Recycling Equipment Industry Overview
The global Recycling Equipment Market was estimated at $28.12 billion in 2023 and is projected to grow at an annual rate of 5.4% from 2024 to 2030. A key factor driving this market's expansion is the increasing awareness regarding the sustainable advantages of recycling and reusing waste materials. As environmental consciousness grows among businesses, consumers, and governments, there is a greater focus on minimizing the environmental impact of waste disposal.
Recycling waste materials not only lowers the energy consumption associated with processing raw materials but also helps conserve natural resources. Furthermore, this equipment facilitates the transition towards a circular economy, where materials like metal and rubber are recycled, reused, and incorporated back into the production process, thereby reducing reliance on limited natural resources.
Detailed Segmentation:
- Equipment Insights
The baler press equipment segment is likely to dominate the market in 2023 owing to the increasing use of baler presses for compressing recyclable materials, such as cardboard, paper, plastic, aluminum, and non-ferrous metals, into dense bundles known as bales. Different baler presses, such as vertical balers, horizontal balers, two ram balers, and liquid extraction balers, are available in the market.
- Processed Material Insights
The plastic segment is expected to dominate the market by holding a 33.6% revenue share in 2023 and is projected to grow at the fastest CAGR from 2024 to 2030. This is attributed to the rising utilization of recycled plastic in end-use industries including construction, automotive, and electrical & electronics. Additionally, various laws and guidelines forced by governments for plastic waste disposal are expected to drive the plastic recycling equipment market over the forecast period.
- Regional Insights
The recycling equipment market in China held over 40.0% of Asia Pacific, driven by the adoption of waste recycling targets by the Chinese government. Rapid industrialization and urbanization have led to an increase in metal and plastic waste. In 2021, China aimed to reuse 60% of its urban household waste by 2025. Due to such programs, the demand for sustainable waste management in China is high, which is propelling the market growth.
The Indian recycling equipment market is anticipated to grow at a CAGR of 6.3% from 2024 to 2030, due to government initiatives and regulations in the secondary metal sector. For instance, the Voluntary Vehicle Fleet Modernization Program adopted by the Indian government to reduce end-of-life vehicle numbers is driving the generation of metal scrap. To manage the generated scrap, the demand for recycling equipment is likely to increase over the forecast period.
Gather more insights about the market drivers, restraints, and growth of the Recycling Equipment Market
Key Companies & Market Share Insights
The recycling equipment market consists mainly of global players, of which a few operate regionally. New product launches, mergers and acquisitions, partnerships, and collaborations are vital strategies that companies adopt for sustained growth. Furthermore, key raw material suppliers and equipment manufacturers have integrated their operations to provide raw materials and manufacture the final product to cut down on raw materials procurement and operation costs.
Major players frequently undertake geographical expansion strategies to enter established and newer markets. New product developments and approvals are also a part of the key initiatives key companies undertake to gain more substantial market penetration. Some players adopted the expansion strategy to increase their product reach and increase the availability of their products in diverse geographical areas. Moreover, the market players have undertaken marketing strategies to improve their brand recall.
Key Recycling Equipment Companies:
The following are the leading companies in the recycling equipment market. These companies collectively hold the largest market share and dictate industry trends.
- Recycling Equipment Manufacturing
- The CP Group
- American Baler
- Kiverco
- General Kinematics
- MHM Recycling Equipment
- Marathon Equipment
- Ceco Equipment Ltd.
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Recent Developments
- In October 2023, General Kinematics recently announced the completion of a 42,000-square-foot expansion of their primary manufacturing space in Illinois, which includes high bay ceilings for 80-ton cranes, additional space for capital equipment, and storage. With this new addition, the facility now spans 262,000 square feet, enabling the company to increase its manufacturing capabilities and meet the growing demand for its products.
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