Consumers are being enticed to buy the latest electronic devices by the rapid growth of technology and the rise in user interference capabilities of electronic products. This has led to a significant increase in the amount of electronic waste (also known as "e-waste") generated globally in past few years. Electronic waste has always accumulated over time as a result of the heavy usage of electronic devices. Global production of electronic trash is estimated to be between 20 million and 50 million tons, as per a U.N. study. About 20% of it gets recycled, which is a pretty small percentage. In the US, around two million tons of electronic garbage are disposed of annually. A severe challenge to the environment is posed by the fact that just 10% of the nation's total e-waste is anticipated to be recycled. This factor is estimated to trigger growth of the global electronics recycling market in the years to come.
Given that e-waste contaminates the water, land, and air, it has become clear that it poses one of the major hazards to the planet. The very dangerous compounds found in e-waste include arsenic, cadmium, lead, mercury, and other poisons.
Type, source, and region are important market parameters that were considered whilst segmenting the global electronics recycling market.
A contract to buy the recycling and refining firm Metallo Group, located in Belgium, was signed by Aurubis AG in May 2019. After the acquisition, Aurubis AG's recycling portfolio is anticipated to witness significant expansion. The Metallo Group's cutting-edge technology solutions is expected to support Aurubis AG's recycling agenda.
Some of the major players in the global electronics recycling market are as mentioned below
Below-mentioned developments, restraints, opportunities, and drivers are anticipated to characterize the global electronics recycling market
Consumer electronics items are becoming more and more affordable, and the industry is being driven by consumers' steadily increasing concern over the dangers of electrical waste as well as shorter product life cycles. The market for electronic recycling is also significantly influenced by favorable government as well as industry certification in e-waste management. Development of the global electronic recycling market is being hampered by the lack of skilled and experienced manpower in the management of e-waste and by the absence of effective e-waste recycling technologies in developing nations. The third-party certification in e-waste management is becoming more and more of a commercial opportunity in developed nations for electronic recycling. Leading vendors of IT and electronic goods, including Cisco, Dell, and HP, have collaborated with StEP (Solving the E-waste Problem), a global movement aimed at improving the way electronic wastes is disposed of. In the upcoming years, it is anticipated that this would improve e-waste disposal and management.
Europe, trailed by North America, is likely to account for a leading share of the global market in the years to come. The rigorous government guidelines governing e-waste is expected to be linked to the region's well-established e-waste management system, which together account for Europe's market superiority. When compared to Europe, the growth of the North American electronic recycling market is likely to grow at a faster pace.
In the global market for electronic recycling, Asia-Pacific is predicted to develop at an extremely rapid pace. Electronic garbage has accumulated throughout Asia-Pacific as a result of the region's burgeoning industrial sector and rising consumer spending power. At present, the majority of Asia-Pacific nations do not have robust laws and regulations governing the management and disposal of electronic trash. Several steps have been taken to control the e-waste management system in nations like India and China. For the leading companies in the electronic recycling market, the Asia-Pacific's plenty of e-waste is likely to present untapped potential. However, a major barrier to the industry's growth in the region is consumers' lack of understanding.