PUBLISHER: Allied Market Research | PRODUCT CODE: 1566865
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566865
The waste recycling market was valued at $51.7 billion in 2023, and is projected to reach $101.1 billion by 2032, growing at a CAGR of 7.8% from 2024 to 2032.
Waste recycling involves the conversion of waste materials into new, reusable products to prevent the waste of potentially useful resources, reduce the consumption of fresh raw materials, decrease energy usage, reduce air & water pollution, and lower greenhouse gas emissions. Thus, recycling serves as an essential aspect of modern waste management practices and environmental sustainability efforts, aimed at minimizing the environmental impact of waste. Effective management of waste through recycling enables resource conservation and helps mitigate climate change by lowering the carbon footprint.
The growth of the global waste recycling market is majorly driven by increase in consumer awareness and demand for sustainable products and practices. For instance, many countries have adopted the circular economy approach that focuses on extending the lifecycle of products, minimizing waste, and making the most of resources. The European Union has been a pioneer in promoting circular economy practices through policies and regulations such as the Circular Economy Action Plan, which aims to make Europe a leader in sustainable resource management and waste reduction. In addition, rapid urbanization and exponentially increasing population have led to higher waste generation, necessitating efficient recycling solutions. According to Statista, Slovenia and Germany registered the highest municipal solid waste (MSW) recycling rates of 55.3 and 47 percent, respectively, among OECD countries in 2022. Contrarily, the recycling rate in Costa Rica was below 5%. Furthermore, advances in recycling technologies, such as chemical recycling for plastics and improved sorting methods, are enhancing recycling efficiency and capabilities, thus fostering the market growth. Moreover, rise in government subsidies and grants to support recycling infrastructure and innovation acts as a key driving force of the global market. For instance, the Save Our Seas 2.0 Act established a Solid Waste Infrastructure for Recycling grant program in 2022, which was funded by the Infrastructure Investment and Jobs Act, providing provides $275 million in total. In addition, the U.S. Environmental Protection Agency was provided with $2.5 million in Fiscal Year 2022 funding to implement the program. However, high initial investments in advanced recycling technologies acts as a barrier for the growth of the market. In addition, lack of necessary recycling facilities or outdated infrastructure in underdeveloped countries hampers effective recycling, thus restraining the market growth. Limited demand for recycled materials as compared to virgin materials further discourage recycling efforts. On the contrary, development of innovative recycling technologies that enhance the efficiency and effectiveness of recycling processes is expected to provide lucrative opportunities for the market growth during the forecast period. For instance, emerging recycling methods such as organic recycling, dissolution recycling, smart bins, and biodegradable plastics maximize the opportunity for recycling and reuse within the circular economy. Furthermore, advances in sorting and processing technologies, such as automated sorting systems and chemical recycling, increase the range and quality of recyclable materials, which are anticipated to open new avenues for the market growth in the coming years.
The global waste recycling market is segmented into product type, application, and region. On the basis of product type, the market is divided into metals, plastics, glass, paper & paperboard, and others. Depending on application, it is classified into municipal, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.?
Key Findings
Depending on product type, the plastic segment held the highest market share in 2023, and is expected to maintain its leadership by 2032.
On the basis of application, the residential segment was the major shareholder 2023; however, the municipal segment to expected to dominate the market during the forecast period.
Region wise, Asia-Pacific garnered the largest share in 2023, and is projected to continue the same trend in the coming years.
Competition Analysis
Competitive analysis and profiles of the major players in the global waste recycling market include Veolia Environment S.A., SUEZ, Waste Management, Inc., Republic Services, Inc., Stericycle, Inc., Clean Harbors, Inc., Covanta Holding Corporation, Advanced Disposal Services, Inc., Biffa Group, and Renewi Plc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and strengthen their foothold in the global market.
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