WILMINGTON, DE / ACCESSWIRE / March 31, 2023 / Transparency Market Research Inc. - According to the latest research on the recycled waste management market by TMR, the global market CAGR is expected to expand at 5.0% during the forecast period from 2023 to 2031.
Recycled waste management is a process that involves the collection, segregation, and disposal of waste materials such as plastic, glass, metal, and paper that are processed and reused to produce new materials. This process is beneficial for conserving the environment and also promotes revenue generation opportunities for the recycling industry. Thus, the recycled waste management market has immense scope for growth in the next few years.
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Recycled Waste Management Market: Growth Drivers
Pressing need for renewable sources of energy drives market demand: Recycled waste management is an important aspect of bioenergy production. In addition, the use of recycled products has increased as a result of awareness regarding environmental concerns. Hence, the recycled waste management market is expected to witness promising growth due to its crucial role in the production of bioenergy which can replace hazardous energy sources.
Increasing adoption of bioenergy in various industries propels business growth: Demand for bioenergy is expanding in various industry verticals. Bioenergy is green energy that is produced from forestry residue, municipal solid waste, and other biomass sources. The production process also involves the use of recycled waste materials such as wood waste, food waste, or yard waste. Furthermore, the inclination towards the use of recycled waste in various applications has led to the urgent need for a steady supply of organic matter which is possible through the recycling of waste materials. This is expected to drive market growth in the near future.
Relentless efforts by government bodies to maintain ecological balance boosts market development: Government initiatives in numerous countries worldwide to promote the importance of recycling waste for the conservation of the environment have opened up new growth avenues for the global market.
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Key Findings of Recycled Waste Management Market
High demand for biological recycling: Major companies in the market are focusing on R&D activities to develop new technologies to enhance the recycling process. The rise in demand for biological recycling has placed this segment in the top position in terms of technology.
Solid waste segment to show lucrative growth: Rapid industrialization has led to a surge in construction activities which generates huge volumes of solid waste such as bricks, crushed tiles, waste glass, clay, and other construction materials that need to be properly disposed of as they create a hazardous impact on the environment. The management of solid waste has gained traction in the construction industry which has led to voluminous growth of the solid waste segment, based on type.
Recycled Tires Segment to offer new growth opportunities: In terms of application, the high demand for recycled tire waste for highway construction offers new opportunities for this segment. The tires are also used in pavement blocks, which is likely to offer considerable growth opportunities to the global industry.
Recycled Waste Management Market: Regional Dynamics
Asia Pacific is expected to account for the largest share of the market due to an increase in environmental concerns. Fast-paced industrialization and urbanization are key factors hampering the ecological balance. Thus, countries including India, China, and Japan have shifted their focus toward strengthening the recycling process to address environmental concerns. Additionally, government bodies of various countries have laid out stringent norms to maintain the environmental balance. They are promoting recycling and striving to find solutions to reduce the dumping of extra waste. All these aspects are expected to fuel market progress in the Asia Pacific.
North America is estimated to follow Asia Pacific in terms of market share as it is home to key players who focus on research and development activities to bring revolution in the recycling business. Concurrently, the focus on the conservation of the environment through the adoption of practices such as drop-off centers and curbside recycling programs is estimated to fuel the market. Latin America, the Middle East & Africa, and Europe are projected to show sluggish growth due to small market size.
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Recycled Waste Management Market: Competitive Analysis
Key players operating in the market are focusing on creating fool-proof solutions for efficient recycling processes. Some of these processes include composting, electronic waste recycling, and hazardous waste disposal. Novel technologies are being incorporated to reduce costs and make the process hassle-free. Players are also involved in strategic associations with start-ups and joint ventures and undertake mergers and acquisitions, which are likely to influence their market reach.
Major market players include:
- US Ecology
- Biffa
- Cleanaway
- Bingo Industries
- Veolia Waste Management Inc.
- Renewi plc
- GFL Environmental
- Covanta
Recycled Waste Management Market: Segmentation
Type
- Solid Waste
- Organic Waste
- Waste to Energy
- General (Municipal) Waste
- Liquid Waste
- Others
Technology
- Biological Cycling
- Mechanical Cycling
- Chemical Cycling
Application
- Paper and Card
- Plastics
- Aluminum and Metal Cans
- Food Packaging
- Glass and Ceramics
- Recycled Tires
- Others
End-use
- Residential
- Commercial
- Industrial
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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