Waste Management Market Outlook 2031
The global waste management market was valued at US$ 726.6 Bn in 2021
It is estimated to grow at a CAGR of 4.1% from 2022 to 2031
The global waste management market is expected to cross value of US$ 1.1 Trn by the end of 2031
Get PDF sample for Industrial Insights and business Intelligence – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=84275
Overview of Waste Management Market
The waste management process involves the collection, transportation, and management of waste products or garbage. Waste management deals with waste segregation by reducing, reusing, and recycling municipal, industrial, and hazardous waste.
Rising disposable income of consumers, rapid adoption of technology, and globalization have led to frequently buying and replacing electronic products in developing countries, which in turn, generates e-waste. Poor waste management contributes to adverse impact on the entire ecosystem. Hence, the World Bank is financing the waste management projects by addressing issues related to the collection, transportation, treatment, and disposal of garbage produced in industries and households. It is providing funds for the Middle East & Africa to build or upgrade waste sorting and treatment facilities, close dumps, construct or refurbish landfills, and provide bins, dumpsters, trucks, and transfer stations.
The National Research Development Corporation (NRDC) has introduced a ‘Save the Food’ campaign to raise awareness about the impact of household food waste. The U.S. Environmental Protection Agency (U.S. EPA) is working on medical waste management practices. In addition, new rules have been proposed throughout Europe to combat waste and increase recycling, by offering economic incentives for reuse, deposit-return programs, and the phase-out of waste-promotion subsidies to people. Higher recycling objectives and additional waste-reduction measures were agreed upon by the European Union.
Request for Custom Research – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=84275
Environmental and Social Impact of Poor Waste Management to Boost Waste Management Market Growth
Waste management is often considered a primary source of income for waste pickers, as they collect waste door-to-door, hand-sort the waste, and sell the recyclables to scrap dealers. A lack of garbage bins on city streets combined with carefree attitudes toward littering and weak acts of laws against the act results in unsightly streets. Low-income communities living near landfill areas can easily get affected by the dangerous pollutants in the air, rivers, and streams that surround them.
The European Union waste policy aims to contribute to the circular economy by extracting high-quality resources from the waste. Around 5 tons of waste is produced by an average person in Europe each year, and only 38% of waste in the EU is recycled while over 60% of the household waste still goes to landfills in some EU countries. Hence, the European Green Deal aims to promote growth by transitioning to a modern, resource-efficient, and competitive economy. Several European Union waste laws are being reviewed to protect the environment, waste removal and management, stimulate innovation in recycling, and limit landfilling. Thus, the rise in the environmental and social impact due to poor waste management is expected to drive the waste management market during the forecast period.
Need for Proper Management of Hazardous Industrial Waste to Drive Global Market
Industrial waste is a combination of solid, liquid, and gaseous waste generated and collected from various industries such as construction, oil & gas, chemical, nuclear, agriculture, and mining. It held a significant share of 68.3% of the global market in 2021. It is estimated to dominate the market during the forecast period.
Regulatory authorities across the globe have imposed regulations on the safe disposal of hazardous industrial waste. Coal combustion products (CCPs) from industrial waste contain hazardous contaminants such as arsenic, cadmium, and mercury, which can cause serious damage to the environment. This is likely to benefit the players from industrial waste management to collect and dispose of the hazardous industrial waste.
Municipal waste also increases due to increase in urbanization, accounting for about 31.6% share of the market in 2021. There is an increasing demand for municipal solid waste management services to reduce soil and water pollution across the globe. The share of the e-waste segment (4.6%) is increasing consistently due to the rising utilization of electric products. The segment is expected to hold approximately 4.7% share of the global market by 2031.
Government Initiative to Collect, Transport, and Recycle Waste to Boost Waste Collection Services
Based on service, the global waste market has been classified into collection, recycling, landfill, and incineration. The collection segment dominated the global waste management market and accounted for 58.3% share in 2021. Globally, the demand for waste management services is increasing gradually, as several government bodies are taking initiatives to increase the collection, transportation, and recycling of waste.
Measures to Effectively Dispose Non-hazardous Materials to Propel Demand for Waste Management Services
Non-hazardous waste includes scrap tires, municipal solid waste, medical waste, industrial waste, construction debris, batteries, and agricultural waste. It accounted for 94% share of the market in 2021, and is expected to dominate the market during the forecast period. Increasing awareness about waste management systems to reduce and recycle hazardous waste is driving the global waste management market. The hazardous waste management segment is also expected to grow at a steady pace during the forecast period. It includes nuclear waste management, drilling fluid waste management, industrial hazardous waste management, and waste generated from other industries, etc.
Regional Outlook of Global Waste Management Market
The Asia Pacific accounted for around 58.3% share of the global waste management market in 2021, whereas China accounted for almost one-third share of the overall market. India spends around 20% to 50% of their budgets on managing municipal waste. In the Asia Pacific, the industrial waste segment accounted for 68.3% share of the market, while the collection segment held 56.4% share in 2021. The non-hazardous segment accounted for 94.3% share of the market. Countries in the Asia Pacific are focusing on sustainable waste management practices. The Asia Pacific waste management market is highly fragmented in nature, and consists of a large number of local and international players offering excellent waste management services. North America and Europe are also key markets in waste management, and the regions held 12.4% and 23.6% share of the global market, respectively, in 2021. The waste management market in Middle East & Africa is estimated to grow during the forecast period due to an increase in waste generation in the region.
Analysis of Key Market Players
The global waste management market is consolidated, with a small number of large-scale vendors collectively accounting for majority of the market share. Several organizations are spending a significant amount on comprehensive research and development. Key players operating in the waste management market are Veolia, Cleanaway Waste Management Limited, Daiseki Co., Ltd, Waste Connections Inc., Clean Harbors, Suez, Umicore, ERI, Stericycle, Enviro-Hub group, WM Intellectual Property Holdings, L.L.C, Augean Plc, and Reclay Group Care.
Each of these players has been profiled in the waste management market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com