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Sustainability and Circular Economy Trends Propel Recycled Waste Management Market to US$551.4 Million by 2031 at 5.0% CAGR | TMR Research
Recycled Waste Management Market
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Understanding the Recycled Waste Management Market
Recycled waste management involves the collection, sorting, and processing of recyclable materials like paper, plastic, metal, and glass to produce new products, reducing landfill use by 20-30%, per EPA data. This market supports industries by supplying raw materials and aligns with global recycling rates, which reached 32% for municipal waste in 2023, per OECD. The 2022 valuation of US$355.4 million underscores its role, with the projected rise to US$551.4 million by 2031 driven by the plastic recycling segment, which held a 40% share in 2022 due to its high volume and versatility. The 5.0% CAGR reflects efforts to divert 15% of waste from landfills, per TMR.
Key Drivers of Market Growth
Several factors are propelling the recycled waste management market toward its US$551.4 million milestone by 2031. First, stringent environmental regulations are a primary driver. Policies like the EU's Circular Economy Action Plan, targeting 65% municipal waste recycling by 2035, and China's plastic import ban drive global recycling efforts. These regulations, affecting 25% of waste streams, boost demand for advanced sorting technologies, particularly in Europe, which held a 35% market share in 2022.
Second, technological advancements fuel growth. Innovations in automated sorting, like Veolia's 2023 AI-based optical sorters, improve recycling efficiency by 20%, per Waste Management Journal. Chemical recycling of plastics, adopted by 5% of facilities, enables processing of low-grade waste, supporting the 5.0% CAGR. Companies like Waste Management Inc. and Republic Services are scaling infrastructure, with Republic's 2023 facility processing 100,000 tons annually, driving the paper and cardboard segment, which grows at 5.2% CAGR.
Third, corporate sustainability commitments and consumer awareness enhance adoption. Over 30% of Fortune 500 companies, including Walmart and Coca-Cola, have pledged zero-waste goals by 2030, per 2023 CDP reports, increasing demand for recycled materials in 10% of supply chains. Consumer preference for sustainable products, with 70% favoring recycled goods per a 2023 Nielsen survey, supports e-commerce platforms handling 15% of recycled material sales, reinforcing the market's trajectory to US$551.4 million.
Leading Companies:
Covanta
Biffa
Evreka
Veolia
Waste Management Inc.
Suez Group
Bingo Industries
Casella Waste Systems
US Ecology
Cleanaway
Renewi plc
GFL Environmental
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Market Segmentation and Regional Insights
The market segments by material type, service, and end-use. Plastic recycling led in 2022 with a 40% share, driven by its use in packaging, while metals grow at 5.3% CAGR for their high shred value, per TMR. Collection services held a 50% share, valued for doorstep programs, while processing services grow at 5.1% CAGR due to advanced technologies. End-uses include manufacturing (60%), construction, and packaging, with manufacturing leading due to raw material demand.
Regionally, Europe led in 2022 with a 35% share, valued at US$124.39 million, driven by Germany and the UK's recycling infrastructure, projecting a 5.1% CAGR. Asia-Pacific held a 30% share, fueled by China and India's waste management investments, growing at 5.4% CAGR. North America, with a 25% share, benefits from U.S. recycling programs, valued at US$88.85 million in 2022, while Latin America and Africa lag due to infrastructure gaps, per TMR.
Challenges and Opportunities
The market faces challenges. High operational costs, 15-20% above landfilling, and inconsistent recycling regulations, affecting 10% of global waste streams, pose risks. Low-grade plastics, comprising 30% of waste, and limited consumer participation in 20% of regions hinder growth. The 5.0% CAGR reflects a market navigating these hurdles with strong sustainability demand.
These challenges present opportunities. Innovations in chemical recycling, like BASF's 2023 ChemCycling project, could improve yields by 10%. Emerging markets in Africa, growing at 6.0% CAGR, and public-private partnerships, like Suez's 2023 sorting initiatives, enhance scalability. Government subsidies, covering 5% of recycling projects, support the push to US$551.4 million.
The Road to 2031
By 2031, the global recycled waste management market is projected to reach US$551.4 million, reflecting nine years of steady growth at a 5.0% CAGR from US$355.4 million in 2022. This milestone is driven by regulations, technological advancements, and sustainability goals. The market's trajectory suggests continued expansion, advancing resource conservation.
In conclusion, the global recycled waste management market demonstrates steady growth from 2023 to 2031. Rising from US$355.4 million to US$551.4 million, it addresses environmental challenges with efficient recycling solutions. Stakeholders-from providers like Veolia, Waste Management Inc., and Suez to manufacturers and policymakers-play a vital role, ensuring recycled waste management shapes a sustainable future through 2031 and beyond.
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