Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Automotive Shredded Residue (ASR) Market by Application (Landfill, Energy recovery, Recycling), Composition, Technology ( Air classification, Optical sorting, Magnetic separation, Eddy current separation, Screening) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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
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.
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.
Competitive landscape
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).
The report provides insights on the following pointers:
- Analysis of Key drivers (regulatory pressure from government and environmental agencies, continuous technological advancement in post-shredding technology, rising resource scarcity, and increasing demand for recycled materials), restraints (high initial investment and complexity of recycling waste composition, environmental concerns, and regulatory compliances), opportunities (circular economy initiatives coupled with growing demand for e-waste recycling), challenges (high energy consumption and cost).
- Market Penetration: Comprehensive information on the automotive shredded residue (ASR) market offered by top players in the global automotive shredded residue (ASR) market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the automotive shredded residue (ASR) market.
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for post-shredder technology across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global automotive shredded residue (ASR) market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the automotive shredded residue (ASR) market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 246 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.1 Billion |
| Forecasted Market Value (USD) by 2028 | $1.6 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
Company Profiles
- Axion Ltd
- Agilyx
- Binder+Co.
- Bt-Wolfgang Binder GmbH (Redwave)
- Bezner
- Cp Manufacturing Inc.
- Eriez Manufacturing Co.
- Fornnax Technology Private Limited
- Galloo
- Lindner Washtech
- Mba Polymers Inc.
- Machinex Industries, Inc.
- Planic
- Picvisa
- Sims Limited
- Srw Metalfloat GmbH
- Steinert
- Sesotec GmbH
- Tomra Systems Asa
- Wendt Corporation
For more information about this report visit https://www.researchandmarkets.com/r/7exjio
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
