Press release
Waste Management Market Growing Demand and Huge Future Opportunities by 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
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Analysts' Viewpoint on Waste Management Market Scenario
Increase in social and environmental issues is compelling governments of several countries to focus on improving their waste management systems by reusing, recycling wastes, and converting them into energy. New rules are being enacted by governments for reducing, reusing, and recycling waste. Globally, 58.3% of waste is collected and 18% of waste is recycled. Several international bodies and the World Bank are providing funds to developing countries to improve their waste management systems. Urbanization and industrialization are the key drivers of the waste management market.
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.
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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.
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.
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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.
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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.
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