which in turn is set to favor the market growth during the forecast period. Mandatory work from home polices adopted by both private and public organizations has boosted the adoption of mobile devices. For instance, as per the analysis by AMR, around 60% businesses in Europe are planning to allow employees to work from home in the future. This scenario is estimated to create a lower adoption rate for enterprise IT equipment and accessories. For instance, in 2020, around 29% office desktop PCs were abandoned and over 23% PCs are not expected to be required over the next year. Favorable strategy and policies adopted by the companies is also estimated to create lucrative opportunities for the overall market growth. For instance, in March 2020, Vodafone committed to reuse, resell or recycle 100% of its network waste by 2025. Furthermore, companies such as Schneider Electric, are using circular principles in the design phase to make equipment last longer and be easier to recycle. Thus, with such favorable measures and initiatives, the e-waste management market is set to witness a colossal rise for the overall market growth.

Key Findings Of The Study

  • By processed material type, in 2020, the metal segment dominated the e-waste management market size. However, the plastic segment is expected to exhibit significant growth during the forecast period.
  • On the basis of source type, the household appliance segment accounted for the highest revenue in 2020, however, the consumer electronics segment is expected to witness highest growth rate during the forecast period.
  • Region wise, the e-waste management market was dominated by Asia-Pacific. However, North America is expected to witness significant growth in the upcoming years. 

The market players operating in the e-waste management market include Waste Management Inc., Capital Environmental Holdings Ltd., and Electronic Recyclers International, Inc., Enviro-Hub Holdings Ltd. (Singapore), Sembcorp Industries Ltd., Veolia Environment S.A., Mri (Australia) Pty ltd., Tetronics (International) Limited, UMICORE SA and TES-AMM. 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.

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quote E-Waste Management Market by Application (Trashed and Recycled), Processed Material Type (Metal, Plastic, Glass, and Others), and Source Type (Household Appliance, Consumer Electronics, and Industrial Electronics): Global Opportunity Analysis and Industry Forecast, 2021-2028 quote

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