Home Appliance Recycling Market Is Estimated To Witness High Growth Owing To Increased Consumer Awareness on Environment Protection

Home Appliance Recycling Market 

The Home Appliance Recycling market is estimated to be valued at US$ 18.46 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Home appliances include items such as washing machines, dishwashers, refrigerators, air conditioners, etc. that are used for domestic purposes at homes. Home appliance recycling involves collecting discarded appliances from residences and businesses and processing them in order to recover materials for new products. It helps to divert appliances from landfills and incinerators.
Home appliance recycling is important as it protects the environment by reducing greenhouse gas emissions and slows down the depletion of natural resources by recovering useful materials. The collected appliances are disassembled, sorted and materials like steel, aluminum, plastic and glass are recovered. These recovered materials are then reprocessed and reused in manufacturing new appliances and other products thereby forming a circular economy.

Market Dynamics:
The growth of home appliance recycling market is majorly driven by increased consumer awareness regarding environment protection and benefits of recycling. Stringent government regulations towards limiting e-waste and promotion of recycling are also fueling the market growth. With increased awareness, more people are willing to properly dispose their old appliances instead of dumping in landfills. According to estimates, appliances contribute to about 7% to 10% of e-waste annually in the world. If not properly handled, e-waste containing toxic materials can pollute land and water bodies. Home appliance recycling helps to minimize such environmental pollution and supports circular manufacturing processes. Advanced technologies used for material recovery is another factor spurring the recycling industry.

SWOT Analysis
Strength: Home appliance recycling helps in reducing landfill waste and promotes sustainable production. It also helps recover valuable materials like metal, plastic and glass. Government regulations and policies provide a supportive framework for home appliance recycling industry. Increased awareness about responsible waste disposal among consumers is driving the market growth.
Weakness: High operational and transport cost involved in collecting, dismantling and processing end-of-life appliances. Lack of standardized recycling processes and facilities across regions.
Opportunity: Advancements in recycling technologies help recover resources more effectively and promote circular economy. Partnerships between manufacturers, retailers and recycling companies ensure smooth take back and recycling of discarded appliances. Growing consumer shift towards buying refurbished appliances presents new business opportunities.
Threats: Unorganized cottage industries involved in informal recycling cause health and environmental hazards. Stringent quality standards and regulations in developed markets pose challenges for new entrants.

Key Takeaways
The global Home Appliance Recycling Market Growth  is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing environmental awareness among consumers.
Regional analysis Major regions in the home appliance recycling market include North America, Asia Pacific, Europe and rest of the world. Europe dominates the global market currently due to stringent regulations and focus on circular economy. Asia Pacific is expected to witness fastest growth over the forecast period owing to government initiatives and growing middle class population in countries such as India and China.

Key players operating in the Home Appliance Recycling Market are ARCA Recycling, Canadian Appliance Recycling Inc, A2Z Home Appliances, UK Appliance Recycling Ltd, Energy Star, Morningside Recycling, Jingdong, A1 Appliances, GE Appliances, Best Buy, IKEA, Johnson Controls, ARCA Advanced Processing, LG Electronics, Samsung Electronics, Arc Recycling, DART Appliance Recycling, Godwin Appliance Recycling, UNTHA Recycling Technology, Mitsubishi Materials Eco-Recycle.

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