The global waste recycling services market is likely to chart an average growth course with an anticipated CAGR of 5.2% from 2022 to 2032.
The government initiatives towards recycling of waste products and push for reuse of waste materials. Increasing awareness towards the benefits of recycling and waste management systems among people, and the growing number of recycling manufacturers, uptake the growth of the recycling industry in the near future.
Waste recycling services have become one of the fastest growing industries. The trends have changed, and there are many technological advancements that can be performed in the recycling industry.
The waste recycling services industry faces a different set of challenges that include increasing demand and restricted supply, increasing use of natural resources to produce recycled products, and high cost involvement for producing recycled products.
On the other hand, due to unsuitable government policies for both manufacturing and reprocessing, it has caused environmental, health and safety concerns. Green trash cans are the solution for the eco-friendly solutions.
However, growing demand from the regional market and economical labor costs are expected to drive the demand for the global waste recycling services market in the near future.
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How are the Different Segments Impacting the Waste Management Services Market?
By application type, the global waste recycling services market is mainly segmented into Metallurgical, Chemical, Agriculture and Forestry, Textile, Power and Energy, and Construction Industry.
Furthermore, the waste recycling services market is further sub-segmented into Iron and Steel, Automotive Recycling, Battery Recycling, Compost & Food Waste, Computer & Electronics, Glass & Fibreglass, Liquids Oils & Chemicals, Minerals, Multi-Material Collection, Waste Paper, Scrap Plastic, Tire & Rubber, Wood Recycling, Waste Disposal & Collection, Used Collectible Items, Used Commercial Goods, Used Consumer Items, equipment.
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According to market research, the tire and rubber segment is expected to witness a 4.3% CAGR in the near future. The automotive segment has dominated the recycling services market and held over 50% of the market share. However, iron and steel is another sub-segment of metal, which is estimated to account for 53.3% of the total revenue market in the near future. This is in tribute to the substantial decline in the metal price.
Key Player:
- Eurokey Recycling, Ltd.
- Northstar Recycling
- Triple M Metal LP
- Amdahl Corporation
- Interface, Inc.
- Battery Council International (USA)
- Epson, Inc.
- Collins & Aikman
- Xerox Corp.
- Hewlett-Packard
- Fetzer Vineyards
- Zanker Road Landfill
- Rubicon Global
Asia Pacific is expected to continue its dominance in the future due to the shift in production units from West to Asia. Asia Pacific dominated the global waste recycling services market in terms of volume, accounting for over 40% of the total market share in 2014.
Moreover, this production shift towards Asia Recycling operations is extremely dependent on production and consumption. Europe and North America accounted for 20% of the market share respectively. Japan is another prominent market for the global waste recycling services market, having constructed more than 300 waste-to-energy plants in the past few years.
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By Segmentation:
By Application:
- Metallurgical
- Chemical
- Agriculture and Forestry
- Textile
- Power and Energy
- Construction Industry
By Product Type:
- Iron and steel
- Automotive Recycling
- Battery Recycling
- Compost & Food Waste
- Computer & Electronics
- Glass & Fibreglass
- Liquids Oils & Chemicals Minerals
- Multi-Material Collection
- Waste Paper
- Scrap Plastic
- Tire & Rubber
- Wood Recycling
- Waste Disposal & Collection
- Used Collectible Items
- Used Commercial Goods
- Used Consumer Items
- Equipment
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
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