E-scrap recycling market is expected to reach USD 8,199.04 million by 2028, registering a CAGR of 14.3 per cent from 2021 to 2028.
FREMONT, CA: In the consumer electronics industry, the widespread usage of electronic items and appliances needs the efficient disposal of these devices. The e-scrap recycling market is driven by strict standards controlling safe disposal and e-scrap recycling ad management. Global e-waste volumes soared by 21 per cent between 2004 and 2019, according to the United Nations. In 2019, the globe discarded 53.6 million metric tonnes of e-waste, just 17.4 per cent of which was recycled. This is fueling the e-scrap recycling market's expansion. Silver, gold, palladium, platinum, indium, and gallium can all be found in e-waste. These one-of-a-kind parts are frequently employed in the production of consumer electronics, as well as IT and communication systems. Due to their scarcity, these metals have high prices. This increases the demand for reusable, reconditioned, or recycled metal-based electronics.
The environment is harmed by the discharge of e-waste in the environment. Lead, for example, is a neurotoxin that may be found in 4 to 8 pounds of outdated television sets and cathode ray tube (CRT) monitors. It may leak into the earth's surface if not properly disposed of or recycled, rendering the soil in that terrain infertile. Moreover, every year, a large amount of e-waste is carried from rich countries to underdeveloped countries. The EPA estimates that 3.75-10.72 million MT of e-waste was exported to China in 2019. Due to the disposal of dangerous compounds such as lead, e-waste transportation has a severe impact on the environment and those involved in the transport. This necessitates the expansion of the e-scrap recycling market. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), APAC created 46.46 per cent of worldwide e-waste in 2019, totalling 24.9 million metric tonnes. Aside from manufacturing large amounts of e-waste, developing countries such as China also buy e-waste from wealthy countries such as the United States. Rapid government measures to lessen the environmental impact of e-waste, on the other hand, are boosting the e-scrap recycling industry in the region. For example, starting in July 2021, the Singapore government will place 300 or more e-waste recycling bins throughout the country, including in town centres, retail malls, and supermarkets. The regulating agency intends to collect rubbish every quarter, as well as provide home pickup services for significant household appliances. Such activities are projected to boost demand for e-waste recycling, giving e-scrap recycling market operators across the area lucrative prospects.
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