Published Date : May 16, 2016
Waste recycling refers to the process of converting waste materials into reusable products. Growing concerns about environment have propelled the demand for waste recycling services. Increased adoption of various electronic devices such as smartphones and their disposal has led to the accumulation of a large amount of e-wastes. In the recent years, the waste recycling services industry has emerged as one of the fastest growing industry. Technological advancements have revolutionized the global waste recycling services market.
Waste recycling services are widely employed across industries such as agricultural and forestry, metallurgical, chemical, power and energy, textile, and construction. Depending on the type of materials, waste recycling services are classified into battery recycling, automotive recycling, iron and steel, compost and food waste, liquids, oils, and chemicals, glass and fiberglass, multi-material collection, minerals, scrap plastic, waste paper, tire and rubber, waste disposal and collection, wood recycling, used commercial goods, used collectible items, used consumer items, and, equipment. The automotive recycling services have dominated the overall market so far. However, in the coming years, iron and steel, and tire and rubber recycling services are anticipated to significantly contribute towards the growth of the market. Substantial decline in metal prices since last year has led to increased demand for the iron and steel recycling services.
Singapore Focuses on Regulatory Framework to Boost E-Waste Recycling
According to experts, Singapore needs proper regulations regarding the recycling and management of e-wastes. The Environment and Water Resources Ministry in the country has launched a study to look into the development of a national e-waste management system. The study is anticipated to be completed by the first half of 2017. While e-wastes such as computers and mobile phones contain metals such as aluminium, they also release traces of hazardous materials that pose serious health and pollution issues. It is estimated that over 100,000 tons of e-waste is generated in the country every year. Experts have pointed out that to encourage recycling in Singapore, framing regulations needs to be the first step.