The worldwide slow speed shredder market was worth almost US$ 162 million (EUR 141 million) in 2020, according to new data from Global Market Insights.
This product segment is projected to witness compound annual growth of more than 6% until 2027 when it will top US$ 280 million. The European shredder market alone was valued at US$ 80 million in 2020.
Other findings include twin shaft shredders accounting for more than 55% of the machine market with approximately 70% of the machines processing municipal solid waste and the rest serving industrial applications.
The analysts say the pandemic has had a ‘significant impact’ on the shredding industry owing to delays in investments, fewer new orders, and lack of clarity over future applications. Despite these setbacks, they conclude, the outlook is healthy.
Both modern-day waste management and recycling regulations and rising demand for recycled products are hailed as likely growth factors in the coming years.
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