E-Waste Management Market Growing at 15.7% CAGR to Hit USD 244.6 Million by 2032

Many people are working from home, this is increasing the requirement of electronic devices such as computer systems, printers, internet devices, modems, wires, all these things are increasing e-waste. Furthermore, important investments are being made to promote responsible recycling. For instance, In June Biden and Harris administration announced $375 million is used to establish recycling reuse and waste prevention grant programs and initiatives. Moreover, different cities and towns are hosting electronic recycling drives. For instance, people can bring their unused electronic devices and drop them at a convenient point for proper recycling. Hence all these trends are driving the growth of e-waste management market for the forecast period.

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Reduction in life span of electronic devices and scarcity of sources of precious metals are driving the growth of the market. However, increase in recycling cost incurred due to inadequacy of infrastructure hampers the growth of the market. Furthermore, e-waste initiatives by electronic manufacturers across the globe are expected to provide major growth opportunities for the e-waste management market during forecast period.

According to a new report published by Allied Market Research, titled, "E-Waste Management Market," The e-waste management market size was valued at $57.8 billion in 2022, and is estimated to reach $244.6 billion by 2032, growing at a CAGR of 15.7% from 2023 to 2032.

E-waste management industry refers to the proper handling, recycling, and disposal of electronic waste, commonly known as e-waste. E-waste includes discarded electronic devices such as computers, laptops, smartphones, televisions, refrigerators, and other electronic gadgets. These devices contain hazardous materials like lead, mercury, cadmium, and various types of plastics, which can pose significant environmental and health risks if not managed and disposed of properly. E-waste management industry aims to reduce environmental impact, conserve resources, minimize health risks, promote recycling, and create green jobs. In addition, e-waste management helps in recovery of valuable resources from electronic devices such as gold, silver and copper. Moreover, proper e-waste management prevents the release of hazardous material into the environment.

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Proper e-waste management prevents hazardous materials, such as lead, mercury, cadmium, and various chemicals, from contaminating soil, water, and air. By recycling and disposing of electronic waste responsibly, e-waste management reduces environmental pollution and minimizes the negative impact on ecosystems. Furthermore, e-waste contains valuable materials, including precious metals, rare earth elements, and other resources. E-waste management involves recycling and recovering these materials, conserving natural resources and reducing the need for mining and manufacturing new raw materials. In addition, recycling electronic waste requires less energy than mining and refining raw materials.

By recycling e-waste, energy conservation is achieved, contributing to overall energy efficiency and reducing the carbon footprint associated with the extraction and processing of raw resources. Moreover, e-waste management creates employment opportunities in various sectors, including recycling facilities, collection centers, transportation, refurbishment, and research and development. It contributes to the growth of the green economy and provides jobs for skilled and unskilled workers. In addition, E-waste management supports the concept of a circular economy, where products and materials are reused, refurbished, and recycled. By integrating e-waste into a circular economy model, waste is minimized, and resources are kept in the use for as long as possible, reducing the overall environmental impact.

Major market players adopted various strategies to increase the competition and offer enhanced services to their customers. For instance, in October 2020, TES announced it will be investing in Green Li-ion, a start-up technology innovator based in Singapore focused on creating sustainable models for battery recycling. This investment is aimed at extending Green Li-ion's proprietary battery recycling technology to TES's suite of battery recycling solutions.

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In addition, in December 2020, MG Motor India partnered with TES to recycle batteries of its electric vehicle ZS EV. The partnership ensures environmentally sustainable and secure recycling of ZS EV batteries. Furthermore, in July 2020, Sembcorp Industries through its wholly-owned subsidiary SembWaste acquired Veolia ES Singapore (VESS) and public cleaning business of Veolia ES Singapore Industrial. The acquisition is expected to enhance e-waste management capabilities of Sembcorp Industries. Therefore, such strategies foster e-waste management market share growth in the ICT sector.

On the basis of source type, the home appliances segment holds the largest market share of the e-waste management market in the year 2022. This is attributed to the increasing per capita income, technical advancements and global population growth.

On the basis of region, Asia-Pacific dominated the e-waste management market in the year 2022. This is due to the new product development, price reductions and increasing per capita income.

The pandemic has significantly pushed the demand for e-waste management market. Post-pandemic has popularized the culture of work from home. There is an increase in requirement for electronic devices such as computer systems, laptops, wi-fi routers, modems and others, that is generating an increasing amount of e-waste which in-turn is increasing the demand for e-waste management approaches. Therefore, COVID-19 had a positive impact on the e-waste management market.

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Key Findings of the study:

1. By material, the metal segment led the e-waste management market forecast in terms of revenue in 2022.

2. According to e-waste management market analysis, by source type, the household appliance segment led the e-waste management market in terms of revenue in 2022.

3. By region, North America generated the highest revenue in 2022.

The major key players operating in the e-waste management market such as Eniro-Hub Holdings Ltd., TES, Capital Environment Holdings Limited, Tetronics Technologies Limited, ERI, WM Intellectual Property Holdings L.L.C., Sembcorp Industries (Temasek Holdings), Veolia, MRI Technolgies, and Umicore.

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