Transparency Market Research anticipates substantial growth for the e-scrap recycling market until 2022. The report indicates the market will grow at a CAGR of 7.2 percent within the next five years.
TMR lists the key drivers for market growth as growing use of electronics, shortening device lifecycles, environmental and health hazard prevention, increasing government regulation of e-waste processing, and economic advantage of electronics recycling.
New devices are released quarterly, inspiring users to upgrade and retire old devices. With the number of electronics discarded each year increasing, the environmental consequences of dumping e-waste in landfills are becoming widespread knowledge.
To monitor e-waste processing, more legislation has been introduced to regulate electronics landfill dumping and exporting. The combination of environmental hazards and legislation showcases the need for electronics recycling.
E-scrap processors can expect growth within the coming years as more consumers and enterprises choose to recycle their electronics. With the number of companies focusing on sustainability and environmental protection growing each year, e-scrap recyclers can expect growing clientele beyond 2022.