Soaring recycling tech market en-route to solid growth

The global recycling equipment market is worth more than US$ 850 million at the moment. The peak is nowhere in sight, according to market analysts at Grand View Research. They anticipate the figure will reach US$ 1.3 billion by 2027, representing compound annual growth of almost 6% over the next five years. 

Out of all recycling machinery, baler presses top the list in terms of market share. This is estimated at 30%, or roughly US$ 250 million. The latter will likely increase to US$ 400 million by the end of the forecast period. The popularity is due to a growing need for tech to compact, bind, and bale recyclable processed materials for storage as well as transportation.

The shredders segment is the second biggest in terms of market share. It’s expected to grow at a ‘robust pace’ of approximately 6.5% per year. This momentum is in large part due to more plastic and tyres being shredded these days.

Reviewing all materials, plastic scrap is expected to be the largest material segment being processed in the near future. Market analysts cite a widespread call for reuse and recycling from consumers on one side and more ‘circular’ brand awareness on the other side as growth drivers.

Looking at the global market, it’s clear that Europe will continue to dominate the recycling technology scene. Simply put; it has the most recycling initiatives and stringent regulations regarding waste management. Frontrunners include nations like Germany, the Netherlands, Belgium, France, Italy and the UK.