E-Waste Management Market to Top USD 11.0 Billion by 2024
According to the report, global e-waste management market was valued at approximately USD 3.0 billion in 2017 and is expected to generate revenue of around USD 11.0 billion by the end of 2024, growing at a CAGR of around 20.2% between 2018 and 2024.
16 July 2019, New York -- According to the report, global e-waste management market was valued at approximately USD 3.0 billion in 2017 and is expected to generate revenue of around USD 11.0 billion by the end of 2024, growing at a CAGR of around 20.2% between 2018 and 2024.
The rapid technological advancement and continuous innovation in the product have led to an upsurge in the sales of electronic devices and products across the world. Particularly computer devices, mobile devices, and television are experiencing the highest growth rate which is expected to drive the e-waste management market growth over the forecast period. Moreover, due to rising purchasing power and growing trend of disposable income of people, the sales of the electronic devices are growing significantly. New product launches with advanced features and additional services attract the consumers to upgrade old products with the new ones. This has been decreasing the lifespan of electronic devices to around 3-4 years. Accordingly, this is also generating e-waste at a tremendous rate. The ongoing sales of electronics products mainly in the developing countries anticipate offering growth opportunities for e-waste management in the future years. Such factors are expected to drive the e-waste management market growth over the forecast period.
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Disposal of the e-waste is the problem faced by most of the regions. Computer wastes are landfilled and may produce contaminated leachates that could pollute the groundwater. Acids and sludge are produced due to the melting of computer chips; when disposed on the ground may give rise to the acidification of the soil. It is projected that around 75% of electronic items are stored due to the uncertainty of management. These electronic junks are left unattended in warehouses, houses, offices, etc. and usually get mixed with the household wastes that are disposed of at landfills. Thus, demand for the proper e-waste management is growing at a high scale. The International Association of Electronics Recyclers (IAER), estimated that 3 billion electrical and electronic appliances could become e-waste. Globally, around 20-50 MT of e-waste is disposed of every year, which accounts for 5% of all municipal solid waste.
The e-waste management market is segmented on the basis of material recovery into PCBs, plastic, ceramics, metals, glass, wood, and others. Metal segment held major revenue share in 2017. The growth is attributed to the metals that are mostly used in every component, printed circuit boards (PCBs), and microcontrollers. Electrical and electronic products consist of components that use conductive metals, metal tracks, and solders.
Based on source type, the e-waste management market has been segmented as household appliances, entertainment and consumer electronics, IT & telecommunications, and others. Consumer electronics is expected to contribute for significant revenue share in 2017. The increasing acceptance of consumer electronics in the commercial and residential sectors is the major driving factor which will increase demand for the product.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the global e-waste management market. North America held the significant revenue share in 2017 and is expected to continue its regional supremacy over the forecast period. The growth is attributed to a large number of e-waste generated in the region. For instance, in 2012 e-waste produced on an average by the U.S. was estimated at about 29 kg/person. The Asia Pacific is expected to contribute to the highest growth rate. Growing disposable income in developed, as well as emerging economies coupled with the increased adoption of electronic devices, is the major driver for e-waste management market growth in the Asia Pacific region.
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Some of the industry players operating in the 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.