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The global e-waste management market is expected to grow at a 12.82% CAGR from 2023 to 2028 with a process to collect e-waste, recover and recycle material using safe methods, or dispose of e-waste using appropriate techniques to reduce its negative envir
Jan, 31
2023

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The global e-waste management market is expected to grow at a 12.82% CAGR from 2023 to 2028 with a process to collect e-waste, recover and recycle material using safe methods, or dispose of e-waste using appropriate techniques to reduce its negative envir

 

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E-waste is a new and rapidly growing waste stream with vivid and complex characteristics. Rapid technological innovation and drastically reduced product lifespans are two major contributors to the growing amount of e-waste. Despite major policies in place by various countries regarding the collection and processing of e-waste in professional treatment facilities, efforts, collection, and state-of-the-art facilities dedicated solely to this purpose are limited, and the majority of small nations have yet to develop such an e-waste management system. Adding to the crisis, some of the world's e-waste is being shipped long distances to smaller and developing countries, where crude, inefficient, and backyard techniques are being used to extract material components that not only harm the local natural environment but also the workers in the factories. The global trade of these electronic parts, as well as their poor recycling, has resulted in environmental disasters such as the Guiyu in China and the Agbogbloshie in Ghana.

According to the research report, "Global E-Waste Management Market Research, 2028" published by Actual Market Research, the market is anticipated to reach market size of USD 122.48 Billion by 2028, increasing from USD 60.27 Billion in 2022. Further, the market is projected to grow with 12.82% CAGR for 2023-28. The rising importance of e-waste recycling is one of the major trends that will gain traction in the e-waste management market during the next four years. The growing middle-income population in developing countries and the changing consumer behaviour result in the fast replacement of electronic devices. The electronic device manufacturers follow sustainable development and disposal practices to manage devices at their end-of-life period. Companies such as Dell, Microsoft, HP, Panasonic, and Fuji Xerox have already introduced programs by partnering with recycling firms to organize large take-back programs to recycle out-dated equipment and manage their e-waste. They also concentrate on designing devices to make the dismantling and replacement of components easy. E-waste contains special and precious metals including silver, gold, palladium, platinum, indium, and gallium. These scarce elements are widely used in production of consumer electronics and IT & communication devices. Due to scarcity of these metals, prices associated with their products are also high. This has increased the need to reuse, refurbish, and recycle devices made from metals. Thus, these issues certainly force manufacturers of electronic devices to look for raw materials available from recycled e-waste. This also benefits nations to reduce greenhouse gas emissions and certainly help reduce hazards of global warming.

On October 14, International E-Waste Day is celebrated each year as a time to consider the effects of electronic waste and the steps that must be taken to improve the circularity of electronic products. The WEEE Forum established International E-Waste Day in 2018 to promote recycling of used electrical and electronic equipment and encourage consumers to do so. Leading experts and producer responsibility organizations are urging households, businesses, and governments to support efforts to transport more unused plug-in or battery-operated products to facilities where they can be repaired or recycled to recover a significant amount of valuable materials and cut down on the need for new resources on International E-Waste Day. Prices for rare metals have skyrocketed as a result of their increasing demand and limited supply. These metals must be extracted from e-waste in order to be utilized in another production. For instance, approximately 250 kilograms of silver, 24 kilograms of gold, and nine tonnes of copper can be recovered from one Million mobile phones that are e-waste. Manufacturers can benefit from this as well, as they can produce electronic devices at a lower cost and outperform rivals in terms of cost.

As per the report, the market is divided into different types of sources, like household, consumer, and industrial appliances, among others. In 2022, it is anticipated that the home appliances industry will continue to dominate the global e-waste management market. Home appliances account for a significant portion of the global e-waste stream. As a result, effective regulations to deal with huge amounts of e-waste must now be developed. Several nations require the collection of electronic goods for end-of-life management from manufacturers and importers. Electronic waste can either be recycled or reused by manufacturers themselves. Under the Home Appliances Recycling Law, for instance, consumers of appliances like refrigerators, air conditioners, and washing machines in Japan are required to send them to stores so that they can send them to businesses. The environment that is favourable to recycling e-waste is being created by these regulations.

The global market is divided into North America, Europe, Asia-Pacific, South America, the Middle East and Africa, and Asia-Pacific. Due to rising production and consumption of electrical and electronic components across the region, Asia-Pacific is expected to dominate the market in 2022. Metals, for example, pose a threat to human health and the environment when old electronics are disposed of. The harm that e-waste causes around the world have significantly increased due to the rising quantity and pollution it produces. South America, on the other hand, is expected to expand at a higher CAGR than other regions between 2023 and 2028. E-waste is produced and imported by nations in South America, influencing the regional stream that typically lies outside the guidelines. E-waste has emerged as a prominent issue in public plans across South America on a regular basis. Also, the Ministry of Education in Argentina is running a campaign about how important it is to recycle computer equipment.

