Global Electronics Recycling Market to Reach $55.2 Billion by 2024

The electronics industry comprises the fastest-growing and biggest industry globally. Increased user interference capacity for electronic products and fast technological advancements are leading customers in purchasing latest electronic devices and equipment, leading to their increased production and consequently increasing discarded number of electronic products or e-waste worldwide post completion of the product`s life cycle. Electronic devices are in high demand across a broad array of applications including health, education, communication, food supply, and medicine among others. These application markets generate huge amounts of e-waste as electronic devices become obsolete very soon. Electronic waste (e-waste) or e-scrap is currently one of the fastest emerging solid-waste streams globally, driven mainly by strong technological advancements and socio-economic developments in countries across the world.

While electronic waste has been a part of the waste management industry for long time, the speed and volume of discarding old devices has increased at alarming proportion only in the recent years. This is mainly due to the growing trend of shorter product lifecycles of electronic devices. Today there is hardly a device which is used effectively for more than two years in an average household. Continuously evolving technology and emerging innovations are driving proliferation of consumer electronics, including smartphones and tablets, among others. With consumers persistently looking to upgrade their electronic devices, existing devices are either traded for new ones or sold or gifted to others. While devices that are traded, sold or gifted continue to be in use, there is a large volume of consumer electronics that, being too old to trade/sell or damaged beyond repairs, are also discarded on a regular basis - giving rise to electronic waste (e-waste). Also with the entry of low manufacturing cost countries such as India, China and Brazil into electronics production and the subsequent slump in cost of portable devices, replacement of consumer electronics has become more frequent than ever.

Amid the COVID-19 crisis, Global Electronics Recycling market is projected to reach US$55.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 10.1% over the analysis period. Europe represents the largest regional market for Electronics Recycling, accounting for an estimated 35.2% share of the global total. The market is projected to reach US$20.8 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 13.5% over the analysis period. The market is anticipated to exhibit an incremental growth and get steered towards a positive future due to rising e-waste, technological advances, enforcement of stringent recycling guidelines and enhanced e-waste management approaches. The increasing adoption of electronics recycling to refurbish functional components and high-value materials that can be reused in products is expected to drive the market growth.

Factors like environment sustainability initiatives, presence of rare earths in e-waste, limited lifespan of electronic products, high obsolescence rate, and rising awareness are likely to impel the market in the coming years. Rapid technological advances and availability of sophisticated products along with rising purchasing power and high obsolescence rate are benefiting the e-waste recycling market. In addition, strong focus on conservation of natural resources, presence of toxic materials, and efficient disposal methods are augmented the market growth. Rising concerns over environment protection coupled with initiatives taken by governments and other stakeholders are bound to provide a significant impetus to the market. The demand for electronics recycling is anticipated to be also propelled by increasing adoption of electronic devices across a diverse spectrum of industries like communication, security, education, health, medicine and food supply. The trend is leading to high amount of e-waste and escalating concerns regarding environmental pollution, health risks, and overcapacity of landfills and incinerators.