The waste recycling services market is anticipated to garner notable gains, registering a CAGR of 4.8% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The waste recycling services market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 88.01 billion by 2030 from US$ 57.69 billion in 2021. The report contains 150+ pages with detailed analysis.
The increasing volume of various waste materials owing to the surging economic activities across the globe has significantly driven the demand for the waste recycling services market. The rising awareness about the waste management systems and shifting focus towards sustainability is augmenting the demand for the waste recycling services. The stringent government regulations pertaining to the waste management and disposal is driving the corporate and government investments towards the deployment of waste management systems.
The surging number of wastes from various industries such as automotive, food and beverages, chemicals, and electronic industries is expected to fuel the growth of the waste recycling services market during the forecast period. Moreover, the surging investments in the research and development for the development of innovative waste management technologies are significantly driving the growth of the global waste recycling services market.
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Waste Recycling Services Market Scope:
|Market Size by 2028
|USD 80.01 Billion
|Growth Rate from 2022 to 2030
|CAGR of 4.8%
|North America, APAC, Europe, Latin America, MEA
Waste Recycling Services Market Report Highlights
- Based on the product, the paper and paperboard segment dominated the global waste recycling waste services market in 2020. The surging adoption of the paper packaging in the numerous industries to promote sustainable packaging solution has generated a huge amount of paper and paperboard wastes. This factors has significantly boosted the growth of the paper waste recycling services in the past few years.
- Based on the application, the industrial is estimated to be the fastest-growing segment during the forecast period. This is attributed to the rising industrialization in the developing and underdeveloped regions across the globe. The favorable government policies is resulting in the increased investments in the industrialization, which is expected to drive the growth of the global waste recycling services market during the forecast period.
Waste Recycling Services Market Regional Snapshot
Asia Pacific accounted for a market share of around 40% and dominated the global waste recycling services market in 2020. Asia Pacific is witnessing rapid industrialization owing to the cheap and easy availability of the factors of production and favorable government policies. The huge growth of the various industries such as chemical, electronics, and automotive industries has driven the growth of the Asia pacific waste recycling services market.
The surging government and corporate investments in the development of efficient waste management systems is further expected to fuel the growth of the market. Moreover, the stringent government regulation pertaining to the disposal of the industrial wastes is expected to drive the waste recycling services market significantly during the forecast period.
Europe was the second leading market in 2020. This is attributed to the stringent laws regarding the disposal of wastes. The increased government initiatives to shift towards green and clean environment has significantly boosted the growth of the Europe waste recycling services market. Moreover, the countries like Germany, Wales, and Austria have the highest recycling rate of over 52% across the globe.
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Waste Recycling Services Market Dynamics
Rising volume of e-wastes
The globe is witnessing a huge demand for the various electronic devices across the household and commercial spaces. The growing adoption of digital technologies across the globe has fueled the production and consumption of various electronic devices which is generating a huge volume of e-wastes. These e-wastes may have potential hazardous materials such as lead, beryllium, and calcium. Therefore, the e-wastes require a special attention in recycling and waste disposal. The surging volume of e-wastes is expected to drive the global waste recycling services market during the forecast period.
High costs involved
There is a huge capital investment required in the procurement of various machineries and devices in the recycling plants. Therefore, the huge capital investments in the waste recycling plant and the associated maintenance and repairs costs are the major restraining factors that may hinder the growth of the market during the forecast period.
Surging penetration of the e-commerce
The rising adoption of smartphones, growing popularity of online shopping, and growing number of internet users across the globe are the prominent factors that boosts the growth of the e-commerce industry. The e-commerce industry generates a huge volume of paper and paperboard packaging wastes that may present a lucrative growth opportunity to the market players operating in the waste recycling services market.
Poor quality of the recycled goods
The products made from the recycled materials are of lower quality in most of the cases. This may reduce the demand for the recycled goods, which is a major challenge for the players operating in the global waste recycling services market.
Some of the prominent players in the global waste recycling services market include:
- Eurokey Recycling, Ltd.
- Northstar Recycling
- Triple M Metal LP
- Amdahl Corporation
- Interface, Inc.
- Epson, Inc.
- Collins & Aikman
- Xerox Corp.
- Fetzer Vineyards
- Zanker Road Landfill
- Rubicon Global
- RU Recycling- und Umweltdienst GmbH
- Advanced Disposal Services
Segments Covered in the Report
- Paper and Paperboard
- Bulbs & Batteries
- Yard Trimmings
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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