PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1350671
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1350671
The automotive shredded residue (ASR) market is projected to reach USD 1.6 billion in 2028 at a CAGR of 6.6% during the forecast period from USD 1.1 billion in 2023. There is growing global awareness of the environmental impact of waste disposal, particularly landfilling. Landfills are associated with issues such as soil and groundwater contamination, greenhouse gas emissions, and habitat disruption. As a result, there is increasing pressure to reduce landfilling and promote recycling as a more sustainable waste management option. Recycling allows for the recovery of valuable resources from discarded materials. This includes metals, plastics, paper, and other materials that can be reprocessed and used to manufacture new products. Post-shredder technologies play a crucial role in the efficient sorting and processing of recyclables, making recycling economically viable. Many governments and municipalities around the world have implemented recycling targets and regulations to reduce waste and promote recycling. These regulations often incentivize the development and adoption of advanced post-shredder technologies to enhance recycling efficiency. Some materials, such as rare earth metals and certain minerals, are becoming scarcer and more expensive to extract from natural sources. Recycling offers a sustainable and cost-effective way to recover these materials from discarded products. Recycling aligns with long-term sustainability goals by reducing the need for virgin resource extraction and lowering greenhouse gas emissions associated with production from raw materials.
"Plastics by composition is expected to be the largest and fastest growing for automotive shredded residue (ASR) market during the forecast period, in terms of value."
There has been a growing global emphasis on recycling and reducing plastic waste. Governments, businesses, and consumers are increasingly aware of the environmental impact of plastics, leading to greater efforts to recycle and process plastics efficiently. Post shredder technologies have advanced over the years, making it more feasible and cost-effective to process plastics by composition. These technologies can help identify and separate different types of plastics based on their composition, which is valuable for recycling purposes. The demand for recycled plastics has been rising, particularly in industries like packaging, automotive, and consumer goods. Companies are seeking more sustainable materials, and recycled plastics can often meet their needs. Governments in many countries are implementing regulations and incentives to promote recycling and the use of recycled materials. This regulatory support can drive investment in post-shredder technologies for plastics. The concept of a circular economy, where materials are reused and recycled rather than discarded, is gaining traction. This encourages the development of technologies that can efficiently process and recycle plastics into new products. Increased public awareness of plastic pollution in oceans and ecosystems has led to calls for more effective recycling and waste management solutions. This, in turn, can spur investment in technologies that can handle post-shredder plastics more effectively.
"Optical Sorting is expected to be the fastest growing technology for automotive shredded residue (ASR) market during the forecast period, in terms of value."
Optical sorting is anticipated to demonstrate the most rapid expansion among equipment types. Optical sorting is poised for rapid growth in the post-shredder technology market due to its unmatched speed and accuracy in identifying and sorting various materials. This technology enhances recycling efficiency by swiftly segregating valuable materials, aligning with the industry's demand for advanced, high-throughput solutions.
"Based on region, North America was the largest market for post shredder technology in 2023, in terms of value."
North America was the largest market for global post shredder technology, in terms of value, in 2023. In North America, several factors drive the adoption of post shredder technology. Industries such as automotive, manufacturing, and packaging in North America have a strong demand for recycled materials. This demand drives the development of technologies that efficiently process post shredder materials. North America has access to substantial resources, including metals, plastics, and other materials that are valuable in recycling processes. This availability can incentivize investments in recycling technologies. North American consumers and businesses have shown an increasing awareness of environmental issues and sustainability. This has led to greater demand for recycling and waste reduction solutions, which will boost the automotive shredded residue (ASR) market. North America, particularly the United States and Canada, has a robust industrial and manufacturing base. This generates a substantial amount of industrial and post-consumer waste that requires efficient processing and recycling solutions, including post-shredder technology.
In the process of determining and verifying the market size for several subsegments and segments identified through secondary research, extensive primary interviews were conducted.
The key players in this market are Galloo (Belgium), MBA Polymers Inc. (US), PLANIC (Japan), Sims Limited (Australia), Axion Ltd (UK), SRW metal float GmbH (Germany), Machinex Industries Inc. (Canada), Wendt Corporation (US), Binder+Co. (Austria), CP Manufacturing Inc. (US), Tomra Systems ASA (Norway), BT-Wolfgang Binder GmbH (Austria), Agilyx (US), Steinert (Germany).
Research Coverage
This report segments the market for automotive shredded residue (ASR) market on the basis of processing, composition, plastic composition, and region. It provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for automotive shredded residue (ASR) market.
Key benefits of buying this report
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the automotive shredded residue (ASR) market; high-growth regions; and market drivers, restraints, opportunities, and challenges.