Automotive Shredded Residue (ASR) Market worth $1.6 billion by 2028 - Exclusive Report by MarketsandMarketstm

CHICAGO, Sept. 18, 2023 /PRNewswire/ -- The report "Automotive Shredded Residue (ASR) Market by Application (Landfill, Energy recovery, Recycling), Composition, Technology (Air classification, Optical sorting, Magnetic separation, Eddy current separation, Screening) and Region - Global Forecast to 2028", is projected to reach USD 1.6 billion by 2028, at a CAGR of 6.6% from USD 1.1 billion in 2023.

The growth of the automotive shredded residue (ASR) market is primarily driven by escalating resource scarcity and a growing need for recycled materials. Regulatory pressures from government and environmental agencies, coupled with ongoing technological innovations in post-shredder technology, further contribute to its expansion.

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"Plastics by composition is projected to be the largest, in terms of value, during the forecast period."

Various industries, particularly packaging, automotive, and consumer goods, are witnessing a growing demand for recycled plastics as companies seek sustainable materials that align with environmental objectives. Governments across many countries are implementing regulations and offering incentives to encourage recycling and the utilization of recycled materials. These regulatory measures can stimulate investments in post-shredder technologies for plastics. The concept of a circular economy, which promotes the reuse and recycling of materials rather than disposal, is gaining traction. This momentum encourages the development of technologies that efficiently process and recycle plastics into new products. Heightened public awareness of plastic pollution in oceans and ecosystems has led to calls for more effective recycling and waste management solutions, prompting investments in technologies capable of handling post-shredder plastics with greater efficiency.

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"North America is expected to be the fastest growing market for post shredder technology during the forecast period, in terms of value."

The adoption of post shredder technology in the North American region is attributed to several driving factors. North America, especially the United States and Canada, is characterized by a robust industrial and manufacturing sector that generates substantial volumes of industrial and post-consumer waste, creating a demand for efficient processing and recycling solutions like post shredder technology. The region also navigates a complex regulatory landscape woven with federal, state, and provincial regulations governing waste management and recycling, propelling the necessity for advanced technologies to meet regulatory standards and optimize recycling processes. Furthermore, North America showcases a growing environmental consciousness among consumers and businesses, fueling a heightened demand for recycling and waste reduction solutions and thereby bolstering the automotive shredder residue (ASR) market. Additionally, North America has a history of significant investments in research and development, fostering the advancement and adoption of state-of-the-art recycling technologies and contributing to the expansion of the post-shredder technology market. The region's wealth of resources, including valuable metals and plastics crucial for recycling processes, acts as an incentive for investments in recycling technologies. Importantly, key industries within North America, such as automotive, manufacturing, and packaging, demonstrate a robust appetite for recycled materials, serving as a catalyst for the development of technologies that efficiently handle post-shredder materials.

The key players in this market are Galloo (Belgium), MBA Polymers Inc. (US), PLANIC (Japan), Sims Limited (Australia), Axion Ltd (UK), SRW Metal Float GmbH (Germany), Machinex Industries Inc. (Canada), Wendt Corporation (US), Binder+Co. (Austria), CP Manufacturing Inc. (US), Tomra Systems ASA (Norway), BT-Wolfgang Binder GmbH (Austria), Agilyx (US), Steinert (Germany).

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