The global E-waste recycling and reuse services market is expected to witness strong growth during the forecast period between 2021 and 2031.
Electronic waste or E-waste comprises several metals such as gold, silver, palladium, and gallium. These metals are released from various industries such as information technology and consumer electronics.
Increasing release of these metals has grown the need for efficient solutions to reuse and refurbish metals which, in turn, helps to decrease greenhouse gas emissions as well as reduces the impact of global warming hazards.
COVID-19 pandemic propelled the global E-waste recycling and reuse services market. With rising number of consumers using various electronic products such as laptops for extended periods, it led to surge in e-waste generation, thereby fueling the demand for E-waste recycling and reuse services and contributing to the growth of global E-waste recycling and reuse services market.
Increasing rate of electronic product obsolescence in leading economies globally has emerged as key growth driver for E-waste recycling and reuse services market.
Also, growing penetration of electronic products across various end-use industries in a bid to reduce dependency on human manpower is expected to increase e-waste generation and fuel the demand for E-waste recycling and reuse services.
Strict government regulations, concerning e-waste recycling and waste collection is also projected to augment the growth in overall E-waste recycling and reuse services market in future.
Consumer electronics segment is expected to make the largest contribution, in terms of revenue, to overall market because of increasing demand for different products such as washing machines, air conditioners, and refrigerators.
Metal material segment is expected to contribute the most to the overall market in future because of growing amount of electronic waste produced owing to significant changes in electronics industry in leading economies globally.
The global E-waste recycling and reuse services market is highly competitive with the presence of several prominent market players, many of whom have become successful because of years to delivering consistent results and are expected to account for a large share in future.
Growth strategies such as launch of novel services could help leading E-waste recycling and reuse services market players create new revenue-generating opportunities and gain a competitive edge over other players.
Well-established market players could sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
Leading market player Hulladek Recycling and Green Partner signed a collaborative agreement in August 2020 to offer efficient e-waste management solutions in West Bengal and North-East region in India.
Some of the leading players in global market include SIMS Recycling Ltd., CRT Recycling, Tectonics Ltd., and MBA Polymer Inc.
The global E-waste recycling and reuse services market into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
Asia Pacific is anticipated to emerge as maximum revenue-generating region in overall E-waste recycling and reuse services market owing to increasing number of value chain participants such as de-manufacturers, re-furbishers, and recyclers.
Europe is expected to witness significant growth in global E-waste recycling and reuse services market in future due to strict regulations concerning e-waste recycling and waste collection in countries such as UK and Germany.
North America is expected to witness moderate growth in global E-waste recycling and reuse services market in the coming years owing to reduced presence of leading players in countries such as US and Canada.
The rest of the world is projected to witness sluggish growth in overall E-waste recycling and reuse services market in the years ahead.