The global e-waste recycling market is on an upward trajectory and is projected to continue to grow $8,619.33 million in 2023 that $13,944.51 million by 2028driven by a compound annual growth rate (CAGR) of 10.10%.
The e-waste recycling market is taking on staggering proportions $23,602.96 million by 2033driven by CAGR 11.10% from 2028. One of the primary factors contributing to the strong growth is increasing industrialization in various regions.
Rising industrialization is driving forward the recycling of electronic waste
Industrialization has had a significant impact on the e-waste recycling industry by developing recycling technologies, increasing processing capacities, and improving overall efficiency and cost-effectiveness. As nations ramp up their industrial production, the demand for efficient and sustainable e-waste management solutions has increased. For example, India’s index of industrial production (IIP) has registered a growth of 11.7% in October 2023, compared to 5.1% in December 2022. Similarly, US industrial production rose 4.3% year-on-year in the second quarter of 2024. .
This industrial growth has led to the development of state-of-the-art recycling infrastructure, which is key to managing the growing volume of electronic waste. Industrial production in countries such as Australia has also increased, further fueling the e-waste recycling market.
Technological innovations to support sustainability
In addition to industrialization, technological developments also play a key role in transforming the e-waste recycling environment. Market leaders are focusing on developing innovative recycling techniques to improve the recovery of valuable materials from e-waste. These developments not only improve the utilization rate of materials, but also promote sustainability and the reduction of environmental impacts.
For example, ANDRITZ, an Austrian-based technology group, introduced the ADuro G-1600S granulator in September 2022. This advanced shredding technology allows for more sustainable recycling of e-waste by providing higher lifetime wear protection and reduced downtime, thereby providing higher production rates. .
E-waste recycling market segmentation
The e-waste recycling market is segmented by product, processed material and application:
- By product: The market is divided into IT and telecommunications equipment, small household appliances, large household appliances, consumer electronics and other products.
- According to processed material: The market includes segments such as metal, glass, plastic and other processed materials.
- By application: The market is segmented into materials trading and recycling materials.
These segments reflect the diversity of e-waste types and recycling processes resulting in market growth.
Regional insights and future prospects
In 2023, Western Europe led the e-waste recycling market with 30.21% of the total market value, followed by North America and Asia Pacific. Looking ahead, Asia Pacific and Africa are expected to witness the fastest growth in the e-waste recycling market with a CAGR of 11.59% and 11.34%, respectively.
As the global problem of e-waste continues to escalate, the e-waste recycling market is poised for significant expansion. A combination of increasing industrialization and ongoing technological innovations will be key drivers of growth, providing more efficient and sustainable solutions for e-waste management.
Where to find out more
E-Scrap Recycling Global Market Report 2024 The Business Research Company offers detailed analysis of e-waste recycling market trends, highlighting key drivers, challenges and competitive benchmarking of top players.
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