Zion Market Research has published a new report titled “Waste Recycling Services Market by Waste Type (Compost & Food Waste, Glass & Fiberglass, Metal Scraps, Waste Paper, Electronic Waste, and Others) and by Application (Municipal, Industrial, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024”. According to the report, the global waste recycling services market was valued at approximately USD 264.93 billion in 2017 and is expected to generate around USD 376.78 billion by 2024, at a CAGR of around 6.10% between 2018 and 2024.
The ongoing trend of recycling and reusing is going to enhance the waste recycling services market growth in the forecast period. Currently, recycling of waste is among one of the modern technology trends globally. Due to rapid technological advancements, there has been a lot of change in procedures and methods of operation in the waste recycling services industry. The primary factor likely to boost the waste recycling services market over the forecast period is the short lifespan of consumer electronic devices, which generates huge amounts of electronic waste. Rapid urbanization and growing urban population are anticipated to positively impact the waste recycling services market in the future. As per the United Nations, in 2012, nearly 50 million tons of electronic wastes was generated globally and each person on an average produced 15 lbs of electronic wastes or e-waste. In the same year, the UN also stated that the UK produced nearly 1.3 million tons of electronic wastes. The rising urbanization is likely to propel the waste recycling services market expansion in the future. Major government initiatives related to sustainability to reduce environmental hazards are likely to offer growth opportunities to the players operating in the waste recycling services market in the future.
By waste type, the waste recycling services market is segmented into compost and food waste, glass and fiberglass, metal scraps, waste paper, electronic waste, and others. The electronic waste segment is likely to dominate the market in the forecast timeline, owing to the lowered lifespan of consumer electronic devices, which, in turn, results in the generation of huge amounts of electronic waste. By application, the waste recycling services market is segmented into municipal, industrial, and others. The municipal segment is expected to dominate the market in the upcoming years, owing to the number of waste products generated in urban areas, which is directly proportional to the rising population.
By region, North America is projected to witness significant growth in the global waste recycling services market in the years ahead. This regional growth can be attributed to the increasing number of electronic goods and other equipment that are castoff annually due to consumers up-gradation to technologically advanced devices and products and a large number of government initiatives in the U.S. to recycle electronic wastes to maintain sustainability. The Asia Pacific region is predicted to offer significant growth opportunities for waste recycling services market over the estimated timeframe, owing to the increasing per capita income of the middle-class population and rapid urbanization. The growing rate of urbanization is likely to positively impact the waste recycling services market.
Some key players operating in the global waste recycling services market include Collins & Aikman, Triple M Metal LP, Amdahl Corporation, Hewlett-Packard, Battery Council International, Zanker Road Landfill, Northstar Recycling, Eurokey Recycling, Ltd., Xerox Corp., Interface, Inc., Epson, Inc., Fetzer Vineyards, and Rubicon Global.
This report segments the global waste recycling services market as follows:
Global Waste Recycling Services Market: Waste Type Analysis
Global Waste Recycling Services Market: Application Analysis
Global Waste Recycling Services Market: Regional Analysis
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