South Korea E-Waste Management Market Overview, 2028

South Korea E-Waste Management Market Overview, 2028

South Korea has a well-developed e-waste management market, with a strong emphasis on responsible disposal of electronic waste. The government has implemented regulations and policies aimed at promoting the responsible disposal of e-waste, and the industry has responded with the development of a number of solutions and services.Eco-Wheel is a start-up that provides e-waste collection and recycling services, employing advanced technologies and manual processes to recover valuable materials and dispose of toxic substances safely. GreenR is a company that creates technology solutions for the e-waste industry, such as software for tracking e-waste and managing the recycling process. Encore, A start-up that offers e-waste collection and recycling services, employing a network of collection points and cutting-edge technologies to ensure that e-waste is managed in an environmentally responsible manner. The Center, A company that provides e-waste management services, such as collection, transportation, and recycling, by combining advanced technologies and manual processes to ensure that e-waste is disposed of responsibly. These start-ups are helping to develop the South Korean e-waste management market and promote responsible e-waste management in the country. They are assisting in addressing the challenges posed by the growing problem of e-waste by providing innovative solutions and services.

According to the research report “South Korea E-waste Management Market Overview, 2028, published by Bonafide Research, the market is expected to add USD 0.89 billion by 2028. The rapid expansion of the electronics industry is creating a positive Research Report for the market. Product innovation and the introduction of new devices have resulted in an increase in the sale of electronic devices. This has increased the disposal of old electronics, which has aided market growth. In line with this, rising environmental consciousness among consumers as a result of the negative impact of increasing waste volume, which leads to adverse health hazards, is positively impacting market growth. Furthermore, various technological advancements, such as the immediate integration of artificial intelligence (AI) and machine learning (ML) to identify, sort, and categorise waste, are propelling market growth. Furthermore, the scarcity of precious metals such as gold, platinum, silver, and indium is facilitating the need for e-waste management in order to manufacture new devices from recycled components with a lower carbon footprint. This, in turn, has a positive impact on market growth. Other factors, such as rising consumer spending power to afford premium-priced electronic devices and the implementation of several government initiatives to raise awareness about proper e-waste disposal, are expected to drive the market forward. The e-waste market is segmented into three categories: source (household appliances, consumer electronics, and industrial electronics), material (metal, plastic, and glass), and application (trash and recycled).

The e-waste management market in South Korea is segmented by source type: household appliances, consumer electronics, and industrial electronics. Household appliances are those appliances that are used in a household, such as air conditioners, dishwashers, clothes dryers, drying cabinets, freezers, refrigerators, kitchen stoves, water heaters, washing machines, trash compactors, microwave ovens, and induction cookers, among others. Mobile devices, wearables, TVs, set-top boxes, monitors, laptops, tablets, computers, printers, scanners, and so on are examples of consumer electronics. IT & Telecom Equipment, IT Accessories, PCBs, Digital Boards, Datacenters, Medical Equipment and Accessories, and so on are examples of industrial appliances. During the forecast period, household appliances are expected to dominate the South Korean e-waste management market.
The electronic waste management market in South Korea is divided into three categories: metal, plastic, and glass. Because metals recovered from e-waste are very valuable, the metals segment is expected to dominate the market for e-waste management during the forecast period. Metals recovered from e-waste include aluminium, ferrous metals, copper, gold, and silver.

The e-waste management market in South Korea is divided into two segments: trashed and recycled. Due to an increase in E-waste and certain government initiatives to improve E-waste management, which are major drivers of the South Korean E-waste management market, the recycling segment is expected to dominate the South Korean E-waste management market.

Rapid technological advancement and frequent product innovations result in an increase in the sale of electronic products. Mobile devices, televisions, and computer devices, in particular, are experiencing rapid growth around the world. With rising purchasing power and a rising trend in disposable income, the sale of these electronics is steadily increasing. Furthermore, new product launches with updated features and added services entice customers to replace their old products with new ones. This has reduced the device's life span to about 3–4 years. As a result, e-waste is increasing at an alarming rate, encouraging industry players to expand their operations and establish a broad network for e-waste collection and processing facilities.

Some local governments are launching special e-waste recycling programs. The city of Seoul throws out about 10 metric tonnes of e-waste each year. About 20 percent of that goes to the Seoul Resource Center, also known as the SR Center. There, electronic devices are taken apart so that valuable metals like gold or copper can be extracted and reused. Types of electronic waste brought into the centre include cleaning equipment, rice cookers, computers, electric fans, and heaters. The products are classified and disassembled according to material type and then sold to secondary processing companies through an open bidding process. The most important factor considered during the bidding process is whether the competing companies are certified by the government to recycle and dispose of waste. Also, companies selected during the bid are required to sign an agreement that the recycled materials will not be exported and will be utilised within Korea. To tackle the issue of electronics waste, or e-waste, the Seoul city government started a programme called Eco City in 2009 to collect used electronics. It runs a waste handling facility called Seoul Resource Center in the northeast of the capital and employs elderly or low-income people to break them down and process the parts.

The Ministry of Environment in Korea oversees a diverse set of partners throughout the recycling process. These partners include the Korea Electronics Recycling Cooperative, which plays a vital role in managing and coordinating a free-of-charge collection service network. Another important partner, Korea The Environment Corporation monitors the implementation of recycling programmes and runs training programs. Aimed at improving resource efficiency in waste management. The Ministry of Environment is also responsible for the development of treatment technologies and setting technical standards to ensure proper e-waste treatment.
In South Korea, all waste is classified into two groups: residential and business waste. Electronic waste (e-waste) is classified as either residential or business waste depending on its source or origin. South Korea generates approximately 0.8 million metric tonnes of e-waste per year. E-waste is collected through several routes managed by producers and local municipalities. In most cases, waste is disposed of at recycling facilities.

COVID 19 IMPACT
This e-waste management industry was suffering during the COVID-19 pandemic due to a halt in e-waste recycling and collection. Furthermore, the sudden increase in COVID-19 infections halted production. Furthermore, trade restrictions hampered economic progress and limited mobility. However, the reinstatement of lockdown restrictions enabled manufacturers to increase their activity and improve their market position. These factors aided the growth of the industry.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea E waste management market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source Type
• Household Appliances
• Consumer Electronics
• Industrial Electronics

By Material Type
• Metal
• Plastic
• Glass

By Application Type
• Trashed
• Recycled

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Air purifier market, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.