Waste Recycling Services Market to grow by USD 18.98 billion from 2022 to 2027, Increasing number of partnerships and collaborations to drive the growth- Technavio
NEW YORK, Nov. 26, 2023 /PRNewswire/ -- The waste recycling services market is expected to grow by USD 18.98 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 5.67% during the forecast period. The market is segmented by application (municipal, industrial, and others), product (paper and paperboard, metals, plastics, glass, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The increasing number of partnerships and collaborations is a key factor driving market growth. Partnerships and cooperation are the major components of the global market for waste management services, as they facilitate organizations in sharing resources, expertise, and capabilities to deal with complex issues related to waste management and recycling. DS Smith, for example, completed the sale of four UK recycling depots to Veolia ESUK21) Ltd on August 23, 2023.
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Key Highlights:
- The report recognizes the following as some of the key players in the waste recycling services market: Biffa Plc, Casella Waste Systems Inc., Clean Harbors Inc., Covanta Holding Corp., Environ India, FCC SA, GFL Environmental Inc., Northstar Recycling Co. Inc., Recology Inc., Reconomy UK Ltd., Remondis SE, and Co. KG, Rumpke Consolidated Co. Inc., SMS Envocare Ltd., SUEZ SA, URBASER SA, Veolia Environnement SA, Waste Connections Inc., Waste Management Inc., Waste Pro USA Inc., and Interface Inc.
- Waste Recycling Services Market is fragmented in nature.
- Market to observe 5.27% YOY growth in 2023.
Market Dynamics:
Major Trend
- The growing electric waste recycling demand is a major trend in the market.
- Electronic waste is primarily comprised of electronic equipment and devices, e.g., computers, smartphones, televisions, or any appliances that have been discarded.
- Furthermore, the improper disposal of that waste may lead to soil and water contamination which can in turn cause environmental pollution as well as lasting damage to the environment.
- As a result, the demand to recycle such waste is increasing as it prevents toxins from harming the environment.
Significant Challenge
- The high cost associated with waste recycling is a significant challenge restricting market growth.
- The collection and transport of recyclable material to processing facilities, particularly in rural or less densely populated areas, is subject to significant costs.
- Furthermore, the total cost may also be influenced by costs associated with transporting this material to a recycled facility.
- Moreover, the recycling process is subject to additional costs due to sorting and removing contaminants that are important as they lead to contamination.
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Keg Segments:
- The municipal segment is estimated to witness significant growth during the forecast period. Due to a combination of environmental, economic, and societal factors, there has been an increased demand from municipalities for waste recycling services. Compared to the production of goods from raw materials, recycling has a major advantage in terms of energy consumption.
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Related Reports:
The electronic waste recycling market size is estimated to grow by USD 16,004.9 million at a CAGR of 15.67% between 2022 and 2027.
The Global Wastewater Treatment Service Market size is estimated to grow by USD 22,626.22 million between 2022 and 2027 at a CAGR of 6.67%.
TOC:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Product
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
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