Furthermore, North America acquired a commendable share of the worldwide market for e-waste management due to the stringent rules that the Environmental Protection Agency has put in place in this area. Additionally, the rising per capita earnings in the region's several nations have compelled people to regularly upgrade the devices they buy. Sales of electronic goods, including mobile phones, laptops, and refrigerators, have surged over the past ten years, which has led to an increase in the amount of e-waste produced in the area. Further, the market is anticipated to witness higher traction across various developing economies, mainly owing to the development of new products due to continuous innovations and the constantly declining prices of electronic products. Moreover, growing urbanisation and population, coupled with rising disposable income and constantly evolving residential infrastructure, are further contributing to the e-waste management market in the region. Also, owing to the rising government regulations for the systematic collection and recycling of electronic scrap in the region, the market is growing at a commendable rate.

In terms of e-waste recycling and reuse, Europe is a key region. Various government initiatives to promote greener and more sustainable solutions, as well as to reduce the negative impact of e-waste generation, are expected to boost growth. For example, the European Commission launched a new circular economy action plan aimed at reducing electronic and electrical waste in 2020. Electronic waste, which includes refrigerators, cell phones, and laptop computers, is one of the EU's fastest growing waste streams. Because of the explosive growth in electronic and electrical equipment waste, a scarcity of valuable metals, and high mining costs, e-waste recycling is critical. Europe has also established stringent environmental protection legislative frameworks because, in comparison to other continents, it has the least amount of land remaining for landfills. The area's market for recycling e-waste is expanding due to all these causes.

The growing e-commerce sales of electronics are also expected to boost the growth of the e-waste recycling market in the coming years. The governments of various countries across the globe are increasingly introducing various policies for e-waste management across the value chain of the electronic devices industry. In addition, several non-profit organizations and government agencies are also taking initiatives to increase awareness regarding the proper disposal of e-waste among consumers. This factor will have a positive impact on the e-waste management market. The government policies and standards for e-waste management are also expected to cushion the e-waste management market's expansion. South America is expected to grow considerably, owing to the adoption of latest technologies. It is expected to increase the demand for electronics, further driving the e-waste generation rate. Furthermore, the organizations that have been specialised by third-party auditors will present additional potential prospects for the expansion of the e-waste management industry in the future years. On the other hand, the Middle East & Africa is expected to create opportunities for e-waste recycling, owing to its ability to feed the domestic industries' income through precious metal recovery.

In addition, the market is divided into various material categories, such as glass, metal, and plastic, among others. In 2022, the metal segment held the lead in the type of global e-waste management market share, and it is anticipated that it will continue to do so in future years. As per the report, the market is divided into different types of sources, like household, consumer, and industrial appliances, among others. In 2022, it is anticipated that the home appliances industry will continue to dominate the global e-waste management market. Home appliances account for a significant portion of the global e-waste stream. As a result, effective regulations to deal with huge amounts of e-waste must now be developed. Several nations require the collection of electronic goods for end-of-life management from manufacturers and importers.

The report is divided into trashed and recycled e-waste according to the application type. Due to a lack of awareness regarding the environmental harm that e-waste causes, the trashed segment commanded the largest share of the market in 2022. Also, there is no information on how to properly collect, recycle, and dispose of e-waste, which suggests that it is managed outside of the allowed collection system. Electronic waste can be disposed of in one of three ways: recycling, burning, and landfilling. However, it has been discovered that both incineration and landfilling have a significant negative impact on human health and the environment. On the other hand, recycling is a cost-effective and long-lasting strategy for reducing global electronic waste production. During the forecast period, it is anticipated that the recycle sector will expand at a high CAGR.

Covid-19 Impacts:
The COVID-19 pandemic affected social lives in multiple ways and highlighted the interrelations between the environmental and communal systems of the world. The measures are taken to control the spread of the virus across society, including lockdowns and halt in manufacturing as well as trade activities, which led to a decline in economic growth, limitations on mobility, and additional need for digitization and quarantine in homes. It was expected that digitization and increase in time spent at home would increase the consumption of electrical and electronic equipment as a result of switching of firms and businesses to home offices, providing the staff with laptops and other office gear for home use, and a simultaneous increase in disposal of such gear and gadgets, partly as a result of house-cleaning during the first lockdowns in 2020. However, statistics exhibited a surprising development from a global perspective.