High Obsolescence Rate Crucial in Facilitating the Global E-Waste Management Market Growth
According to Inkwood Research, the Global E-Waste Management Market is projected to register a CAGR of 12.37% in terms of revenue, and 5.14% in terms of volume, during the forecasting years of 2021-2028.
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E-waste is characterized by loosely discarded, surplus, obsolete,
and broken electric and electronic devices. However, when incorrectly disposed
of, heavy metals, plastic, and glass, present in e-waste may pollute the air,
seep into airways, and be severely hazardous to human health. As a result, the
need for proper e-waste management is vital.
Increased
Obsolescence Rate Fuels Market Growth
Electronic devices’ reduced lifespan is a predominant cause
for their obsolescence, thereby surging the volume of e-waste, year-on-year.
Moreover, rapid technological advancements, as well as the rising tech-savvy
crowds, such as teenagers, raise the adoption of electronic gadgets.
Subsequently, this increases the sale of smart devices, while the shorter
lifespan of products continues driving the growth of e-waste, across numerous
nations. For instance, around 400 million units of consumer electronics
products are discarded in the United States, annually.
On the other hand, common instances that may lead to
products becoming obsolete, include, electronic products’ hardware failure,
battery replacement, cell phone upgrades, and software updates. Besides,
several electronic devices, like, rechargeable batteries, need replacement
after a certain period and are, therefore, disposed of.
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Plastic to
be the Fastest-Growing Material Type in Terms of Volume and Revenue
E-waste comprising non-degradable plastics is highly hazardous
to the environment. Plastics used in electronics entail a different composition
of polymers, compared to recyclable materials, such as, soda bottles and milk
jugs. Likewise, the plastics utilized in cellphone cases are mainly made from a
complex polymer blend, and are challenging to recycle. However, despite
numerous technical advancements, e-waste plastic recycling is constrained,
owing to the presence of flame retardants.
On the other hand, the growing development of e-waste
management initiatives, especially in emerging nations, and the rising
awareness regarding the increasing carbon footprint across regions, primarily
fuel the segment’s growth.
Asia
Pacific Harbored the Largest Market Share in 2020
The rapid increase in e-waste and its harmful impact on the
environment as well as human health, the lack of sufficient regulations, and
the presence of precious metals in e-waste, such as, gold, palladium, silver,
and platinum, among others, is anticipated to drive market growth in the Asia
Pacific.
Inadequate regulatory frameworks and decreased awareness
among consumers generate adverse situations for market players to augment their
presence. However, the lack of healthy purchase patterns, in addition to
customers’ reluctance in purchasing recycled products, heightens the
competition among existing firms, to increase their revenue share. As a result,
these factors lower the industrial rivalry, across the global e-waste
management market.
Distinguished companies in the market include, Electronic Recyclers,
Boliden AB, Aurubis AG, LifeSpan Technology Recycling Inc, etc.
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geographical analysis comprises of North & South America, CEE, CIS, Middle
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