In a recent published report, Kenneth Research has updated the market report for Waste Recycling Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Waste Recycling Management Market products.
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A report on Waste Recycling Management Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on Waste Recycling Management Market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
The waste recycling management is an activity that includes garbage collection, transportation, treatment and dumping of the waste under the guidelines of the local or national authorities. According to the World Bank, in 2012 solid waste generated by the cities worldwide accounted for 1.3 billion tons. In addition, the estimates by the World Bank anticipates that the municipal waste generation would rise to 2.2 billion tons by 2025, which would result in significant impact to the waste recycling management market size.
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Several local authorities are taking initiatives to handle the trash and promoting to bring the trash for recycling at a global level. For instance, ‘Don’t bin it, bring it’ campaign is run by the local authorities in England. Similarly, Zero Waste Scotland is another initiative to promote recycling. These campaigns would spot a light on recycling of waste and would play a significant growth factor in the waste recycling management market size.
No landfill initiative is on a rise at global level. This initiative facilitates to avoid the disposal of waste in open grounds, and focusing on recycling waste to energy. For instance, Subaru in the U.S. has adopted the policy of zero land fill thereby, becoming America’s first automaker company who recycle all waste and then reuse it.
IoT garbage monitoring system / smart bins
Internet of things garbage monitoring system is technology driven bins that facilitates the easy handling of the municipal waste. The technology is helping to cut down time and fuel cost by tracking the waste level collected in the bin on frequent basis. The bins are connected to the apps or sensors that alerts about the bins to the near municipal office through automatic email generations.
Moreover, this technology helps in identifying the waste type and helps in discarding accordingly. The waste type comprises of electronics waste, plastic waste and wet waste among others. The adopting nations includes India, the U.K.and the U.S. among others. For instance, the U.S. based company Bigbelly offers the smart waste and recycling solutions for the public places.
Bigbelly’s smart bins are connected to cloud and web-based platforms that provides real time insights from the bin. These are equipped with sensors and are solar powered. It is smarter way to manage and crush the garbage that makes bin spacious to fill more trash. These IoT bins are the key driver of waste recycling management market size.
Ban on importation of trash
China, the world’s largest importer of the recyclable trash has developed a policy on January, 2018 to ban the imports 24 types of solid wastes including unsorted paper products, recycled textile products and polyethylene terephthalate among others.
The country is also actively suspending the license of recycling companies on temporary basis owing to reduce the level of trash pollution in the nation. However, the policy institutes the acceptance of 0.5% of the contaminated scrap in the trash trade. Therefore, such restrictions has largely affected the waste recycling management market.
Market Segmentation: By Waste Type
The waste recycling management market share is bifurcated into municipal waste and industrial waste. It is anticipated that the municipal waste would predominant in the market over the forecast period, attributed to the excessive waste generation by households at global level.
According to the organization for economic co-operation and development, the estimated generation of household waste in 2016 was 673,200 thousand tons (including economies that are member of OECD), which includes both hazardous and non-hazardous waste. The estimation is expected to rise substantially over the projected period, therefore, anticipated to provide significant share in the waste recycling management market.
Market Segmentation: By End use Industry
On the basis of end use, the waste recycling management market share is segmented into automotive, chemical, Agriculture & Forestry, Textile, Power & Energy, Construction. Automotive industry is anticipated to have major share in the waste recycling management market.
According to the Automotive Recyclers Association in collaboration with Institute of Scrap Recycling Industries, Inc, it has been estimated that the industry collects and reuses about 24 million gallons of motor oil, over 100 million gallons gasoline and diesel fuel, 4.5 million gallons of windshield washer fluid, 8 million gallons of engine coolant, and 96% of all lead acid battery annually in the U.S.
The industry recycles and uses steel at the rate of approximately 18 million tons every year from end of life vehicles (ELV). Thus, contributing a substantial share in the waste recycling management market.
Asia Pacific market is anticipated to be fastest growing region over the forecast in the waste recycling management market share. Despite the declined contribution from Chinese economy owing to ban on foreign trash, the established economies such as the U.S. and the U.K. and other European Union nations are seeking for the new dumping grounds in the Asia Pacific region.
For instance, Thailand is becoming traction for dumping e-waste for recycling from the economies including Singapore, Japan, Hong Kong and several others. Such factors are further expected to drive the market in this region.
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The prominent players in the waste recycling management market includes both technology and service providers. Service providers companies includes Henkel Corporations, Biffa groups, Amec Foster Wheeler, Excel Energy and Sims Metal Management and several others. On the other hand, technology provider companies comprises of Bigbelly, Green Conversion Systems, Green Eco Technologies among others.
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