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What Is the Projected Market Size of the Waste Recovery and Recycling Industry?
The waste recovery and recycling market has demonstrated remarkable growth in recent years. The industry is expected to grow from <b>$104.01 billion in 2023 to $115.26 billion in 2024, representing a compound annual growth rate CAGR of 10.8%. The dramatic growth observed during the historic period can be attributed to the increased awareness of environmental impacts, regulatory compliance requirements, ever-rising landfill expenses, scarcity of resources, public demand for sustainable processes and corporate social responsibility initiatives.
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What Are the Factors Fueling the Growth of This Market?
Looking ahead, the waste recovery and recycling industry is predicted to maintain its upward trajectory. The market size is forecasted to grow to <b>$174.98 billion in 2028, demonstrating a compound annual growth rate CAGR of 10.9%. </b> Factors propelling this growth over the forecast period include stringent government regulations, rising consumer demand for sustainable products, amplified focus on the principles of the circular economy, infrastructural improvements in waste management, an increase in investments dedicated to green technologies and a greater overall awareness of climate change and its potential consequences.
Another significant driver leading the charge in the expansion of the waste recovery and recycling market is the rising generation of waste. Waste generation refers to the creation or accumulation of waste materials as byproducts of numerous activities. These activities include industrial processes, household consumption practices, and commercial operations and they encompass all forms of waste – solid, liquid, and gaseous. These materials are generated during the production, consumption, or disposal of various goods and services.
With global population growth, higher consumption rates, urbanization, and increased production of goods all contributing to the rise in waste generation, effective waste recovery and recycling measures have become vital. These practices manage escalating waste levels by ensuring materials are reprocessed, thereby reducing landfill waste volume and conserving resources through reuse and recycling.
For example, according to the United Nations Environment Programme, a Kenya-based agency of the United Nations, it is projected that municipal solid waste production will increase from 2.1 billion metric tons in 2023 to an astonishing 3.8 billion metric tons by 2050. This hike in waste generation is a primary driver of the growth being seen in the waste recovery and recycling market and helps emphasize the urgency at which attention, and action, is required.
Delve into all aspects of this with the full Waste Recovery and Recycling market report: https://www.thebusinessresearchcompany.com/report/waste-recovery-and-recycling-global-market-report
What Companies Are Leading the Charge in The Industry And What Trends Are We Seeing?
Major market players are integral to the growth of the waste recovery and recycling industry. Key players include Veolia Environnement S.A., Kimberly-Clark Corporation, Waste Management Inc., Novelis Inc., Ecolab Inc., Republic Services Inc., Waste Connections Inc., GFL Environmental Inc., Clean Harbors Inc., Evoqua Water Technologies LLC, Reworld Waste LLC, Casella Waste Systems Inc., Recology Inc., Rumpke Consolidated Companies Inc., Viridor Ltd, FCC Environment Limited, EnviroServ Waste Management Ltd, Merrick & Company, RoadRunner Recycling Inc., Norpac LLC, Wheelabrator Technologies Holdings Inc., Lakeshore Recycling Systems LLC.
Companies operating within the waste recovery and recycling industry are rapidly evolving. They are developing advanced robotic systems such as artificial intelligence AI powered waste sorting robots. These compact and efficient systems have revolutionized the waste recovery and recycling process by enhancing material separation, improving sorting accuracy, and optimizing the overall recycling processes.
How Is The Market Segmented?
The waste recovery and recycling market report segments the market broadly into several categories. They include:
1 By Type: Metal, Plastic, Glass, Textiles, Organic Waste
2 By Collection Method: Curbside Collection, Drop Off Centers, Buy-Back Centers, Other Collection Methods
3 By Process: Collection, Processing, Disposal
4 By Application: Industrial, Commercial, Residential, Agricultural
5 By End-User: Recycling, Reuse, Energy Recovery, Landfill
In 2023, North America represented the largest region in the waste recovery and recycling market. The report forecasts trends and growth across regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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