Pune, India, June 27, 2022 (GLOBE NEWSWIRE) -- The global industrial waste management market size is expected to gain momentum by reaching USD 1,434.98 billion by 2028 while exhibiting a CAGR of 5.6% between 2021 to 2028. In its report titled “Industrial Waste Management Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 937.6 billion in 2020.
The rising construction and demolition waste, and manufacturing waste due to rapidly increasing infrastructure development around the world have severely impacted the environment. For instance, Abu Dhabi generates 42% of total solid waste due to construction and demolition activities. On the other hand, a report by the Building Material Promotion Council, states that India generates an estimated 150 million tons of construction and demolition waste every year. Therefore, such a huge amount of waste generated needs to be managed effectively and this is expected to accelerate the market growth in upcoming years.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.6% |
| 2028 Value Projection | USD 1,434.98 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 937.6 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 220 |
| Segments covered | By Waste Type, By Service and Regional |
| Growth Drivers | Rapid Urbanization and Industrialization Around World Will Boost the Market |
| Key Players to Focus on New Launches to Strengthen their Market Prospectus |
Driving Factor:
Rapid Urbanization and Industrialization Around World Will Boost the Market
The demand for waste management solutions is widely increasing in developed countries. Due to rapid urbanization and industrialization, industrial waste generation is also increasing across the globe. Thus the demand for waste management systems increased in both developing as well as developed nations. Additionally, awareness about waste management is also expected to drive the industrial waste management market growth. For instance, in developing nations such as India, around 60% of waste was processed in the year 2020, and in 2018, only 28.57% of waste was processed. Such awareness activities will therefore generate huge market traction in upcoming years.
COVID-19 Impact:
The ongoing COVID-19 pandemic situation has positively impacted the market. As the intensification of single-use products and panic buying increased production and consumption. This thwarted effort to reduce plastic pollution. Moreover, before the pre-pandemic situation, the world was already facing challenges in the waste management sector. Around 2 billion people lack access to the waste collection and nearly 3 billion people lack access to waste disposal, reported UN-Habitat 2020. This has been amplified due to COVID-19 and its related social distancing measures. Thus several countries are coming up with policies to ensure sustainable management of waste.
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What does the Report Provide?
The market for industrial waste management report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Market Segmentation:
By waste type, the market is segmented into construction & demolition waste, manufacturing waste, chemical waste, mining waste, oil & gas waste, agriculture waste, nuclear waste, and others. By service, the market is divided into landfill, recycling, and incineration.
- Based on service, the landfill segment held a market share of 54.4% in 2020. This is because landfills are an effective way to manage waste. For instance, in 2018, about 146.1 million tons of municipal solid waste was landfilled. Such initiatives are contributing towards the segment’s growth.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and South America.
Regional Insights:
Asia Pacific to Dominate Backed by Increasing Industrialization
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to rapid industrialization which led to huge demolition and construction waste in developing countries. Moreover, China is producing a large amount of conventional as well as e-waste. To manage it, the government is taking serious steps. This is likely to fuel the regional market. The region’s market stood at USD 320.85 billion in 2020.
Middle East & Africa is expected to showcase significant industrial waste management market share in upcoming years owing to the booming industrial sector in the region. Additionally, government rules in the region are also accelerating the regional market. For instance, The UAE Ministry of Climate Change and Environment has made a decision on regulation of the export and transit of hazardous waste shipments across the UAE border.
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Competitive Landscape:
Key Players to Focus on New Launches to Strengthen their Market Prospectus
The global market industrial waste management contains a large number of prominent companies that are constantly trying to develop unique solutions to cater to the demand from across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market. Below is industry development:
- December 2020 –The Irish waste recycling firm, Kiverco was chosen by the waste management company Averda, to design, build and install a waste recycling plant for recycling construction waste from The Red Sea Project in Saudi Arabia.
List of Players Operating in the Industrial Waste Management Market are as follows:
- Suez
- Veolia Environment
- Waste Management Inc.
- Stericycle
- Remondis
- Daiseki Co. Ltd.
- Clean Harbors
- Biffa
- Covanta Energy
- SembCorp
- Republic Services, Inc.
Industrial Waste Management Market Segmentation:
By Waste Type:
- Construction & Demolition Waste
- Manufacturing Waste
- Chemical Waste
- Mining Waste
- Oil & Gas Waste
- Agriculture Waste
- Nuclear Waste
- Others
By Service:
- Landfill
- Recycling
- Incineration
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Industrial Waste Management Market
5. Global Industrial Waste Management Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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