Waste recycling refers to the process of converting waste materials into reusable products. Rising concern about the environment has propelled the demand for waste recycling services. Increase in adoption of various electronic devices such as smartphones and their disposal has led to the accumulation of a large amount of e-waste. In recent years, the waste recycling services industry has emerged as one of the fastest growing industries. Technological advancements have revolutionized the global waste recycling services market.
Waste recycling services are widely employed across industries such as agricultural and forestry, metallurgical, chemical, power and energy, textile, and construction. Depending on the type of materials, waste recycling services are classified into battery recycling, automotive recycling, iron and steel, compost and food waste, liquids, oils, and chemicals, glass and fiberglass, multi-material collection, minerals, scrap plastic, waste paper, tire and rubber, waste disposal and collection, wood recycling, used commercial goods, used collectible items, used consumer items, and, equipment.
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Automotive recycling services have dominated the overall market thus far. However, iron and steel, and tire and rubber recycling services are anticipated to significantly contribute toward the growth of the market in the near future. Demand for iron and steel recycling services has increased substantially due to the significant decline in prices of metal since 2015.
Global Waste Recycling Services Market: Overview
Rising awareness about recycling and growing number of recycling manufacturers have fuelled the demand for waste recycling services. Government initiatives are playing an important role in the growth of the global waste recycling services market. Availability of subsidies and enactment of stringent environmental regulations have further compelled companies across various sectors to employ waste recycling services. The commercial sector is primarily responsible for the generation of solid wastes; of these, a significant portion is readily recyclable. Waste recycling can directly reduce the amount of greenhouse gas emissions (GHG) and carbon footprints of industries.
The high cost of waste recycling services is expected to negatively impact the growth of the global waste recycling services market. Rising usage of natural resources in waste recycling services has also hampered market growth. In the near future, emerging economies have tremendous potential for the growth of the global waste recycling services market due to the increasing demand from manufacturing plants and availability of economical labor.
Global Waste Recycling Services Market: Region-wise Outlook
The global waste recycling services market has been segmented into four key regions: Asia Pacific, Europe, North America, and Rest of the World. Availability of cheap labor has prompted companies to shift their manufacturing plants to Asia Pacific. As a result, the region now has a thriving waste recycling services market. Asia Pacific is anticipated to dominate the overall waste recycling services market in the near future. Japan is among the key countries contributing toward the growth of the market in Asia Pacific, as more than 300 waste-to-energy plants have been constructed in the country in the past few years. Europe and North America have registered moderate growth in the global waste recycling services market in the recent past. In North America, the demand for waste recycling services is particularly high across the U.S. The Resource Conservation and Recovery Act mandated by Congress has led the U.S. Environmental Protection Agency (EPA) to frame the waste management program in the country. This has significantly boosted the growth of the waste recycling services market in North America.
Major players operating in the global waste recycling services market include Northstar Recycling, Eurokey Recycling Ltd., Amdahl Corporation, Triple M Metal LP, Battery Council International (USA), Interface Inc., Collins & Aikman, Epson Inc., Hewlett-Packard, Xerox Corp., Zanker Road Landfill, Fetzer Vineyards, and Rubicon Global.
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