E-Waste Management Market Expected to Grow at 15% Rate Through 2027
Driven by an increase in technology and outdated devices, their sustainability impacts, and the potential to regain usable metals and materials, the electronic waste management market is expected to grow at a significant clip, according to UnivDatos Market Insights.
The e-waste management market will grow at a CAGR of nearly 15% through 2027, according to the report. The report looked at sources of e-waste, including electric utilities, appliances, communication devices, and medical equipment. It also analysed the material recovery of metals, plastics, and glass.
E-waste must be recovered and recycled because it can contain toxic materials that could impact soil, water, and air. The market is also expanding because reusable materials can be important in several industries looking to increase circular production.
As a result, the metal segment accounts for a significant share of the e-waste management market. UnivDatos Market Insights says one reason for that growth is that the materials reduce the dependency on mining of those metals.
According to the United Nations, as much as 50 million metric tonnes of e-waste are produced each year. Less than 20% of it is recycled, with most of it ending up in landfills. The UN says the value of e-waste is more than $62.5 billion.
E-waste has also played a role in significant growth in the industrial waste management market, which is estimated by Transparency Market Research to be valued at $2.3 trillion by 2031. The IT asset disposition market is also expected to reach $31.8 billion by 2032 to recycle and recover materials from e-waste, according to Future Market Insights.
The focus on recovering materials has led to efforts by organisations such as the US Department of Energy-backed ReMade Institute to take on e-waste as part of an initiative to salvage energy-intensive resources. Companies such as headphone maker Skull Candy have programs that focus on repurposing discarded electronic items, as it has pledged to reduce 1 million pounds of e-waste.
The UnivDatos Market Insights report says North America is a leading region for the e-waste management market growth. Appliances, technology devices, and electric utilities all contribute the most e-waste.
The key companies in the market according to the report are Boliden, MBA Polymers, Electronic Recyclers International, Aurubis, Sims Metal Management, Umicore, Stena Technoworld, Enviro-Hub Holdings, Global Electric Electronic Processing, and Tetronics Environmental Waste Treatment Company.
Source: Environmental Leader