Waste Recycling Services Global Market will Exceed $78.43 Billion By 2028 with a Projected CAGR of 6.0% | Clean Harbors Inc., Interface Inc., Kayama Corp., Fetzer Vineyards, Kcarp Ltd.

The waste recycling services market size has grown strongly in recent years. It will grow from $58.53 billion in 2023 to $62.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increased awareness of environmental sustainability, stringent waste disposal regulations, rising volumes of generated waste, growing emphasis on resource conservation, regulatory pressures to limit the use of landfills.

The waste recycling services market size is expected to see strong growth in the next few years. It will grow to $78.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to adoption of circular economy practices, government initiatives for waste reduction and recycling, increasing demand for recycled materials, expansion of e-waste recycling services, increasing urbanisation. Major trends in the forecast period include development of recycling technologies, integration of robotics and automation in recycling facilities, innovation in the recycling of construction and demolition waste, implementation of smart waste management systems.

Market Overview -
Waste recycling services refers to any recovery operation by which waste materials are reprocessed into products, materials or substances whether for the original or other purposes. Waste recycling involves the process of collecting and reprocessing waste materials through various technologies to clean and turn them into new reusable products. Recycling waste provides several advantages, including reducing waste transported to landfills and incinerators, preventing pollution, conserving natural resources, conserving energy, creating jobs, and generating economic benefits.

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Increased Awareness On Plastic Pollution Drives The Waste Recycling Services Market
The growing awareness about plastic pollution is driving the growth of the waste recycling services market. Plastic pollution is the buildup of synthetic plastic items in the environment to the point that they pose a threat to animals and their habitats, as well as human populations. This pollution causes the planet to degrade posing many problems such as global warming and other climatic changes. Governments of various countries are launching new schemes and policies to reduce the use of plastic and create awareness of plastic pollution. For instance, in March 2021, the Union environment ministry of India proposed to ban the manufacturing, use, sale, import, and handling of particular single-use plastic goods across the country from 2022. Such policies are creating awareness of pollution thereby driving the growth of the market.

Competitive Landscape -
Major companies operating in the waste recycling services market report are Advanced Disposal Services Inc., Casella Waste Systems Inc., China Recycling Development Co. Ltd., Clean Harbors Inc., Covanta Holding Corp., Eurokey Recycling Ltd., Interface Inc., Kayama Corp., Northstar Recycling Company, Xerox Corporation, Remondis SE & Co. KG., Republic Services Inc., Rubicon Global, Dowa Eco-System Co. Ltd., Fetzer Vineyards, Kcarp Ltd., Tsuneishi Kamtecs Corp., Waste Management Inc., Veolia Environnement S. A., Suez Environnement S. A., Stericycle Inc., Waste Connections Inc., GFL Environmental Inc., US Ecology Inc., Heritage-Crystal Clean Inc., BioHiTech Global Inc., Renewi plc, Biffa plc, FCC Environment UK Limited, ECO Green Equipment

Development Of Waste Level Smart Sensors
Technological developments in waste recycling is shaping the waste recycling services market. Recent technological advancements help turn waste into power, industries make use of their waste and with biogas convert it into usable energy. Plasma arc recycling helps recover a vast majority of the metal found in vehicles or other objects with the help of a super-hot plasma torch. For instance, in September 2021, Sensoneo, a Europe-based waste management services, and solution company launched a waste level smart sensor. Sensoneo Smart sensors use ultrasonic beams to assess fill levels in bins. These sensors can detect any form of garbage (mixed waste, paper, plastics, glass, textiles, bio-waste, liquids, electronics, and metal) in a variety of bins and containers.

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Key Segments -
The waste recycling services market covered in this report is segmented -
1) By Waste Type: Compost and Food Waste, Glass and Fiberglass, Metal Scraps, Waste Paper, Other Types
2) By Service: Collection Service, Disposable Service
3) By Application: Municipal, Agricultural, Construction, Industrial, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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