Of late, technological advancements and the increase in the disposable income of consumers have been bringing in a massive transformation in the electronics industry. The augmenting demand for electronic products is resulting in a remarkable rise in electronic waste (e-waste). Nearly 20–50 million MT of e-waste, bursting with environmentally perilous waste, is generated every year, worldwide. As electronic recycling is highly efficient in recovering important and precious metals and in maintaining circular flow for achieving the availability demand, its application has increased significantly across the world.
According to Transparency Market Research (TMR), the global market for electronic recycling stood at US$9.8 bn in 2012. Expanding at a CAGR of 23.0% during the period from 2013 to 2019, the opportunity in this market is likely to reach US$41.3 bn by the end of 2019.
In this blog post, researchers have answered the important queries about the global electronic recycling market:
What are the key factors that influence the dynamics of the global electronic recycling market?
The generation of e-waste is directly proportional to the declining average life span of electronic gadgets. With a number of electronic products moving towards obsolescence, e-waste is likely to create a glut in the coming years, which is expected to impact the demand for electronic recycling solutions positively. Apart from this, the growing concerns of people regarding environmental conservation, together with the rising awareness among consumers pertaining to the benefits of recycling is projected to propel this market considerably over the next few years.
In addition, the increasing support by governments, nonprofit organizations, and original equipment manufacturers (OEMs) and the growing visibility in collection methods will drive the market further. However, the lack of public education, leading to high recycling costs may hamper the growth of this market in the near future.
Which of the regional markets is expected to acquire the leading position?
The worldwide market for electronic recycling is spread across Asia Pacific, North America, Europe, and the Rest of the World. In 2012, Europe acquired the leading position and was closely followed by North America. Supported by the efficient reinforcement of strict rules and regulations regarding the recycling of e-waste, these regions are likely to remain dominant over the forthcoming years.
Asia Pacific, on the other hand, is expected to witness fast-paced growth of its market for electronic recycling in the near future on account of the speedy infrastructural development of the IT industry in Pakistan, South Africa, China, and India.
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What are the most preferred strategies among key players?
With intense rivalry between leading players, such as A2Z Group, American Retroworks Inc., and CRT Recycling Ltd., the global electronic recycling market exhibits a highly competitive structure. To withstand this environment, key participants mostly rely on product innovation. However, nowadays, their focus is shifting towards strategic partnerships with new entrants in order to reduce competition as well as increase their visibility.