In honor of World Recycling Day, Frost & Sullivan focuses on the circular economy and how businesses can move towards the zero waste concept
SANTA CLARA, California, Mar. 18, 2021 / PRNewswire / – The World recycling day, Frost & Sullivan recognizes that waste streams are growing at a breakneck pace as economies advance with rapid industrialization, better living standards and technological innovations.
The increasing use of electronic equipment to simplify the lifestyle of consumers poses a threat to humans and environmental safety because products are designed with more emphasis on affordability than longevity. As a result, 2020 generated 53.5 MMt of electronic waste; 78% of this waste remains uncollected and undocumented, raising concerns about the efficient management of end-of-life products, according to the recent Frost & Sullivan analysis of the global Waste Electrical and Electronic Equipment (WEEE) recycling market.
Driven by strict policies to build a circular economy and a push towards the implementation of extended producer responsibility (EPR) in developed and emerging economies, the global WEEE recycling market is expected to generate a turnover of $ 4.68 billion by 2025 of $ 3.85 billion in 2020, recording a compound annual growth rate (CAGR) of 3.9%.
For more information on this analysis, the circular economy and the growing scarcity of intrinsically valuable materials to transform the global WEEE recycling market, please visit: http://frost.ly/5gq
“The alarming increase in e-waste volumes is forcing manufacturers, distributors and retailers to explore new business models. This put circular electronics in the spotlight, with manufacturers focusing on developing and promoting the use of recycled and refurbished electrical and electronic products, ”said Kiravani Emani, Energy and Environment Research Analyst at Frost & Sullivan. “In addition, the circular economy and the concept of zero waste are fundamental to creating a safe, resilient and sustainable environment, which underlines the importance of repair, reuse and recycling of products, all of which lead to a reduction of waste and electronic waste. . “
Emani added: essential of advanced recycling fees (paid by the consumer in advance when purchasing the product) and sell refurbished products as part of their business strategies to improve the product life cycle and gain a stronger foothold in the market. In addition, as emerging countries like India, China and parts of Africa are considering adopting EPR policies, these new business models are expected to experience higher growth over the next five to seven years. “
As developed and developing economies focus on the recovery and reuse of rare and high-value metals and minerals, market players should focus on five strategies to encourage sustainability and harness growth opportunities in e-waste management:
Switch to electronics as a service to promote zero waste and create new sources of income: Large IT and electronics companies should establish recycling centers for in-house products and fund start-ups that encourage recycling and reuse of electronics.
Focus on market consolidation to strengthen internal expertise in recycling: Market consolidation will allow waste management companies to expand their footprint in untapped markets and position themselves as one-stop e-waste recycling solution providers.
Preserving precious metals and promoting a circular economy: Partnerships with automation and Industrial Internet of Things (IIoT) vendors will enable the development of advanced recovery technologies to track, trace, extract, monitor and recover electronic waste and its components.
Progress towards refurbished and reused EEE: Companies should develop a cleaner alternative to manage electronic waste and eliminate the combustion process to recover metals, which release toxic and carcinogenic substances.
Streamline the portfolio to focus on IT Asset Disposal (ITAD) services: Stakeholders along the waste management value chain should develop patented software for ITAD services to strengthen their market presence and take advantage of limited entry barriers.
Circular economy and the scarcity of intrinsically valuable materials to transform the global WEEE recycling market is the latest addition to Frost & Sullivan’s Energy & Environment research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous stream of growth opportunities for success in the unpredictable future.
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Circular economy and the scarcity of intrinsically valuable materials to transform the global WEEE recycling market
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SOURCE Frost & Sullivan