Waste Recycling Services Market to Grow with a CAGR of 5.19% through 2028
Waste Recycling Services
Market to Grow with a
CAGR of 5.19% through 2028
Rising awareness of the environmental benefits of
recycling and growing demand for recycled materials from various industries are
likely to drive the market in the forecast period.
According to TechSci Research report, “Waste
Recycling Services Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Waste Recycling Services Market stood at USD 92.08 billion in 2022 and is
anticipated to grow with a CAGR of 5.19% in the forecast period. One of the
primary drivers fueling the global Waste Recycling Services market is the
heightened environmental awareness and the proliferation of sustainability
initiatives worldwide. As environmental concerns such as climate change,
pollution, and resource depletion continue to gain prominence, governments,
businesses, and individuals are increasingly motivated to adopt more
responsible waste management practices. Environmental consciousness has led to
the formulation of stringent regulations and policies aimed at reducing waste
generation and promoting recycling. Governments around the world have
implemented laws mandating the separation of recyclables from other waste
streams, encouraging recycling, and imposing penalties for improper disposal.
These regulations create a strong demand for waste recycling services as
businesses and households seek compliance. Moreover, sustainability has become
a central focus for businesses across various industries. Companies are
proactively integrating sustainable practices into their operations to enhance
their corporate social responsibility (CSR) efforts and meet consumer
expectations for eco-friendly products and services. Recycling plays a pivotal
role in these sustainability initiatives, allowing businesses to reduce their
carbon footprint, conserve resources, and demonstrate their commitment to
environmental stewardship. As a result, the global Waste Recycling Services
market benefits from the surge in demand spurred by this growing sustainability
consciousness.
The adoption of circular economy principles is a
significant driver of the global Waste Recycling Services market. A circular
economy is an economic model that emphasizes the reduction of waste and the
continual use, recycling, and repurposing of materials and products. This model
stands in contrast to the traditional linear economy, which follows a
"take-make-dispose" approach. Governments, businesses, and consumers
are increasingly recognizing the advantages of transitioning to a circular economy.
It offers benefits such as reducing the depletion of finite resources,
decreasing waste generation, and minimizing the environmental impact of
production and consumption. To support the transition to a circular economy,
recycling is essential as it forms the backbone of the recycling and reusing
processes. Circular economy initiatives encourage the development of recycling
infrastructure, innovative recycling technologies, and sustainable product
design. These initiatives also advocate for the responsible management of waste
streams, such as e-waste and plastics, by promoting recycling and reducing the
reliance on virgin materials. Consequently, the demand for waste recycling
services experiences significant growth, driven by the need to align with
circular economy principles and create a more sustainable and
resource-efficient future.
Browse over XX market data Figures spread
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The Global Waste Recycling Services Market is
segmented into product, application and region.
Based on product, The Paper and Paperboard segment
held the largest market share in 2022. Paper and paperboard waste constitute a
significant portion of the municipal solid waste generated worldwide. This high
volume of waste provides a substantial supply of recyclable material, making it
a key focus of recycling efforts. Recycling paper and paperboard is
economically viable, as recycled paper can be used to produce a wide range of
products, including new paper products, cardboard, packaging materials, and more.
Recycling these materials often results in cost savings for manufacturers
compared to using virgin materials. The market demand for recycled paper
products is robust. Many industries, including packaging, publishing, and
printing, have embraced the use of recycled paper as part of their
sustainability initiatives. As consumer awareness of eco-friendly products
grows, businesses are keen to incorporate recycled paper into their offerings.
Recycling paper and paperboard offers significant environmental benefits. It
reduces the need for virgin tree fiber, conserves energy, and minimizes water
usage and greenhouse gas emissions associated with paper production. These
environmental advantages align with sustainability goals and regulations,
further driving the demand for paper recycling. Many governments have
introduced regulations and policies that encourage or mandate the recycling of
paper and paperboard. These regulations often include requirements for
businesses and households to separate paper waste from other types of waste,
boosting recycling rates. Consumer awareness and preference for environmentally
friendly products have played a crucial role in driving the demand for recycled
paper products. Many consumers actively seek out products with recycled
content, prompting businesses to incorporate recycled paper into their
offerings.
Based on application, The Municipal segment held the
largest market share in 2022. Municipalities, which include residential,
commercial, and institutional entities, generate a substantial volume of waste
on a daily basis. This high volume provides a consistent and significant supply
of recyclable materials. Residential waste, in particular, contributes a large
share to the overall waste stream. Many municipalities have established
comprehensive household recycling programs that encourage residents to separate
recyclables (such as paper, cardboard, plastics, glass, and metals) from other
waste streams. These programs are often well-structured, with clear guidelines
for sorting and collection, making it convenient for residents to participate
in recycling efforts. Governments at various levels often play a central role
in regulating waste management and promoting recycling within their
jurisdictions. They may enact recycling mandates, set recycling targets, and
implement waste diversion programs. Such regulations create a regulatory
framework that encourages municipalities to prioritize recycling as a waste
management strategy. There is growing awareness among consumers, both
residential and commercial, about the importance of recycling and environmental
sustainability. This heightened awareness has led to increased participation in
recycling programs and the separation of recyclable materials from general
waste. Municipalities typically invest in waste collection and recycling
infrastructure, including curbside pickup, recycling centers, and drop-off
locations. These investments support efficient collection and processing of
recyclables, making it easier for residents and businesses to recycle.
Major companies operating in the Global Waste
Recycling Services Market are:
- Waste Management, Inc.
- Republic Services, Inc.
- Suez Environnement SA
- Veolia Environnement SA
- Biffa plc
- Viridor Waste Management Ltd.
- Waste Connections, Inc.
- Clean Harbors, Inc.
- Covanta Holding Corporation
- Stericycle, Inc.
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“The Global Waste Recycling Services market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The global Waste Recycling Services market is propelled by
a critical driver - the imperative for businesses to adhere to increasingly
stringent environmental regulations and meet ambitious sustainability targets.
Governments worldwide are enacting laws mandating waste reduction, responsible
disposal, and recycling practices. In response, businesses are compelled to
integrate waste recycling services into their operations to ensure compliance.
Furthermore, sustainability has become a key aspect of corporate strategy,
driven by consumer demand for eco-conscious products and responsible supply
chain practices. Recycling is instrumental in achieving sustainability goals,
making it a vital driver as companies strive to demonstrate their commitment to
environmental responsibility. Therefore, the market of Waste Recycling Services
is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Waste Recycling Services Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product
(Paper and Paperboard, Plastic, Metals, Glass, Bulbs & Batteries
Electronics, Others), By Application (Industrial, Municipal, Others), By
Region, By Competition”, has evaluated the future growth potential of Global
Waste Recycling Services Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Waste
Recycling Services Market.
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