WASTE RECYCLING SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Waste Recycling Services Market Size and Trends

Global waste recycling services market is estimated to be valued at USD 65.38 Bn in 2024 and is expected to reach USD 93.24 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.

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The global waste recycling services market continues to grow due to rapid urbanization, increasing environmental concerns, stringent regulations regarding waste management, and rising awareness about the benefits of recycling waste. The market trend suggests significant growth opportunities over the coming years. Key drivers of this market include policies and initiatives by governments worldwide to promote sustainable waste practices and recycling. Growing consumer demand for recycled products is another major trend in this space. Moreover, leading companies are investing heavily in research & development to advance recycling technologies and make recycling processes more efficient and cost-effective. Adoption of novel techniques like mechanical sorting is also gaining traction. However, lack of public participation and low recycling rates in some regions continue to restrain the market growth to some extent.

Rising concerns for environmental protection

With growing awareness about climate change and its harmful effects, people are increasingly concerned about protecting the environment. The send waste to landfills is harming the environment as it produces methane gas which is a potent greenhouse gas. Recycling helps reduce the waste going to landfills and prevents harmful greenhouse emissions. It also helps in conserving natural resources as recycling aluminum, paper, plastic, and glass requires much less energy compared to extracting raw materials from nature. Many communities and cities have adopted strong recycling programs and policies to boost recycling rates and decrease waste. Strict regulations are being imposed on waste disposal practices and many places now mandate separating of recyclables from general trash. Growing environmental consciousness is driving many industrial and commercial organizations to focus on minimizing waste and adopt recycling and reuse practices. As recycling is seen as a responsible way to reduce carbon footprint, its demand is rising across both the residential and commercial sectors.

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Influence of circular economy

The concept of circular economy is gaining global importance for optimizing resource use and minimizing waste. It promotes extending the life of products, parts, and materials through repair, reuse, refurbishment, and remanufacturing. Many countries have strategic plans to transition from linear to circular models of production and consumption. Recycling plays a crucial role in circular economy approaches as it feeds the supply of secondary raw materials back into the production system. Closed loop recycling allows resources to be retained within the economy for longer. Organizations are also recognizing the business opportunities in circular business models centered around recycling, re-use, and remanufacturing. Government policies in the European Union encourage circular economy practices through extended producer responsibility regulations. This is fueling investments in advanced recycling infrastructure and technologies. As circular economy gains wider acceptance, it will further augment the demand for efficient recycling services from industries and consumers. Sustainable waste management through maximized recycling will be essential for transitioning economies to circularity.