Mobile Recycling Market: The Rise in Environmental Awareness to Drive the Growth of the Global Mobile Recycling Market

Mobile Phone Recycling Market Scenario

The mobile phone recycling industry, which involves foundations that reuse and restore old devices, has exhibited robust development in the course of recent years. As indicated by the Environmental Protection Agency (EPA), more than 3.4 million tons of electronic waste is produced each year. This has provided lucrative opportunities to industry organizations hoping to recover scrap metal or resell gadgets. It is additionally typical for organizations to send old gadgets to developing nations, which has drawn the ire of some industry participants and US Congress, as some debate that these nations are not ready to appropriately and securely reuse electronic goods. The global mobile recycling market is expected to grow at a significant rate over the forecast period. Notwithstanding, revenue growth will decelerate as growth in the number of cell phones additionally debilitates.

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Some of The Major Factors Driving The Growth Of The Market:

One of the major factors responsible for driving the growth of the market is the rise in environmental awareness, owing to the increase in the number of individuals who are aware of the importance of sustainable management of the ecosystem. Several regions such as U.S., Europe, and Japan, strive for environmental sustainability. Moreover, the increase in the disposal of e-waste has raised several environmental concerns due to the hazards related to it such as contamination of groundwater and soil. Hence, proper disposal is necessary. The increase in the number of mobile phone ownership and the emergence of several new smartphone technologies have resulted in an increase in the rate of replacement of mobile phones. This is driving the growth of the mobile recycling market along with the easier collection of recyclable mobile phones.

Metals like copper, palladium, and gold can be extracted after the mobile phones are recycled. Nowadays, the prices of these metals, especially copper, has decreased, which has reduced the average profit margin of the overall industry. It has been estimated that the growth rate of the overall industry will fall to 11.4% from the 15.8% in the past. But, with the rapid advancements in the latest technologies and increase in disposable incomes, the demand for this industry has considerably augmented. Moreover, industry players have also profited from the various state-level regulations. For instance, the State of Utah passed a law in 2011, which required the companies involved in mobile phone recycling to educate consumers about the places where mobiles can be recycled.

One of the latest trends in the market that is likely to prevail over the coming years is the growing concept of Internet of things (IoT) in mobile devices, which has facilitated communication, allowing objects to be remotely controlled across an existing network infrastructure.

High Demand from the Emerging Economies

North America is anticipated to witness a high growth rate over the coming years, owing to an upturn in mobile ownership, which will, in turn, result in a larger base of phones available for recycling. According to the research study, approximately 150 million mobile phones are discarded in the U.S. every year. Up to 35,000 pounds of copper and 772 pounds of silver can be recovered per 1 million devices recycled. Europe is expected to dominate the market for mobile recycling, owing to the rising environmental concerns and increasing electronic wastes. Governmental bodies in the countries of Asia Pacific region such as India and China has taken certain measures for the effective management of mobile waste, which will drive the growth of the market over the forecast period.

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