The global electronic waste recycling market size can touch USD 39,498.41 million by 2024. It can display 13.03% CAGR over the forecast period.
The market is driven by the increasing volume of electronic waste generated annually. Concerns over the effects of e-waste and depleting resources of minerals can drive the market demand. Waste management companies are going ahead and creating mobile applications for the convenience of customers and providing payment as incentive to boost responsible e-waste management. Entrepreneurs in Africa are procuring electronic equipment in large quantities to extract rare minerals and rebuild gadgets. Development of power banks made using recycled minerals is likely to favor the market growth.
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The COVID-19 pandemic can have a negligible impact on the global electronic waste recycling market owing to consumer electronic products taking a hit in 2020. Shutdown of factories and restrictions placed on ecommerce firms and physical stores have led to the downfall. According to the report by the U.N., nearly 5 million tons of waste was avoided during 2020.
The Electronic Waste Recycling Market is segmental into the electronic waste reusing market is completed based on material, source, and district. Based on sources, the Electronic Waste Recycling Market is sectioned into modern gadgets and purchaser hardware. In light of the material, the Electronic Waste Recycling Market comprises of plastics, glass, metals and synthetic compounds, and others like pressed wood, concrete, wood, elastic, and ceramics. Based on the areas, the Electronic Waste Recycling Market is fragmented into Africa, Europe, North America, the Middle East, Asia-Pacific, and South America.
According to the market analysis the worldwide Electronic Waste Recycling Market is segmented into different regions. Europe is projected to lead the e-waste recycling advertise and hold its portion during the evaluation time frame because of the quickly rising execution of electronic waste reusing programming, arrangements, stages, and frameworks across industry verticals like security, auto, medical services, IT and Telecommunication, agribusiness, retail, and assembling. Besides, there is an ascent in the reception of electronic waste reusing innovation for picture and discourse acknowledgment and information mining which drives the Electronic Waste Recycling Market Growth.
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In October 2018, one of the main organization Tetronics presented a Plasma Metal Recovery System (PMRS) which is made uncommonly to handle calcined gadgets waste and car and synthetic catalysts.
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