- The global e-waste management market is expected to grow at a compound annual growth rate (CAGR) of 20.5 per cent from 2020 to 2027
- Consumer electronics segment will establish a dominant position among the source types by 2024 as per the report
The global e-waste management market is expected to reach $ 13.3 billion by 2026 as per a report by Facts and Factors. It added that the valuation stood at $3.6 billion in 2019. The global e-waste management market is expected to grow at a compound annual growth rate (CAGR) of 20.5 per cent from 2020 to 2027.
It added, “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.”
In 2019, Asia Pacific was the largest market of e-waste management
Three processes, including reuse, landfilling, and incineration, perform the disposal of e-waste. It is observed that both landfilling and incineration have a major negative effect on the atmosphere as well as human health. Reuse is an affordable and sustainable approach to globally reducing the production of e-waste.
The report added that swift urbanisation and industrialisation have contributed in the development of new technologies such as IoT in both developing markets and developed countries. This has generated huge demand in the business sphere for electronic products, giving rise to the production of e-waste, thus influencing market trends.
It added, “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.”
It further said, ” 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.”
The report said that in 2019, the disposal segment dominated the market. 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. This is due to the rise in spending power in developed and emerging economies coupled with the rising statutory of electronic devices.
Consumer electronics segment to lead
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 and electrical items. Other than this, metals find extensive applications in microcontrollers and printed circuit boards.
Consumer electronics segment will establish a dominant position among the source types by 2024 as per the report. This is due to the massive demand for consumer electronic goods in the commercial as well as residential sectors.
The report added, “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. “
North America will contribute majorly towards the overall market revenue share
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, along 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.
As per the report, North America will contribute majorly towards the overall market revenue share by 2024. This is due 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.