Recycling Equipment Market Projected to Reach USD 45.8 billion by 2032, at a 5.80% CAGR – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Recycling Equipment Market Growth Boost by Increasing Concerns about Greenhouse Gas Emissions and Advanced Technology
New York, US, June 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Recycling Equipment Market Research Report Information By Equipment, By Processed Material, and By Region – Market Forecast Till 2032", The global recycling equipment market will touch USD 45.8 billion at a 5.80% CAGR by 2032, as per the recent Market Research Future report.
Recycling Equipment Market Analysis
The increased concern about greenhouse gas emissions is anticipated to be advantageous for the market for the recycling equipment. Recycling promotes environmental protection by protecting natural resources, lowering greenhouse gas emissions, & reducing the amount of garbage dumped in landfills, which is driving up demand for recycling technology.
Key Players
Eminent market players profiled in the global recycling equipment market report include,
Sustainable Business Practices to offer Robust Opportunities
CSR programs and sustainable business practices are becoming increasingly popular among businesses. They are continually looking for methods to improve their reputation and lessen their impact on the environment. Implementing recycling programs and purchasing recycling equipment is in line with these goals and can enhance consumer loyalty and brand perception.
Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness about recycling equipment, high initial investment, lack of infrastructure, technological limitations, and regulatory challenges may act as market restraints over the forecast period.
Report Scope:
Report Metrics
Details
Market Size 2032
2032: USD 45.8 Billion
CAGR during 2023-2032
5.80% CAGR
Base Year
2022
Forecast
2023-2032
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Equipment, Processed Material, and Region
Key Market Opportunities
Governments of various countries are focusing on recycling infrastructure
Key Market Dynamics
The rising awareness about the sustainable benefits of reusing and recycling waste materials such as metal, plastic, and construction waste
Browse In-depth Market Research Report (128 Pages) onRecycling Equipment Market:
The global recycling equipment market is bifurcated based on equipment and process material.
By equipment, baler press will lead the market over the forecast period. There are many different types of baler presses available on the market, such as vertical balers, two ram balers, horizontal balers, and liquid extraction balers, in response to the growing demand for dense bales composed of recyclable materials such as cardboard, paper, plastic, aluminum, and non-ferrous metals. The shredding equipment is anticipated to expand profitably throughout the course of the projection year due to rising demand from the tyre sector. Processed materials are divided into smaller, and more manageable parts by shredding machines before being turned into a more useful form for reuse.
By process material, plastic will domineer the market over the forecast period. The rising use of recycled plastic in end-use industries including electrical & electronics, automotive, & construction provides one explanation for this. Numerous rules and regulations implemented by governments for plastic waste disposal are predicted to drive the market for plastic recycling equipment throughout the course of the forecast period. Saving landfill space, electricity, and water are just a few advantages of recycling paper. Paper recycling also reduces greenhouse gas emissions, whilst recovered fiber is an economical, sustainable resource that may be utilized to make new paper goods. The demand for paper recycling is therefore expected to rise for the growing focus on sustainability, which will in turn add to the expansion of recycling equipment market throughout the projected period.
COVID-19 Analysis
Global supply lines, including those for the production & distribution of recycling equipment, were disrupted as a result of the epidemic. Movement restrictions & temporary closures of the factories and warehouses caused delays in the manufacturing and transportation of equipment, which had an impact on the accessibility of recycling equipment. Because of the reduction in industrial and commercial activity during times of lockdown and limited movement, less garbage was produced. As garbage production decreased, the market's need for recycling machinery also decreased.
The pandemic brought to light the significance of safety and sanitary precautions in a number of businesses, including recycling. The need for specialized sorting and processing equipment, which can safely handle possibly contaminated garbage, may have grown as a result.
Regional Analysis
APAC to Command Recycling Equipment Market
In 2022, the recycling equipment market in the Asia Pacific led this market. This is a result of escalating industrialization and stringent regulations governing garbage disposal and recycling practices. Economic development within the area as well as the expanding importance of waste management in China, India and Japan are driving the market in the region. Additionally, the Recycling Equipment market in India had the Asia-Pacific region's fastest expanding market and China's Recycling Equipment market had the biggest market share. By 2022, Asia Pacific would have controlled more than 39.6% of global sales because of escalating industrialization and strict laws governing recycling and trash disposal. Plastic and metal recycling in China increased by about 11% in 2017 compared to 2016. In addition, the nation has banned the importation of plastic garbage from anywhere in the globe in an effort to lessen pollution brought on by plastic. These developments are probably going to open up a market for the construction of recycling facilities in other nations in the area, which will increase the need for recycling machinery & equipment in the future.
North America to Have Admirable Growth in Recycling Equipment Market
Government policies supporting recycling activities, rising demand for recycled materials from a variety of sectors, and escalating environmental concerns among consumers are what are driving the recycling equipment market in North America. The efficiency and efficacy of recycling equipment have also been significantly improved by technology developments like automation and artificial intelligence. Due to rising environmental consciousness and the significance of recycling, the market for recycling equipment this region been expanding gradually over the years.
From 2023 to 2032, it is anticipated that the North American recycling equipment market will experience rapid expansion. Strict government rules controlling waste management, a growth in consumer awareness of the sustainable waste management techniques, and an increase in demand for recycled items are a few of the key drivers driving market statistics in the field. North America's two nations that contribute maximum market expansion are the United States and Canada.
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