Analysis of Electronic Waste Management Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~15% During 2023-2035 and Attain ~USD 190 Billion by 2035.
Research Nester assesses the growth and market size of the global electronic waste management market which is anticipated to be on account of the growing demand for electronic gadgets and less lifecycle of these products.
New York – May 10, 2023- Research Nester’s recent market research analysis on “Electronic Waste Management Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global E-waste management market in terms of market segmentation by material type, treatment, source, and by region.
Growing Generation of Electronic Waste to Promote Global Market Share of Electronic Waste Management
The global E-waste management market is estimated to grow majorly on account of the exponentially increasing generation of electronic waste all across the world. For instance, 58 million metric tonnes of electronic waste was generated in 2021. The total is growing by an average of 2 million metric tons in a year.
Moreover, the improper disposal of E-waste and its negative impact on the environment is expected to increase the demand for better E-waste management. In addition, the growing health threats such as bronchitis, kidney failure, and Wilson’s disease from improper disposal of hazardous materials from e-waste and incineration have increased the need for efficient scrap management techniques. Furthermore, the availability of precious metals like gold, silver, platinum, and gallium creates e-waste recycling an appealing and realistic choice.
Some of the major growth factors and challenges that are associated with the growth of the global e-waste management market are:
Growth Drivers:
- Surge in the Use of Mobile Phones
- Increasing Demand for Electronic and Smart Devices
Challenges:
The lack of proper awareness regarding the disposal and discard of waste, not many people across the world are aware of the correct ways to dump or dispose of electronic waste, and various regions across the globe still don’t have proper regulations on the disposal of e-waste and also the high cost of recycling these waste are some of the major factors anticipated to hamper the global market size of electronic waste management.
By Source, the global electronic waste management market is segmented into household appliances, commercial devices, industrial devices, and others. The household appliances segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. This can be attributed to households creating the largest consumer base for electronic gadgets, therefore, the generation of E-waste is at its peak. The sale of electronic devices in this segment can be attributed owing to the advancement in technology, growing disposable income, and rise in the world population. Most electronic devices found as electronic waste comes from the houses of people such as washing machines, refrigerators, lighting, microwave oven, dishwashers, toasters, sandwich makers, and many more. Small appliances such as dishwashers, ovens, and toasters currently generate e-waste owing to the fact that people prefer to buy new things instead of repairing them. The reason behind this is that the cost of repairing an electronic is higher than getting a new one.
By region, the North American e-waste management market is to generate the highest revenue by the end of 2035. This growth is anticipated by higher sales and demand for mobile phones followed by the rise in per capita income. As per the statistics, United States smartphone shipment in 2023 was valued at 125 million. Moreover, increasing e-waste content in the region is anticipated to drive the growth of this market in the region by the end of 2035. Moreover, North America is a region that has strict restrictions and regulations regarding electronic waste collection and disposal. For instance, In the state of Victoria, it is completely illegal for e-waste to enter landfills as it holds harmful substances and must be separated from other wastes. The EPA also imposes some e-waste policies on the Victorian Government in the state. Furthermore, the presence of major electronic waste recycling and reprocessing companies are expected to drive the growth of this market in the forecast period in the North American region. Additionally, Recycling one million laptops saves the energy equivalent to the annual energy consumption of 3,600 US households.
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This report also provides the existing competitive scenario of some of the key players of the global electronic waste management market which includes company profiling of Capital Environment Holdings Limited, Aurubis AG, Boliden Group, Eniro-Hub Holdings Ltd., Umicore, BA Polymers Inc., Electronic Recyclers International, Inc., Sims Limited, Stena Metall Group, WM Intellectual Property Holdings, L.L.C