The Global Waste Recycling Services market is expected to reach USD 91.67 Billion by 2030, at a CAGR of 5% from 2021 to 2030. The growth of the market is driven by the increasing demand for recycled raw materials, growing environmental awareness, and stringent government regulations to reduce environmental pollution. Furthermore, the rising global population, urbanization, and industrialization are expected to drive market growth over the forecast period.
The recycling of non-hazardous wastes is expected to be the most attractive segment of the waste recycling services market, due to the ease of availability, cost-effectiveness, and increased demand for recycled raw materials from various industries. The paper & paperboard segment led the market with a market share of 64.1% in 2020.
Restraints of Waste Recycling Services Market
- Lack of Awareness: One of the main restraints of the waste recycling services market is a lack of awareness about the benefits of recycling and the importance of protecting the environment. Many people do not understand the importance of recycling, which hinders its growth.
- High Cost of Recycling Equipment: The cost of recycling equipment is one of the biggest restraints of the waste recycling services market. The cost of purchasing, installing, and maintaining recycling equipment can be expensive, and this can prevent many companies from taking the plunge into recycling.
- Lack of Government Support: Governments must provide incentives and support for waste recycling services to encourage its growth. Unfortunately, many governments are not providing enough support for waste recycling services, which is a restraint for the market.
- Low Prices for Recycled Materials: Low prices for recycled materials are another restraint of the waste recycling services market. The low prices make it difficult for recycling services to make a profit, which can prevent companies from investing in the necessary infrastructure.
Asia Pacific Region Waste Recycling Services Market Share in 2020 was 38.7%. The Asia Pacific region is expected to account for the largest share of the waste recycling services market during the forecast period. The increasing investments in waste management and the rising environmental concerns regarding waste disposal are expected to drive market growth in the region.
The key players in the global waste recycling services market include Veolia Environnement S.A., Waste Management, Inc., Suez Environment S.A., Clean Harbors, Inc., Republic Services, Inc., Stericycle, Inc., Covanta Holding Corporation, and Remondis SE & Co. Kg.