It might not be as glamorous as some industries, but recycling is booming.
The industry supports more than 450,000 jobs for Americans and generates US$10.3 billion in revenue for federal, state and local governments — making it larger than the forestry and fishing industries combined, according to a recent study released by the Institute of Scrap Recycling Industries (ISRI).
“It’s an incredible industry that really brings together economics, the environment and energy savings,” Melissa Merz, VP for communications and marketing for ISRI, told the E-Commerce Times. “It’s a huge job creator.”
The Business of Recycling
Recyclables include ferrous materials like iron and steel, and non-ferrous materials like copper, electronics, paper, rubber, plastics, glass and textiles. There is also a growing industry in recycling food byproducts, including composting scraps for agriculture and repurposing cooking oil for fuel.
Much recycling involves collecting materials and breaking them down into their basic components, which are then sold to manufacturers as raw material. A growing segment of the industry involves refurbishing and reselling items, such as computers and other electronic equipment.
“The demand for the materials both in the U.S. and worldwide has been strong,” Bill Moore, president of paper recycling consultancy Moore & Associates, told the E-Commerce Times. “The market prices for the materials have been good.”
As with other raw materials, prices are based on market economics, and the market for recyclables has become especially strong.
“It’s a supply-and-demand thing,” Chaz Miller, director of state programs for the National Solid Wastes Management Association (NSWMA), told the E-Commerce Times. “You have a demand for end products.”
A Second Life for Electronics
One area in the recycling world that’s seeing tremendous growth is electronics recycling. For equipment that’s six years old or older, this generally means breaking it down into its components, such as glass, plastic and metal, and selling them to manufacturers.
Source: E-Commerce Times
By Vivian Wagner