Recycling Bins Market Analysis: Size, Share, and Industry Insights | 2023-2030 Outlook Report

Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) — The global recycling bins market size is set to enter a period of prolific expansion owing to surging solid waste generation around the world, shares Fortune Business Insights™ in its report, titled “Recycling Bins Market Size, Share, Growth and Forecast Report, 2023-2030”. According to the “What a Waste 2.0” report published by the World Bank (WB) in 2018, worldwide, approximately 2.01 billion metric tons of municipal solid waste is generated every year. The WB predicts that by 2050, the amount of waste generated will rise to 3.40 billion metric tons. Even more shockingly, only 13.5% of this waste is recycled and 5.5% is composted, the WB’s report highlights. Increasing waste generation is detrimental to public health as non-treatment or inefficient disposal this waste is likely to create breeding grounds for various diseases, which will inevitably and disproportionately harm the less-privileged. As a result, the adoption of recycling bins and other modern waste management technologies is rising worldwide, which is driving the global market.

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Leading Players Featured in the Recycling Bins Market Research Report:

• Clean Cubes
• Step ‘N’ Sort
• IRIS USA Inc.
• Suncast
• Happy Sale
• Rubbermaid
• Genuine Joe
• Highmark
• Organize It All
• Kangaroo  
• United Solutions

Report Scope & Segmentation:

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Highlights of the report:

• Critical examination of each individual market segment;
• Piecemeal analysis of the factors driving and restraining the market growth;
• Accurate projections of upcoming trends and opportunities in the market; and
• Detailed research into the regional developments and competitive environment of the market.

Market Driver

Rapid Urbanization to Stimulate Strong Growth Trends in the Market

Urban areas are responsible for majority of the waste generated around the world and this is expected to increase exponentially in the coming decades as countries rapidly urbanize. The Population Division of the UN Department of Economic and Social Affairs (UN DESA) revealed in 2018 that roughly 55% of the world population is living in urban areas. However, the DESA predicts that the number of urban dwellers will rise sharply to 68% by 2050, adding over 2 billion inhabitants to urban spaces in the next three decades. The effects of this unimpeded growth are already visible in the form of stupendous waste generation in most large cities. For example, the WB states that wealthy countries such as Canada and the UK produce 34% of the global waste, while more than 90% of the waste in low-income countries is mismanaged. To counter this massive issue, governments around the world are aggressively promoting the adoption of tools and devices such as recycling bins to optimize waste collection, segregation, and treatment processes.

COVID-19 Impact:

The COVID-19 pandemic has staggered the global economy, triggering massive supply-demand disturbances and imbalances around the world. Various sectors, industries, and markets are suffering as a consequence and businesses are in dire need for comprehensive insights on the impact of the coronavirus outbreak of the overall economic dynamics. At Fortune Business Insights™, we aim to provide just that. Based on our experience and expertise, we offer market research reports with high-quality market analysis to enable your business to tide over these challenging times.

Market Segmentation:

By Material

• Plastic Lumber
• Steel
• Fiberglass and Others

By Applications

• Residential
• Commercial
• Public Places

By Distribution channel

• Shopping Malls
• Hypermarkets and Supermarkets
• Retail Stores
• Online

By Geography

• North America
• Europe
• Asia Pacific
• South America
• Africa & Middle East

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Regional Insights

Excessive Waste Production to Fuel the Market in North America

North America is expected to lead the recycling bins market share during the forecast period owing to inordinately high waste generation in the US and Canada. The WB reveals that the daily per capita waste generation in North America is 4.87 pounds, while in Sub-Saharan Africa it is only at 1.01 pounds. This is expected to create huge demand for recycling bins in the region, especially at the household level.

In Asia Pacific, speedy growth of urban areas, initiation of hygiene awareness schemes by governments, and improved funding for sustainable development programs will be the key growth-drivers for the region. In addition, evolving waste management infrastructure at local government level will provide extra impetus to the recycling bins market growth in the region.

Key Questions Answered by this Latest 2023 Report:

• What are the primary obstacles and strategic approaches affecting the Recycling Bins Market?
• What are the prevailing trends that significantly impact the analysis of growth in the Recycling Bins Market?
• Who are the key international manufacturers driving revenue in the Recycling Bins Market?
• What opportunities and challenges do vendors operating in the Recycling Bins Market face?
• What are the various channels used for selling, marketing, and distributing products in the global Recycling Bins industry?
• What is the market size of the Recycling Bins industry at both regional and country-specific levels?

Competitive Landscape

Partnerships Targeted towards Enhancing Innovation to Intensify Competition

As the emphasis on circular economy deepens, companies in the market for recyclable bins and other similar waste treatment solutions are focusing on introducing innovative products. To meet that end, these players are partnering with other entities to promote their brands and widen their offerings. Many of the market participants are also ardently advancing the cause of sustainability by developing novel solutions.

Industry Developments:

• July 2020: Rubbermaid^® joined forces with TerraCycle^®, the global leader in recycling solutions, to convert all well-used food containers in the US and Canada into recyclable products. The aim of this partnership is to ensure that the lifecycle of all plastic and glass food storage containers is ended sustainably.

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