E-waste refers to unwanted and unuseful electronic products including broken or damaged items and are disposed in the garbage. It is generated when the electronic products becomes useless, expired and unwanted. These gadgets are hazardous to the environment if they are land filled.
E-waste management is the reuse, resale and recycle of discarded electronic gadgets. With the growth in electronic industries, demand for e-waste management is also rising steadily. The market for e-waste management is experiencing substantial growth rate and is expected to rise at a steady CAGR through 2030.
This market is anticipated to flourish and experience high growth rate globally. E-waste is increasing in the environment and due to this the awareness regarding disposal and recycling of this waste is gaining more attention.
E-Waste Management Market: Key Drivers
The growing addiction of youngsters towards electronic gadgets such as laptops and smart phones is generating more e-waste after it becomes useless leading to the need of e-waste management for environmental protection.
The rise in online financial transactions require electronic gadgets increasing the sales of the electronic devices. The improper disposal of these gadgets creates pollution providing potential opportunities for its market growth worldwide.
The disposal and dumping of e-waste by the manufacturing industries and offices create more waste in the environment. Government regulations across the world are driving the market growth for the effective management of e-waste. The government is implementing new rules and regulations such as recycling, use of renewable materials, green packaging etc to manage e-waste.
E-waste Management Market: Key Restraints
The increase in recycling cost of electronic gadgets due to inadequate infrastructure creates a challenge for the growth of this market.
The usage of pirated products and lack of awareness about electronic devices, online transactions, internet security etc acts a barrier in the market growth.
COVID-19 Impact on E-Waste Management
Covid 19 pandemic has created multiple challenges for the E-waste management market . The companies are facing shifts in working patterns from office to work from home. The sale of electronic gadgets such as laptops, smart phones, dongles, computers speakers etc have increased during this pandemic through e-commerce. It is expected that the e-waste will continue to increase on a large scale when the working pattern will be shifted to office work as the companies will have to manage their electronic equipments in their offices.For instance, a computer has completely become disfunctional, the company will throw it. These factors are surging its market growth through the forecast period.
E-waste Management Market: Region-Wise Forecast
The need of e-waste management is high in the regions of North America, Asia Pacific and Europe. North America and Europe are the regions where E-waste generation market is leading as the pollution rates are continuously rising in these two regions leading to high growth of this market.
Asia Pacific is expected to face tremendous growth in this market as the pollution and other environmental hazards are rising in China and India. The growing industrialization in Asia Pacific regions is contributing to its market growth globally.The need for minimization of e-waste by the industrialists is also promoting this market.
Middle East Asia and Africa (MEA) is predicted to witness steady growththrough the forecasted period on account of increasing urbanization, industrialization and increasing government regulations.
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The established players in this market are giving tough competion to each other. As the need for management of electronic waste is rising, new players are entering this market creating stiff competition. Government initiatives are also active in this market that intensifies the competitive environment. Expansion strategy is mainly adopted by the competitors to remain competitive.
Some of the key players in this market are Aurubis AG, Waste Management Incorporation, Boliden AB, E-Waste Harvesters, Desco Electronic Recyclers, Enviro-Hub Holdings Limited, Electronic Recyclers International Incorporation, MBA Polymers Incorporation, SIMS Metal Management Limited, Stena Metall AB,Tetronics Limited, Umicore SA etc. Among all the competitors, Tetronics limited has collaborated with Costain to reduce electronic waste from the environment. Further, the companies such as MBA Polymers Incorporation and Desco Electronic Recyclers are adopting mergers and acquisitions, joint ventures etc as their competitive strategies to rule the market.
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