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Polyfluoroalkyl Substances (PFAS) Waste Management Market 2024 - Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033
Polyfluoroalkyl Substances (PFAS) Waste Management Market
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According to The Business Research Company's, The polyfluoroalkyl substances (PFAS) waste management market size has grown strongly in recent years. It will grow from $1.73 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increased demand for polyfluoroalkyl substances, increased demand from various industries, regulatory changes, shifting consumer preferences, and increased awareness of the environmental and health risks associated with PFAS contamination.
The polyfluoroalkyl substances (PFAS) waste management market size is expected to see strong growth in the next few years. It will grow to $2.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growing demand for environmental sustainability, rising environmental population worldwide, privatization of environmental testing and treatment services, increased funding for wastewater and treatment projects, and high usage of perfluorooctanoic acid (PFOA). Major trends in the forecast period include technological advancements, demand for sustainable solutions, emergence of specialized treatment technologies, increasing demand for incineration and thermal treatment, and rise of PFAS testing and monitoring services.
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Market Drivers and Trends:
The rise of the automotive industry is expected to propel the growth of the polyoxymethylene (POM) market going forward. The automotive industry designs, develops, manufactures, markets, and sells motor vehicles, including cars, trucks, motorcycles, and buses. The increasing urbanization, rising disposable incomes, advancements in technology, expanding transportation infrastructure, growing demand for mobility solutions, and shifting consumer preferences towards convenience and comfort are leading to growth in the automotive industry. Polyoxymethylene (POM) is used in the automotive industry for various applications such as interior and exterior trims, door handles, fuel systems, gears, bearings, and other components due to its excellent mechanical properties, low friction coefficient, and resistance to wear and chemicals. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Therefore, the rise of the automotive industry is driving the growth of the polyoxymethylene (POM) market.
Major companies operating in the poly-fluoroalkyl substances (PFAS) waste management market are developing advanced solutions such as energy-efficient PFAS destruction technology to effectively mitigate environmental contamination and reduce the long-term health risks associated with these persistent chemicals. Energy-efficient PFAS destruction technology refers to methods and innovations aimed at breaking down PFAS compounds in an environmentally friendly and cost-effective manner while minimizing energy consumption. For instance, in April 2023, Enspired Solutions Inc., a US-based company focusing on innovative PFAS remediation technology, launched PFASigator, an energy-efficient PFAS destruction technology. This technology is based on energy-efficient technology that uses UV light and a proprietary reagent to destroy PFAS in water, meeting and surpassing new regulatory standards. It mineralizes PFAS into non-toxic components, eliminating the need for off-site disposal. This patented process uses reductive defluorination catalyzed by UV light to break down PFAS into water, fluoride, and simple carbon compounds.
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Major Key Players of the Market:
BASF SE, The Dow Chemical Company, Veolia Environnement S.A., 3M Company, Waste Management Inc., DuPont de Nemours Inc, WSP Global Inc., Suez S.A, Eurofins Scientific SE, Solvay S.A., GFL Environmental Inc., Clean Harbors Inc., PerkinElmer Inc., Stericycle Inc., GHD Group Pty Ltd. (GHD), Republic Services Inc., Heritage-Crystal Clean Inc., Indaver Holding NV., Evoqua Water Technologies LLC, Chemviron, Nye Lubricants Inc., Newterra Ltd., Wanless Waste Management, Clean Management Environmental Group Inc., TerraTherm
Polyfluoroalkyl Substances (PFAS) Waste Management Market 2024 Key Insights:
• The polyfluoroalkyl substances (PFAS) waste management market size is expected to see strong growth in the next few years. It will grow to $2.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Environmental Sustainability Driving Growth OF PFAS Waste Management Market
• Inspired Solutions Launches PFASigator Pioneering UV Light Tech For PFAS Remediation
• Asia-Pacific was the largest region in the polyfluoroalkyl substances waste management market in 2023
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