The global waste recycling services market has come across as the most rapidly developing market. Numerous technological advancements are occurring in this market, thereby positively impacting the overall development. A large number of government initiatives across the globe are favoring the recycling of waste products, thereby significantly impacting the market growth. Moreover, the labor cost is at an economical rate is fuelling the growth of the waste recycling services market.
Factors such as increasing government initiatives towards waste product recycling, technological developments, and push for reuse of wastage materials is driving the growth of this market. Moreover, rising awareness towards the benefits of recycling among masses and increasing number of waste recycling companies are few other factors boosting the growth of the recycling industry. Various initiatives from government and subsidies given on products cut down the material costs, thereby encouraging the investment in business. Technological innovations and advancements in recycling procedures, that include biological and thermal technologies, is expected to drive the market during the forecast period. However, the high cost involved in waste recycling services will negatively impact the development of this market. Moreover, high utilization of natural resources within waste recycling services has also hampered the development of this market. Thus, the high demand and restricted supply will impede the growth of this market.
In Europe, construction and demolition waste has become a higher concern. The increase in waste and limited landfill space positively impacts the recycling efforts, thereby benefitting the development of waste recycling services market. Factors such as increasing government initiatives towards waste product recycling, technological developments, and push for reuse of waste materials is driving the growth of this market. Also, optimization of recycling and collection technologies is expected to increase the growth for waste recycling companies. By type of applications, the global waste recycling services market is divided into chemical, metallurgical, agriculture, textile, forestry, power and energy, and construction industry. Moreover, the waste recycling services market is further divided into automotive recycling, iron and steel, compost & food waste, battery recycling, glass & fiberglass, computer & electronics, Minerals, liquids oils & chemicals, multi-material collection, scrap plastic, waste paper, wood recycling, tire & rubber, waste disposal & collection, used commercial goods, used collectible items, used consumer items, and equipment.
The automotive segment is expected to hold a dominant position in the recycling services market and account for around 50% of the market share. Among all the segments, tire and rubber segment is expected grow at a sluggish rate in the near future. But, iron and steel is the other sub-segment of metal which is expected to garner over 50% of total revenue market in the near future. The global waste recycling services market is segmented on the basis of geography into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa (MEA). The Asia-Pacific is expected to dominate the market in coming years owing to the shift in production units from West to Asian region. Also, this production shift towards Asian recycling operations is highly dependent upon consumption and production. The North American and European region accounted for over 15% of the market share respectively. Japan is a significant market for the global waste recycling services market that has constructed over 300 waste-to-energy plants in the past years.
The major players in the global waste recycling services market are Eurokey Recycling Ltd., Northstar Recycling, Battery Council International, Amdahl Corporation, Epson Inc., Triple M Metal LP, Hewlett-Packard Development Company L.P., Interface Inc., Xerox Corp., Fetzer Vineyards, Collins & Aikman, Rubicon Global, and Zanker Road Landfill among others.
Market by Service Type
· Automotive recycling
· Iron and steel
· Compost & food waste
· Battery recycling
· Glass & fiberglass
· Computer & electronics
· Minerals, liquids oils & chemicals,
· Multi-material collection
· Others (scrap plastic waste paper, wood recycling, tire & rubber, waste disposal & collection, used commercial goods, used collectible items, used consumer items, and equipment)
Market by Application
· Power and energy
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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