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Europe Waste Recycling Services Market To Reach Valuation Of US$ 242 Bn By 2030, TMR Study
The waste recycling services market in Europe was valued at US$ 134.6 Bn in 2019 and is anticipated to expand at a CAGR of ~6% during the forecast period. Based on waste recycling type, the construction & demolition segment dominated the waste recycling services market in Europe in 2019. Construction & demolition waste is one of the heaviest and most voluminous waste streams generated in the region. Based on end user, the industrial segment constituted leading share of the waste recycling services market in Europe in 2019. Industrial waste consists of waste from various industrial sectors such as manufacturing, mining & quarrying, construction, and energy. These account for major share of the overall waste generation. Recycling potential is high in case of industrial waste; hence, the segment is anticipated to be a highly lucrative segment of the waste recycling services market in Europe during the forecast period.
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The waste recycling services market in Germany is projected to expand at a substantial pace during the forecast period, owing to enactment of stringent government regulations and ban on landfill of waste. The potential for waste recycling services market in the country is high owing to rising investments and growth in circular economy.
Key Drivers of Europe Waste Recycling Services Market
The rapid increase in waste generation is likely to drive the waste recycling services market in Europe during the forecast period. On an average, an individual in Europe discards around half a ton of household rubbish every year. Large amount of waste is generated from activities such as manufacturing, construction, energy production, etc. This boosts the demand for waste recycling services. Waste has a major impact on the environment, causing pollution and greenhouse gas emissions that contribute to climate change, as well as significant losses of materials. This creates issues for the region, as it is highly dependent on import of raw materials.
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The amount of waste generation has been increasing in Europe due to the significant rise in usage of hi-tech products. This results in waste generation of complex mix of materials, including plastics, precious metals, and hazardous materials. This is expected to propel the waste recycling services market in Europe in the near future.
Rapid increase in waste generation is also estimated to boost the demand for waste recycling services in Europe. Furthermore, the region has imposed landfill bans on plastic waste in order to recover and recycle plastic wastes. Around 10 countries in the European Union banned the dumping of plastic waste in landfills in 2016. These countries recorded significant rise in the plastic recovery rate post the ban. Currently, using waste as a resource is key to becoming more resource efficient. The used plastic could be recycled into new products or chemical raw materials.
The zero plastic to landfill policy aims is to recover 100% of plastic waste. The quantity of plastic waste sent to landfills decreased by 44% between 2006 and 2018. Thus, ban on landfill of waste is estimated to drive the demand for waste recycling services in Europe during the forecast period.
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Germany Offers Lucrative Opportunities to Waste Recycling Services Market
Germany is anticipated to be a highly attractive region of the waste recycling services market in Europe during the forecast period. The waste recycling services market in Germany is projected to expand at a significant pace between 2020 and 2030, as the country has well established waste management facilities. The Green Dot system has been one of the most successful recycling initiatives, which has helped reduce packaging waste on a large scale.
Major Developments in Europe Waste Recycling Services Market
In January 2018, Kuusakoski Recycling, a leading recycling services company in Northern Europe, announced that it had developed a method of recycling magnetic imaging devices that can be used to separate electrolytic copper and niobium-titanium conductors, which are thinner than human hairs. The company also announced its innovation would be particularly useful for the recycling market, as the use of magnetic imaging in healthcare has been rising, and hospitals have been increasingly replacing their old devices with newer, more powerful imaging devices.
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Competition Landscape of Europe Waste Recycling Services Market
The waste recycling services market in Europe is highly fragmented. A few international and local players hold major share of the waste recycling services market in Europe. Key players operating in the waste recycling services market in Europe are Sims Metal Management Limited, Waste Management, Inc., SUEZ, Veolia, Sims Lifecycle Services, Inc., Ragn-Sells Group, REMONDIS SE & Co. KG, Kuusakoski, Fortum, Marius Pedersen a.s., Norsk Gjenvinning Norge AS, SCHOLZ RECYCLING GMBH, Paprec Group, Biffa, TRADEBE, H.J. Hansen Recycling Industry A/S, Recycling Lives, EUROKEY RECYCLING GROUP, and Waste Recycling Inc.
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