Europe and North America accounted for 20% of the market share each respectively. Japan is another prominent market for the global waste recycling services market, constructed more than 300 waste-to-energy plants in the past few years.
London, UK -- (SBWIRE) -- 03/31/2015 -- Recycling is the next trend. The waste recycling services has become the one of the fastest growing industry. The trends have been changed and there are many technologies advancement can be performed in the recycling industry. The growth of the waste recycling services is driven by the technology development for waste recycling, the government initiatives towards recycling of waste product and push for reuse of wastage materials. Increasing awareness towards benefit of recycling among people and, growing number of recycling manufacturers are another factors which will uptake the growth of the recycling industry in the near future. Many companies has been evolved in the charitable activities.The government Subsidies on products has cuts down the material costs and gives the business a chance to do something for the community.
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The waste recycling services industry facade a different set of challenges that include increasing demand and restricted supply, increasing use of natural resources to produce recycled products, and high cost involvement for producing recycled product.On the other hand, due to unsuitable government policies for both manufacturing and reprocessing,has caused an environmental, health and safety concerns. However, growing demand from regional market and economical labour cost are expected to drive the demand for global waste recycling services market in the near future.
By Application type, the global waste recycling services market is mainly segmented as Metallurgical, Chemical, Agriculture and Forestry, Textile, Power and Energy, and Construction Industry. Furthermore, the waste recycling services market is further sub-segmented into Iron and steel, Automotive Recycling, Battery Recycling, Compost & Food Waste, Computer & Electronics, Glass & Fiberglass, Liquids Oils & Chemicals, Minerals, Multi-Material Collection, Waste Paper, Scrap Plastic, Tire & Rubber, Wood Recycling, Waste Disposal & Collection, Used Collectible Items, Used Commercial Goods, Used Consumer Items, equipment.
According to market research, automotive segment has dominated the recycling services market and hold over 50% of the market share in 2014. Among all the aforementioned segments, tire and rubber segment is expected to witness 4.3% CAGR in the near future. However, Iron and steel is another sub-segment of metal which is estimated to account for 53.3% of total revenue market in the near future. This is tribute to the substantial decline in the metal price.
Key regions considered for the global waste recycling services market include, Asia Pacific, North America, Middle East and Africa (MEA) Europe, Japan, and RoW. Among all the aforementioned regions, the Asia pacific dominated the global waste recycling services market in term of volume, accounting for over 40% of the total market share in 2014.
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Asia Pacific is expected to continue its dominance in the future due to shift in production units from West to Asia. Moreover, this production shift towards Asia Recycling operations extremely dependent on production and consumption. Europe and North America accounted for 20% of the market share each respectively. Japan is another prominent market for the global waste recycling services market, constructed more than 300 waste-to-energy plants in the past few years.
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