PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514997
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514997
Automotive Shredded Residue Market size was valued at USD 1,234.23 Million in 2023, expanding at a CAGR of 6.5% from 2024 to 2032.
Automated shredded residue (ASR) refers to the non-metallic materials left over after vehicles are shredded and valuable metals are extracted. This residue typically includes plastics, rubber, glass, fabrics, and small amounts of residual metals. Managing ASR is challenging due to its complex composition and environmental impact. Automated systems improve the effectiveness and efficiency of ASR processing by using advanced technologies like robotics, sensors, and artificial intelligence to sort and separate these materials. This automation enhances the recovery of recyclable components, reduces landfill waste, and supports environmental sustainability efforts in the automotive recycling industry.
Automotive Shredded Residue Market- Market Dynamics
Increasing technological advancements to propel market demand
Continuous technological advancements keep on revolutionizing the post-shredding technology market, making recycling processes more efficient, cost-effective, and environmentally friendly. Incorporating these advanced technologies, plastic recycling facilities can significantly increase material recovery rates, produce high-quality recycled plastics, and support a more sustainable waste management ecosystem. Automation, including robotic systems and AI algorithms, has improved material recovery post-shredding by handling large volumes of waste, reducing manual labor, and enhancing sorting accuracy. Modern facilities often use smart technologies like IoT devices and data analytics to optimize recovery processes and efficiency. AI algorithms analyze operational data to predict equipment maintenance needs, schedule proactive maintenance, and minimize downtime, ensuring continuous facility operation. Improved recovery rates, improved resource utilization, and efficient sorting methods have made post-shredder technologies more economically viable.
Automotive Shredded Residue Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2024-2032)
Based on Technology segmentation, Magnetic separation was predicted to show maximum market share in the year 2023
Based on Application segmentation, Recycling was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automotive Shredded Residue Market is segmented based on Composition, Technology, Application, and Region.
The market is divided into three categories based on Application: Landfill, Energy Recovery and Recycling. Recycling is the dominant and fastest-growing application for automotive shredded residue (ASR) in 2023, in terms of value. This process enables the recovery of valuable resources from discarded materials, including metals, plastics, and paper. Advanced sorting systems after the shredding process are key to efficiently separating and recovering recyclables. This not only makes recycling economically attractive but also helps conserve precious resources. Governments around the world are setting ambitious recycling targets and regulations to reduce waste and promote sustainable practices. These regulatory measures often incentivize the advancement and adoption of cutting-edge post-shredder technologies to enhance recycling efficiency.
The market is divided into six categories based on Technology: Air classification, Optical sorting, Magnetic separation, Eddy current separation, Screening and Others. The magnetic separation segment accounted for the largest market share in the global ASR market, in terms of value, in 2023. It is the foremost post-shredder technology in recycling and waste management due to its superior ability to recover ferrous metals from shredded materials, a vital component of recyclables.
Automotive Shredded Residue Market- Geographical Insights
The market's geographic footprint covers North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Specific countries within these regions create further market subdivisions. North America was the largest market for global post-shredder technology, in terms of value, in 2023. The region's regulatory environment is characterized by a complex network of federal, state, and provincial regulations related to waste management and recycling. This intricate framework underscores the necessity for advanced technologies to meet regulatory requirements and improve recycling efficiency. North America's strong industrial and manufacturing sector, especially in the United States and Canada, generates significant amounts of industrial and post-consumer waste, necessitating efficient waste processing and recycling solutions. The robust demand for recycled materials in industries such as automotive, manufacturing, and packaging further drives the development and utilization of post-shredder technologies in the region.
In the Automotive Shredded Residue (ASR) market, companies frequently engage in strategic collaborations and partnerships to maintain a competitive edge. By partnering with automotive manufacturers, recycling facilities, and waste management companies, they can stay updated on evolving regulatory standards, technological advancements, and market trends. These alliances enable companies to optimize supply chain processes, enhance recycling efficiencies, and develop innovative solutions for repurposing shredded automotive materials into valuable secondary products. Strategic partnerships allow firms to strengthen their market position, diversify product portfolios, and contribute to sustainability initiatives by promoting circular economy practices within the automotive industry.
In June 2023, Tomra Systems ASA (Norway) introduced AUTOSORT PULSE, a cutting-edge machine using dynamic laser-induced breakdown spectroscopy (LIBS) for high-throughput sorting of aluminum alloys, facilitating green aluminum production.
GLOBAL AUTOMOTIVE SHREDDED RESIDUE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Tomra Systems ASA
Gallo
Sims Limited
MBA Polymers Inc.
Binder+Co.
PLANIC
Axion Ltd.
SRW Metal Float GmbH
Machinex Industries, Inc.
Wendt Corporation
CP Manufacture Inc.
BT-Wolfgang Binder GmbH
Agilyx
Steinert
Others