How Will Precious Metals E-Waste Recovery Favor the Automobile Industry in Making Its Various Parts?
Rising adoption of latest electronic devices among people has notably contributed to the environmental hazards. Hence, effective meticulous utilization and recovery of precious metals from used or damaged electronic devices can substantially maximize sustainability and provide lucrative opportunities for the production of new materials.
Electronic waste, most commonly known as e-waste, is the waste accumulated or generated from used, obsolete, and damaged electronic devices. The electronic wastes significantly contributes to an adverse impact on the environment through their reckless disposal due to the availability of deleterious toxic chemicals in these wastes. Thus, electronic wastes are effectively recycled so as to extract or obtain precious and rare metals from these wastes through rigorous e-waste recycling processes so as to productively use it further in the production of various materials, be it watches, electronic gadgets, mobile phones, home appliances, and many more.
The extraction of precious metals is economically lucrative and also serves a great deal of environmental benefits. Electronic waste recycling technologies have become more advanced than ever before, ensuring a great deal of sustainability by maximizing productivity and minimizing carbon footprint levels. In addition, comprehensive exhaustion of natural resources around the world have led to the reduction in various mining activities and adoption of enhanced waste recycling systems for the extraction of precious metals like gold, silver, platinum, and palladium. According to the report published by Research Dive, the global precious metal e-waste recovery market is anticipated to generate a revenue of $12,636.3 million in the 2020-2027 time-frame, exponentially growing at a CAGR of 4.7%.
Reason for Rapid Adoption of Electronic Devices
There has been a considerable growth in the standard of living of people around the globe, and hence, they want to satisfy their needs and demands either through the influence of friends or various kinds of television or social media adds. Major brands prevalent around the world persistently advertise their various offerings, product launches, and their features through almost all means of advertising possible, so as to maximize their sales and achieve the vision of the company. These tenacious marketing done on television, social media platforms like Facebook, Instagram, Twitter, etc. generates a gradual need in the minds of the customer to adopt these latest technological devices be it a smartphone, smartwatch, wireless earphones, smart tv, gadgets, and many more. Therefore, these resolute advertising done by various companies and increased standard of living and technological knowledge among people are responsible for the growing need for the adoption of latest electronic devices.
Surging Demand for Precious Metals through E-Waste Recycling
Reduction in the number of mining activities around the globe has enabled more and more people and industries to substantially rely on the precious metals obtained or extracted from E-waste recycling. Ferrous metals are metals that are formerly composed of iron and possess considerable magnetic properties. Some of the ferrous metals include cast iron, pig iron, steel, and many more. Due to the high tensile strength, durability, and toughness provided by ferrous metals, they are extensively used in the construction of automobiles, railways, carpentry tools, agricultural machineries, and many more. Non-ferrous metals are metals that precludes the availability of iron as a component or any kind of magnetic property in it. All the precious metals like gold, silver, platinum and numerous rare metals like tungsten, cobalt, mercury, lithium, and many more fall under non-ferrous metals. Non-ferrous scrap metals are effectively recycled and extensively used in the production of electrical hardware, automobiles, aircrafts, and others, owing to its impeccable corrosion resistance, exemplary electrical conductivity, and tremendous catalytic activity. Non-ferrous metals strongly withstand and maintain their physical or chemical properties during the recycling process, making its recyclability boundless.
Impact of COVID-19 on Precious Metal Recovery and Recycle
The outbreak of COVID-19 has adversely affected various industries across the globe, owing to the redundant lockdowns that were prevalent in many countries. These nation-wide lockdowns led to the closure of numerous e-waste recycling plants and substantially impeded the transportation cycle of e-wastes, disrupting the supply chain of various factories and industries. But the industry is expected to prosper in the near future with eased travel restrictions and reopening of industries.