High Obsolescence Rate Crucial in Facilitating the Global E-Waste Management Market Growth

According to Inkwood Research, the Global E-Waste Management Market is projected to register a CAGR of 12.37% in terms of revenue, and 5.14% in terms of volume, during the forecasting years of 2021-2028.

"Browse 55 Market Data Tables and 42 Figures spread over 126 Pages, along with an in-depth TOC on the Global E-Waste Management Market Forecast 2021-2028."

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E-waste is characterized by loosely discarded, surplus, obsolete, and broken electric and electronic devices. However, when incorrectly disposed of, heavy metals, plastic, and glass, present in e-waste may pollute the air, seep into airways, and be severely hazardous to human health. As a result, the need for proper e-waste management is vital.

Increased Obsolescence Rate Fuels Market Growth
Electronic devices' reduced lifespan is a predominant cause for their obsolescence, thereby surging the volume of e-waste, year-on-year. Moreover, rapid technological advancements, as well as the rising tech-savvy crowds, such as teenagers, raise the adoption of electronic gadgets. Subsequently, this increases the sale of smart devices, while the shorter lifespan of products continues driving the growth of e-waste, across numerous nations. For instance, around 400 million units of consumer electronics products are discarded in the United States, annually.

On the other hand, common instances that may lead to products becoming obsolete, include, electronic products' hardware failure, battery replacement, cell phone upgrades, and software updates. Besides, several electronic devices, like, rechargeable batteries, need replacement after a certain period and are, therefore, disposed of.

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Plastic to be the Fastest-Growing Material Type in Terms of Volume and Revenue

E-waste comprising non-degradable plastics is highly hazardous to the environment. Plastics used in electronics entail a different composition of polymers, compared to recyclable materials, such as, soda bottles and milk jugs. Likewise, the plastics utilized in cellphone cases are mainly made from a complex polymer blend, and are challenging to recycle. However, despite numerous technical advancements, e-waste plastic recycling is constrained, owing to the presence of flame retardants.

On the other hand, the growing development of e-waste management initiatives, especially in emerging nations, and the rising awareness regarding the increasing carbon footprint across regions, primarily fuel the segment's growth.

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Asia Pacific Harbored the Largest Market Share in 2020

The rapid increase in e-waste and its harmful impact on the environment as well as human health, the lack of sufficient regulations, and the presence of precious metals in e-waste, such as, gold, palladium, silver, and platinum, among others, is anticipated to drive market growth in the Asia Pacific.

Inadequate regulatory frameworks and decreased awareness among consumers generate adverse situations for market players to augment their presence. However, the lack of healthy purchase patterns, in addition to customers' reluctance in purchasing recycled products, heightens the competition among existing firms, to increase their revenue share. As a result, these factors lower the industrial rivalry, across the global e-waste management market.

Distinguished companies in the market include, Electronic Recyclers, Boliden AB, Aurubis AG, LifeSpan Technology Recycling Inc, etc.

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Related Reports:
GLOBAL WASTE-TO-ENERGY (WTE) MARKET
https://inkwoodresearch.com/reports/waste-to-energy-market/

GLOBAL HAZARDOUS WASTE MANAGEMENT MARKET
https://inkwoodresearch.com/reports/hazardous-waste-management-market/

GLOBAL RECYCLED GLASS MARKET
https://inkwoodresearch.com/reports/recycled-glass-market/

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This release was published on openPR.