Global Industrial Waste Management Market Key Insights
During the forecast period of 2023-2035, the global industrial waste management market is expected to reach an estimated value of ~USD 2 trillion by 2035 by expanding at a CAGR of ~12%. The market further generated revenue of ~USD 800 billion in the year 2022. Major key factors propelling the growth of the industrial waste management market worldwide are the increment in industrial waste owing to the surge in industrial set-ups and the environmental havoc caused by it.
Market Definition of Industrial Waste Management
Industrial waste is generated by industrial activities in enormous amounts which can be any material that is useless during the manufacturing process. This waste can be found in the form of scrap lumber, liquid, gaseous, solid, oil, gravel, solvents, vegetables, chemicals, and others. The industrial waste can be both toxic and non-toxic and can pollute water, air, and soil in nearby areas. Industrial waste requires proper classification and treatment to be eliminated thoroughly from the environment and for that industries or government of every region has designed a proper waste management or scrap removal system.
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Global Industrial Waste Management Market: Growth Drivers
The growth of the global industrial waste management market can majorly be attributed to the rapid increase in air & and water pollution boosting the demand for industrial waste management. Industrial waste administers toxic pollutants such as herbicides, oils, pesticides, chemicals, and others into the water and other harmful chemicals in gaseous form in the air. For instance, the annual rate of wastewater dumped by the industry is anticipated to be around 350 to 450 MT. Additionally, it was observed that nearly 82% of the wastewater flows without any treatment into the environment. On the other hand, an escalation in the cases of chronic respiratory diseases such as asthma, lung diseases, and others owing to air pollution is further expected to hike the market growth over the forecast period. As of 2020, air pollution accounted for more than 100,000 infant deaths in India alone while causing nearly 10% of deaths worldwide.
The global industrial waste management market is also estimated to grow majorly on account of the following:
· Increment in water, soil, and air pollution
· Escalated prevalence of chronic respiratory disorders
· Rising cases of diarrhea, cholera, and hepatitis A, owing to consumption of contaminated water
· Growth in industrialization backed by the up-surged urbanization
· Presence of strict government regulation associated with the dumping of industrial waste
Global Industrial Waste Management Market: Restraining Factor
The management of industrial waste can be very high-priced since it requires management procedures such as, landfill, segregation, composting, and others. Furthermore, it requires skilled and highly knowledgeable workforce to identify which items to be scraped and which can be recycled. Hence, this factor is expected to be the major hindrance for the growth of the global industrial waste management market during the forecast period.
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Global Industrial Waste Management Market Segmentation
· By Waste Type (Power Plant Waste, Construction and demolition, Manufacturing, Chemical, Agriculture, Mining, Oil & Gas, Nuclear, and Others)
The chemical waste segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the increasing emission of chemical waste and higher requirements for its management since it is categorized as hazardous waste that can be extremely harmful to humans and the environment. For instance, industries produce approximately 450 million tons of hazardous waste every year.
· By Services (Collection, Incineration, Recycling, Landfill, and Others)
· By End-User Industry (Chemical, Primary Metals, Petroleum, Metal Mining, and Others)
· By Region
The North America industrial waste management market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The growth of the market can be ascribed to the rapid industrialization causing the high rate of industrial waste dumping, growing awareness of pollution, and its negative impact on the environment and people’s lives. It is observed that in the United States, more than 16,000 pounds of plastic, food, and hazardous waste is generated per person while approximately 200 million tons of solid municipal waste is generated every year.
The market research report on global industrial waste management also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Industrial Waste Management Market
Some of the key players in the global industrial waste management market Daiseki Co., Ltd., Sembcorp Industries, Amberwick Corporation, WM Intellectual Property Holdings, L.L.C., Quarry LLC, Veolia Environnement SA, Republic Services, Inc., EnviroServ Waste, Management (PTY) Ltd, Remondis SE & Co. KG, Clean Harbors, Inc., and others.
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