Electronics recycling is set to experience increasing attention across countries as a result of rising electronic waste or e-waste. The future of electronics recycling is anticipated to be significantly influenced by ongoing changes such as technological advancements and consumer inclination towards advanced products that is shortening the replacement cycle and generating significant volumes of electronic waste. Recycling technology depends heavily on a number of aspects like manufacturing approaches, purchasing behavior and use of electronics. The e-waste recycling industry is anticipated to gain from rising environmental concerns and the need to recover precious metals from e-waste. Other key factors driving the market include favorable government guidelines and regulations for managing e-waste and recycling programs globally; increasing disposable income and purchasing power of people leading to increased spending on varied electronic consumer products; and increasing affordability of consumer electronic devices. The increasing adoption of electronics recycling to refurbish functional components and high-value materials that can be reused in products is expected to drive market growth.
Amid the COVID-19 crisis, the global market for Electronics Recycling estimated at US$32.5 Billion in the year 2020, is projected to reach a revised size of US$65.8 Billion by 2026, growing at a CAGR of 12.7% over the analysis period. Metals, one of the segments analyzed in the report, is projected to grow at a 13.3% CAGR to reach US$53.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Plastics segment is readjusted to a revised 11.5% CAGR for the next 7-year period. This segment currently accounts for a 24.6% share of the global Electronics Recycling market. Recycling of plastic products has tremendous potential to reduce the footprint of plastic. PET, which is among the most widely used recycled plastics and accounts for most soda and water bottles, can be converted to various types of products from automotive parts to polyester fabrics.