Recycling Equipment & Machinery Market size is estimated to surpass USD 1 billion by 2026; according to a new research report by Global Market Insights Inc.
Growing adoption of recycled materials in developed nations owing to stringent regulations and environmental benefits will be a major driving factor for the recycling equipment & machinery market over the study period. Many countries have implemented changes in the existing policies for enhancing the product usage. These factors along with rising demand from the end-user industries will create the need for the recycling machines.
Favorable government policies supporting European industry growth
EU environmental and landfilling directives related to wastes received from various end-user industries will stipulate the usage of recycling equipment by 2026. Growing concerns of carbon footprint and greenhouse gas (GHG) emission have resulted into the formation of new laws for preserving the ecosystem. For instance, EU directive (2000/53/EC) set an objective for automobile manufacturers to produce around 95% of the car components from recycled materials.
Every year UK alone generates more than 2 million tons of packaging waste. In order to curb the ecological degradation due to wastes generated within the region, governments have taken necessary steps to promote recycling by providing subsidies and other benefits. In 2019, the UK government had announced to allocate more than USD 5 million to several organizations to boost the recycling of plastic trays, tubs, pots, pouches, and films among others. These trends will further enhance the recycling equipment & machinery market demand by 2026.
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Browse key industry insights spread across 290 pages with 492 market data tables & 26 figures & charts from the report, “Recycling Equipment & Machinery Market Size By Machine (Baler Presses, Shredders, Shears, Granulators, Agglomerators, Extruders), By Processed Material (Plastic, Ferrous & Non-Ferrous, Wood Paper & Cardboard, Rubber), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, UK, Italy, The Netherlands, China, Japan, India, South Korea, Malaysia, Australia, Brazil, Mexico, UAE, Saudi Arabia, South Africa, Ghana) Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Granulators and agglomerators will be trending in plastic recycling
Granulators will showcase a CAGR of more than 6% over the study period. These machines produce plastic granules from various products including bottles, films & sheets, regrinds, drums, crates, etc. Agglomerators will be generating a market revenue of around USD 50 Million by 2026. These machines are extensively utilized for recycling plastic materials including polyamide, polypropylene, polyesters, etc.
Recycled rubber application will be increasing at significant rate in the near future due to growing focus on energy conservation in many end-user sectors. Rubber materials are non-biodegradable and durable, which takes a longer time to decompose. These factors are likely to showcase tremendous growth opportunities for industry expansion over the projected timeframe.
North America will lead the recycling materials for industrial usage
North America will be an important region in the recycling equipment & machinery market with a CAGR more than 5.5% due to a high awareness about product recycling and reusing. Growing usage of recycled metals in the manufacturing sector will develop the industry by the end of forecast time frame. Furthermore, high and gradually rising product recycling rates in the region will drive industry growth in future. Government efforts to promote recycling in commercial sector, will further lower the GHG emissions in future. These trends will develop the market by 2026.
Key players are entering into strategic agreements for expanding their market share
Recycling equipment & machinery market share is extremely competitive with the presence of numerous product manufacturers. Top players are engaged in strategic mergers and acquisition with other industry participants. For instance, Voith Turbo entered into a distribution agreement with Danieli Centro Recycling to supply its products & services to multiple shredder companies. Some of the key manufacturers providing recycling machines consists of, Suny Group, Idromec Spa, BHS Sonthofen, Lefort, and Morita Holdings Corporation among others.