Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 56.28 Billion in 2020 waste recycling services market will reach USD 91.67 Billion by 2030. Recycling is an important part of modern waste reduction and the third component of the "Reduce, Reuse, and Recycle" waste hierarchy. It improves environmental sustainability by lowering raw material intake and redirecting waste output in the economic system. Recycling consumes less energy and contributes to cleaner air, water, and land. The most efficient recycling approach begins where the garbage originates. All types of garbage are recycled, including residential, industrial, and biological waste. Human health can occasionally be jeopardised by waste. Human activity creates waste, such as the extraction and processing of raw materials, which creates additional garbage.
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Key Insight of the Waste Recycling Services Market
Asia Pacific emerged as the most significant market, with a 38.7% market revenue share in 2020.
Asia Pacific dominated the market, with a market share of around 38.7% in 2020. Asia Pacific is expected to maintain its supremacy in the future due to a transfer of production units from the West to Asia.
The paper & paperboard segment dominated the market, with a market share of around 64.1% in 2020.
In 2020, the paper & paperboard segment led the market, accounting for about 64.1% of the market. This is due to increased production of paper trash from packaging, newspapers, and containers. Changing consumer tastes and population growth have fueled the expansion of the e-commerce industry, driving up packaging needs. This is predicted to impact paper and paperboard recycling over the projection period positively.
The municipal segment dominated the market, with a market share of around 55.4% in 2020.
In 2020, the municipal segment led the market, accounting for about 55.4% of the market. Municipalities are implementing waste management strategies that allow them to avoid the negative repercussions of trash and recover resources, achieve economic, environmental, and social benefits, and move towards a more sustainable future, thereby increasing market growth.
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Market Dynamics
Driver: Concerns about waste management are growing
Increased waste management concerns and increased waste disposal challenges will likely drive demand for waste recycling services over the projection period. Adopting stringent regulations has boosted trash recycling research and development, expected to drive market growth during the forecast period. Increased awareness regarding suitable waste disposal for preserving animal and human health has resulted in the development of several waste disposal systems and procedures. Another factor expected to promote global market expansion is the increase in electronic waste worldwide and increased investment by large firms focused on developing novel waste-to-fuel technologies.
Opportunity: Rise in investments
Increased investment, combined with government waste management programmes in developing countries, has created new market opportunities for new competitors and fueled global demand for waste recycling services.
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Some of the major players operating in the waste recycling services market are:
• Amdahl Corp.
• Biffa
• Collins & Aikman
• Covanta
• Epson, Inc.
• Eurokey Recycling, Ltd.
• Fetzer Vineyards
• Interface, Inc.
• Northstar Recycling
• Triple M Metal LP
• Xerox Corp.
Key Segments cover in the market:
By Product:
• Metals
• Paper & Paperboard
• Plastics
• Food
• Glass
• Yard Trimmings
• Bulbs
• Batteries & Electronics
• Others
By Application:
• Industrial
• Municipal
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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