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Circular Economy, Sustainability goals to boost innovation, competitiveness and job creation in $376.9 billion waste recycling market
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Innovative business models such as deposit return scheme, secondary storage of EV batteries and the retail take-back for hazardous waste management, followed by disruptive applications like recycling of lithium-ion (Li-ion) batteries without the use of chemical solvents, composite plastic separation, etc., will drive the waste recycling market in 2019. The waste import ban imposed by several Southeast Asian countries will serve as a driver for new opportunities in countries that were previously exporting their waste. Further, the waste landfill reduction targets set by many countries will act as a critical driver for recycling and reprocessing different kinds of waste. Moreover, these recycling and landfill targets will enable many countries to invest in waste recycling technologies and solutions.
This global waste recycling and recovery market outlook study provides an overall update on the global waste recycling market in 2019, covering municipal solid waste (MSW), hazardous (industrial, construction and municipal) and industrial non-hazardous waste, waste electrical and electronic equipment (WEEE), construction & demolition (C&D) waste and plastic waste. Frost & Sullivan predicts that the global market revenue is set to increase from $354.7 billion in 2018 to $376.9 billion in 2019. This study provides predictions about waste volumes, revenues and services, and also examines the latest trends that are influencing the market, along with the recycling opportunities for different waste streams. This outlook also features interesting trends that have been changing the way waste management is practiced around the world. For instance, plastic and e-waste management are gaining traction in recent years. There has been an increase in retailers and manufacturers coordinating with customers in recycling e-waste through many innovative business models. Frost & Sullivan predicts that the market will grow by 6.1% in 2019. E-waste management is slowly becoming an organised sector, mainly in developing countries, due to regulations and the pressure from various environmental agencies. Frost & Sullivan predicts that Blockchain will become the future of e-waste management as it offers a sophisticated way of recording transactions.
Industrial hazardous waste management is a new segment added to this report. Around 184 million tonnes (Mtonnes) of hazardous waste was generated globally in 2018, and the total volume is expected to increase in 2019. This steady growth can be attributed to the heavy industrialisation in Southeast Asia and the Middle East. The volume of hazardous waste recycled is set to increase by 1.8%, alongside the amount of waste collected in 2019. Asia-Pacific (APAC) is set to witness good growth over the next few years due to rising awareness about the repercussions of not treating hazardous waste. Stringent regulatory enforcement in countries like Japan, South Korea and Australia will also be driving the market.
Some other trends include Internet of Things (IoT), smart recycling, smart bins, smart e-waste bins, innovative business models, use of sustainable building materials and sustainable methods of managing plastic waste and its market potential. This research study also focusses on regional trends and highlights the waste recycling market potential and trends specific to Europe, Americas, APAC, and the Middle East & Africa (MEA). It provides an in-depth analysis of the waste recycling industry and also talks about interesting trends, especially “smart”, a key market driver. This will help clients identify the right technology/solution to invest in, choose the addressable markets and also develop innovative business models.
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