New York, NY, Nov. 20, 2020 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “E-Waste Management Market by Material Recovery (Plastic, Metals, Glass, PCBs, Ceramics, Wood, Others), By Source Type (Household Appliances, Entertainment, and Consumer Electronics, IT & Telecommunications and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024”.
According to the research study, the global E-Waste Management Market was estimated at USD 3.6 billion in 2019 and is expected to reach USD 13.3 billion by 2026. The global E-Waste Management Market is expected to grow at a compound annual growth rate (CAGR) of 20.5% from 2020 to 2027.
Global E-Waste Management Market Growing On the Back of Rapid Innovations in Technology Is Major Driving Factor and Health Hazards Associated With E-Waste Is Likely To Increase the E-Waste Management Market.
Disposal of electronic or electrical devices is e-waste or electronic waste. Also, used electronic devices are often called e-waste that can be reused, by content recovery. With the exception of this, when an e-product is discarded after the end of its life cycle, electronic waste is produced. As a consequence of the massive usage by consumers of electrical or electronic goods, a large amount of e-waste is generated.
Browse through 49 Tables & 21 Figures spread over 185+ Pages and in-depth TOC on “Global E-Waste Management Market Size & Share 2019 Updated Analysis Report and Forecast to 2026”.
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Three processes, including reuse, landfilling, and incineration, perform the disposal of e-waste. However, it is observed that both landfilling and incineration have a major negative effect on the atmosphere as well as human health. On the other hand, reuse is an affordable and sustainable approach to globally reducing the production of e-waste. The global awareness campaigns conducted by different governments and NGOs focusing on the successful collection, care, and recycling of e-waste is likely to propel the market’s growth. Besides, companies such as Panasonic Corporation, Microsoft, HP, and Dell have already launched projects to coordinate broad take-back schemes to recycle or reuse outdated equipment by partnering with recycling companies.
Swift urbanization and industrialization have contributed in the development of new technologies such as IoT in both developing markets and developed countries. This, in turn, has generated huge demand in the business sphere for electronic products, giving rise to the production of e-waste, thus influencing market trends. Also, health issues such as bronchitis, Wilson’s disease, and kidney damage are accompanied by the removal of electronic waste, creating a huge need for developing competent e-waste disposal methods. During the period 2019 to 2026, this will cause the development of the e-waste management industry. Manufacturers of electronic equipment are introducing innovative e-waste disposable strategies such as green packaging strategies and the use of recycled electronic goods after their lifecycle, along with the introduction of a take-back policy to handle e-devices. To help the e-waste management industry gather momentum over the forecast timeframe, these aforementioned factors are predicted. In addition, governments across the globe are adopting laws & guidelines to handle e-waste appropriately.
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Top Market Players
Some of the leading and top e-waste management companies in the global e-waste management market include enviro-Hub Holdings Ltd., Global Electric Electronic Processing Inc., Boliden AB, Tetronics (International) Ltd., MBA Polymers, Inc., Umicore S.A., Stena Technoworld AB, Aurubis AG, Electronic Recyclers International, Inc. and Sims Metal Management Ltd.
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In 2019, the disposal segment dominated the market. Three techniques, particularly landfilling, reuse, and decomposition, are used for the disposal of e-waste. However, it is observed that both landfilling and decomposition have a major negative effect on the atmosphere as well as human health. On the other hand, reuse is an affordable and sustainable approach to globally reducing the production of e-waste. Due to the global awareness initiatives conducted by different governments and non-governmental organizations (NGOs) focusing on the efficient collection, care, and recycling of e-waste, recycling is likely to record a significant CAGR. In 2019, Asia Pacific was the largest market of e-waste management. One of the main growth stimulants for the region’s market is the rise in spending power in developed and emerging economies coupled with the rising statutory of electronic devices.
Metals to dominate the material recovery segment by 2024 in terms of revenue
The growth of the metals segment over the forecast timeline is attributed to the massive usage of the metal tracks, conductive metals, and metal solders in manufacturing some of the key components of electronic & electrical items. Apart from this, metals find extensive applications in microcontrollers and printed circuit boards.
Consumer electronics segment to establish a dominant position among the source types by 2024
The segmental growth over the period from 2018 to 2024 is due to the massive demand for consumer electronic goods in the commercial as well as residential sectors.
In addition, developed nations like the U.S. and the U.K. exports to Asian countries a considerable amount of e-waste produced by them, which is predicted to bode well for the regional market during the years to come. Compared to other Asian countries and many developing countries around the world, China is the most populated country in the world with a much greater demand for electronics. China is raising its annual rate of local output of electronics to address this demand. In addition, due to the illegal processing of e-waste from developed nations, coupled with increasing government regulations for comprehensive collection and recycling of technological scrap in the region, the Middle East & Africa region is expected to deliver the highest CAGR over the forecast period.
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North America to contribute majorly towards the overall market revenue share by 2024
The regional market growth during the forecast timeframe is credited to a large amount of the e-waste produced in the North American sub-continent as a result of a reduction in the lifespan of the consumer electronic goods like computers, desktops, laptops, smartphones, and tablets producing a huge amount of e-wastes requiring effective disposable.
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This report segments the global E-waste Management market as follows:
Global E-Waste Management Market: Material Recovery Segment Analysis
Global E-Waste Management Market: Source Type Segment Analysis
- Household Appliances
- Consumer Electronics
- IT & Telecommunications
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