New Report Foresees Boosted Profits for E-Waste Recycling Firms

SEATTLE (Scrap Monster): The latest market report released by Global Market Insights says that electronics recyclers are likely to see boosted profits.

The use of precious metals has witnessed significant decline over the years. However, the loss in amount obtained from electronic devices will be balanced by the higher prices for precious metals. For instance, precious metals such as gold, silver and palladium have been trading at the highest levels in almost ten years. The increased focus on end-of-life electronics too has been a driving factor behind increased profitability of recyclers, the report said.

ALSO READ:

Global ITAD and E-Waste Recycler Declares Opening of New Florida Facility

E-Scrap Processor Expands to Triple its Capacity

The consumer electronics market is expected to report a compounded annual growth rate (CAGR) of 8% between 2021 and 2027. The market was valued at approximately $1 trillion in 2020. The market is mainly driven by rising popularity of smartphones, televisions, headphones and audio equipment, noted Global Market Insights.

The electronics recycling companies have been able to maximize profits by creating direct partnership with smelters. In addition, the companies in the industry have been exploring innovative and economically feasible ways of extracting precious metals. The improvements in extraction process as well as improved transportations techniques too have played a vital role in boosting the profitability.