LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global recycling industry and the industry is poised to experience spend growth of nearly USD 70 billion between 2019-2024 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
Read the 116-page research report with TOC and LOE on “The Global Recycling Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The automobile industry is emerging as one of the chief end-users as the automotive manufacturers are using recycled auto components to make serpentine belts, short shifters, funnels, exhaust systems, windshield wiper blades, and brake pads. While this is enabling cost savings for buyers in the automobile industry, it is favoring spend growth in the recycling industry across the globe.
The strong industrial growth in APAC is triggering the generation of huge amounts of industrial waste which is creating an exponential demand for recycling services in the region. The rise in the recycling of plastics by the packaging industry is driving spend growth in the recycling industry in North America.
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Insights into the industry price trends
- The rise in minimum wages across the globe will force service providers to mandatorily increase wages paid to employees, which in turn will contribute to the growth in the recycling costs.
- A highly fragmented supply market will compel recycling service providers to invest heavily in advanced technologies such as artificial intelligence to allow themselves an edge above their adversaries. This will make significant additions to their operational costs which will impact the price of procurement in the recycling industry.
What are the strategies to adopt to optimize procurement spend in this industry?
Procure from service providers that provide pickup services
Buyers are advised to partner with recycling service providers who provide pickup services to collect waste materials as this will help them save on transportation costs and complexities associated with disposal and recycling of different types of wastes.
Engage with service providers that offer to bundle services
Engagement with recycling service providers who offer to bundle services will facilitate buyers with cost-savings in terms of documentation and contract management. It will also minimize the management complexities for buyers. Services that can be bundled together are collection, sorting, and transportation of waste materials.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the recycling industry.
Some of the key topics covered in this report are:
- Recycling industry spend segmentation by region
- Total cost of ownership analysis in the recycling industry
- Regional spend opportunity for recycling service providers
- Recycling service providers cost structure
- Recycling pricing models analysis
- Recycling industry procurement best practices
- Category management objectives
- Cost saving opportunities in the recycling industry
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