Slow Speed Shredding Machines Market Size

Slow Speed Shredding Machines Market Size

Slow Speed Shredding Machines Market size valued at USD 161.9 million in 2020 and is estimated to exhibit over 6% CAGR from 2021 to 2027.

Increasing stringent regulations pertaining to waste management and recycling across the globe will be the chief factor augmenting the market growth. In North America, the regulations pertaining to industrial, household, and hazardous & manufacturing solid wastes come under the Resource Conservation and Recovery Act (RCRA) and are governed by EPA. RCRA's principal objective is the protection against the hazards of waste disposal; conservation of natural resources and energy through recovery and recycling; eliminate or reduce waste; and clean-up the waste that may have leaked, spilled or been improperly disposed of.

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Shredder, equipment or machine for shredding purposes, is primarily used for size reduction of any given material. Slow speed shredding machines operate on the slow-speed, high torque principle. This operating principle reduces both power consumption as well as noise levels along with achieving the highest throughputs There are many slow shredders in the market designed specifically to support material reduction for a broad range of recycling applications including scrap metal, plastic recycling, e-waste recycling, tire-shredding or recycling, wood recycling, etc.
 

Europe is a prominent region, especially in terms of waste management and recycling. The region has formulated a waste policy to reduce waste and bolster recycling. A key principle of the EU waste policy is to level up the waste management in the ‘waste hierarchy’ and to follow the circular economy principles. Waste hierarchy states that the most favorable option is waste prevention, followed by preparation for recycle, reuse, and other modes of recovery, and the waste disposal is considered as the least favorable option.
 

The Waste Framework Directive (2008/98/EC) has mentioned a target of 50% of municipal waste to be recycled (for some specific household and similar wastes) by 2020 in each member country except Turkey and Switzerland. In 2018, these targets were updated in order to boost the level of preparation for recycling and reuse of municipal waste to 55%, 60%, and 65% by the end of 2025, 2030, and 2035, respectively.
 

The ongoing COVID-19 pandemic has a significant impact on the slow speed shredding machines market demand across the globe. It can be primarily ascribed to delay in investments, decline in new orders, and lack of clarity on future applications. The pandemic has substantially disrupted the supply chain across the major industries. The governments of majority of the countries have adopted several preventive measures, such as restrictions on mobility of people, limited workforce, temporary closure of manufacturing facilities, etc., to restrict the further spreading of the pandemic. It has resulted in declined recycling output from major countries, which, in turn, has hindered the demand. Moreover, higher costs associated with the product components will also hamper the product consumption in near future.