The global e-waste management market is expected to grow at a CAGR of around 14.5% from 2020 to 2027 and expected to reach a market value of around US$ 142.5 Bn by 2027.
E-waste is a colloquial term for electronic products that have reached the end of their "useful life". Common electronic products include computers, televisions, VCRs, stereos, copiers, and fax machines. Many of these items can be reused, repaired, or recycled. Electronic waste, also known as e-waste, is created when electronic and electrical equipment is no longer fit for its original purpose or has passed its expiry date. E-waste includes computers, servers, mainframes, monitors, compact discs (CDs), printers, scanners, copiers, calculators, fax machines, battery cells, cellular phones, transceivers, TVs, iPods, medical equipment, washing machines, refrigerators, and air conditioners (when unfit for use). Because of rapid technological advancements and the production of newer electronic equipment, these electronic equipment are quickly replaced with newer models.
High government involvement coupled with stringent policies support the growth of global e-waste management market
According to the ASSOCHAM report (2017), the government may consider collaborating with the industry to develop formal/standard operating procedures and a phased approach to the agenda of reducing e-waste to the lowest possible level. Alternatively, the government may refer to methods used by other countries for efficient e-waste collection and recycling. According to the study, South Korea, one of the largest producers of electronics, recycled 21% of the total 0.8 million tonnes of e-waste produced in 2015. Special concessions should be provided to encourage the establishment of start-ups related to e-waste recycling and disposal. There is a well-established collection network in the unorganized sector. However, in the case of the organized sector, it is capital-intensive. As a result, if both sectors coordinate and cooperate, the materials collected by the unorganized sector may be handed over to the organized sector to be processed in an environmentally friendly manner. In this scenario, the government can play a critical role in bridging the gap between the two sectors and ensuring the successful processing of e-waste. It is past time for the government to take a proactive approach to recycling and disposing of e-waste in a safe manner in order to protect the environment and ensure the well-being of the general public and other living organisms.
It is critical to increase information campaigns, capacity building, and awareness in order to promote environmentally friendly e-waste management program. To reduce the illegal trade of e-waste, increased efforts are urgently needed to improve current practices such as collection schemes and management practices. Reducing the amount of hazardous substances in e-products will also help dealing with specific e-waste streams because it will aid in the prevention process. The expansion of the IT and communication sectors has increased the use of electronic equipment exponentially. Consumers are being forced to discard old electronic products more quickly as technology advances, adding e-waste to the solid waste stream. The growing e-waste problem necessitates a greater emphasis on e-waste recycling and better e-waste management.
The informal sector dominates e-waste collection, transportation, processing, and recycling. The industry is well-connected but unregulated. Often, all of the materials and value that could be recovered are not recovered. Furthermore, there are serious concerns about toxin leaks into the environment as well as worker safety and health. In addition, informal electronics recycling/reuse channels such as repair shops used product dealers, and e-commerce portal vendors collect a significant proportion of discarded electronics for reuse and cannibalization of parts and components. Such factors impede the global e-waste management market's expansion.
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According to a World Economic Forum report, constant technological advancements have resulted in an increasing global e-waste challenge. While US households produce less e-waste by weight than they did in 2015, only about 35% of it is recycled. Hazardous compounds, such as lead and mercury, can leach into groundwater when devices decompose in landfills. Thirty years of data demonstrate why the volume of e-waste in the United States is decreasing. New products are lighter and smaller than previous offerings. Smartphones and laptops have surpassed desktop computers in popularity. Televisions with thin, flat screens have displaced bulkier cathode-ray tubes, and streaming services are replacing standalone MP3, DVD, and Blu-ray players. Households in the United States now produce about 10% less electronic waste by weight than they did at their peak in 2015. E-waste recycling laws have been enacted in 25 U.S. states and the District of Columbia due to health and environmental concerns.
The global e-waste management market is segmented as processed material, source, and application. By processed material, the market is segmented as metal, plastic, glass, and others. Based on source, the market is segregated into industrial electronics, consumer electronics, and others. By application, the market is bifurcated into disposal and recycles.
Based on the processed material, the metal segment has held a significant market share in the past and is expected to do so again during the forecast period. According to the source, the consumer electronics segment contributes the most to the global e-waste management market's growth. Furthermore, the disposal segment accounts for the majority of the growth in the global e-waste management market in terms of application.
North America dominates; Asia Pacific to register fastest growing CAGR for the e-waste management market
North America is the market leader in e-waste management, followed by Europe. These regions are sensitive to environmental pollution issues and thus contribute the most to the global e-waste generation market. This is one of the most important factors that have a positive impact on market growth.
Asia Pacific, on the other hand, is expected to follow suit in terms of significant growth in the coming years. Because this region is habitat to many consumer electronics manufacturers, the need to reduce e-waste is expected to grow and drive the market in the coming years. Countries such as China and Japan are expected to be major market contributors.
The prominent players of the global e-waste management market involve Aurubis AG, Boliden AB, MBA Polymers, Electronic Recyclers International, Inc. (ERI), Sims Metal Management Ltd, Umicore N.V., Stena Technoworld AB, Tetronics, and among others
Market By Processed Material
Market By Source
Market By Application
E-waste management market is expected to reach a market value of around US$ 142.5 Bn by 2027.
The e-waste management market is expected to grow at a CAGR of around 14.5% from 2020 to 2027.
Based on processed material, metal segment is the leading segment in the overall market.
High government involvement coupled with stringent policies is one of the prominent factors that drive the demand for e-waste management market
Aurubis AG, Boliden AB, MBA Polymers, Electronic Recyclers International, Inc. (ERI), Sims Metal Management Ltd, Umicore N.V., Stena Technoworld AB, Tetronics, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years