Electronic recycling is forecasted to grow at an annual rate of nearly 24 percent through the rest of the decade, according to a new report.
The global recycling market was valued at $9.84 billion in 2012. Implementation of strict recycling regulations, efforts to properly manage electronic waste and technological investments have contributed to the growth of this market.
Lack of recycling awareness and regulatory infrastructure has resulted to low recycling rate. E-waste represents less than 4 percent of the global landfill mass, it contains more than 75 percent of environmentally hazardous waste.
Geographically, Europe dominated the e-waste recycling market followed by North America in 2012. The European recycling rate is slightly higher than North America due to efficient approach to recycling guided by two directives; RoHS Restriction of Hazardous Substances Directive and the Waste Electrical and Electronic Equipment (WEEE). Most of the e-waste from developed countries was imported to developing countries such as India, China and Pakistan due to cheap labor and no mandatory recycling regulations.