July 21, 2024
Home Appliance Recycling Market

Improving environmental efficiency to boost the growth of Home Appliance Recycling Market

The global 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:
The home appliance recycling market recycles home appliances such as refrigerators, freezers, washers, and dryers, that have reached the end of their useful lives. Recycling of such appliances aims to recover materials such as metals, glass, and plastics which can be reused in new products. It helps reduce waste generation and promotes sustainability. With growing awareness about environmental protection, many nations have established laws and regulations mandating proper recycling of discarded appliances which is fueling market growth.

Market key trends:
One of the key trends in the home appliance recycling market is the rising adoption of advanced sorting technologies. Sorting systems such as near-infrared sensors, electromagnetic separators, robotic sorting arms etc. are being increasingly used to efficiently identify and separate multiple materials from mixed recyclables. This helps improve recycling yields. Another trend is the growing focus on recycling of rare earth elements from e-waste. Appliances contain valuable rare earths such as neodymium, dysprosium and lanthanum which are critical for manufacturing various technologies. Their effective recycling extends resources and boosts supply.
Porter’s Analysis

Threat of new entrants: Low capital requirements and abundant resources act as a barrier for new companies to enter the market. However, established companies have strong brand recognition and distribution networks.

Bargaining power of buyers: Large recycling companies have significant bargaining power over manufacturers as there are only a few buyers in the market. Smaller buyers have less bargaining power.

Bargaining power of suppliers: Major home appliance manufacturers have high bargaining power over recycling companies as there are limited companies that can handle large volumes of recycled appliances.

Threat of new substitutes: No direct substitutes currently exist for home appliance recycling services. However, technologies enabling repair and reuse of appliances can pose a potential threat.

Competitive rivalry: The market is fairly concentrated with top players accounting for a major share. However, regional and local players operate and compete for business.

Key Takeaways

The global Home Appliance Recycling Market Growth size is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing environmental regulations regarding proper e-waste disposal.

Regional analysis

North America dominates the global market currently due to stringent regulations and advanced infrastructure for recycling discarded home appliances in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with China and India emerging as major markets.

Key players

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, and Mitsubishi Materials Eco-Recycle.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it