Industrial Waste Management Market to Attain a Valuation of USD 2.3 trillion by 2031: Transparency Market Research Study
The demand for industrial waste management is expected to be driven by cost reductions and a demand for sustainable products.
Wilmington, Delaware, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The industrial waste management market was worth US$ 791.14 billion in 2020. A CAGR of 10.4% is predicted from 2021 to 2031. In 2031, the global industrial waste management market is expected to reach US$ 2.3 trillion.
The volume of industrial waste generated is also increasing as industrial activities expand globally. As a result, large quantities of waste need to be managed effectively and scalable. Governments to promote the adoption of environmentally responsible waste management practices may introduce subsidies, incentives, or tax breaks. By supporting businesses in investing in sustainable solutions, these initiatives create a supportive environment.
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Environmental accidents, pollution, and legal liability can be mitigated with effective waste management. Managing these risks is essential to ensuring the viability of a business in the long run. Optimum resource utilization, increased efficiency, and reduced disposal costs can all be achieved with effective waste management practices. Investments in waste management solutions are encouraged by this economic incentive.
Global Industrial Waste Management Market: Key Players
Manufacturers of industrial waste management equipment are developing new products to expand their product ranges. To increase their global market share, companies merge, acquire, establish joint ventures, and collaborate.
- Stericycle Inc.
- Waste Management Inc.
- Sembcorp Industries
- Reclay Group
- Daiseki Co. Ltd.
- Enviroserv Waste Management (Pty) Ltd.
- Clean Harbors, Inc.
- SA Waste
- Covanta Holding Corporation
Key Findings of the Market Report
- Based on services, the recycling service segment is expected to drive demand for industrial waste management market.
- The amount of industrial waste generated across the globe is approximately 50% of the total waste generated.
- Hazardous industrial waste represents less than 5% of the global market for industrial waste.
- Industrial waste generation and collection are expected to increase in the Asia Pacific region during the forecast period.
Global Industrial Waste Management Market: Growth Drivers
- Industries adopt effective waste management practices in response to stringent environmental regulations. A positive public image and avoiding penalties require businesses to comply with these regulations. Eco-friendly waste management solutions have become increasingly popular because of increased awareness and emphasis on sustainability and corporate social responsibility. A circular economy and reducing environmental impact are important goals for companies.
- Circular economies, in which waste is used as a resource, have become a prominent trend. Companies through efforts to promote resource efficiency are recovering resources from waste streams. Industrial waste management is becoming more efficient and cost-effective with the advancement of waste treatment technologies, such as waste-to-energy, recycling, and innovative disposal methods. The development of new technologies offers new opportunities for extracting value from waste streams.
- Companies are adopting responsible waste management practices as public awareness grows about environmental issues. The sustainability of a business depends on maintaining a positive public perception. Environmentally friendly products and services are becoming more popular with consumers. The sustainability practices of industries, including waste management, help them compete more successfully.
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Global Industrial Waste Management Market: Regional Landscape
- Industrial waste management is expected to be driven by Asia India. Rapid industrialization has caused industrial waste to increase in the Asia Pacific region. Waste management solutions are needed to handle the waste streams that come from growing industries. Environmental standards and regulations are increasingly important to governments in Asia Pacific. Advanced waste management technologies and services can be required as a result of stricter regulations regarding industrial waste disposal and treatment.
- As urbanization continues, industrial activities are on the rise, especially in countries such as China and India. A proper waste management strategy becomes essential to mitigate the environmental impact of urban areas. Pressure from environmental groups and increased public awareness of environmental issues can motivate industries to improve their waste management practices. The image of a company can be enhanced by investing in environmentally friendly and sustainable waste disposal methods.
- A growing demand for innovative solutions in industrial waste management can be attributed to the adoption of advanced waste management technologies, like waste-to-energy processes, recycling, and smart waste management. Circular economies are becoming increasingly popular in countries in the Asia Pacific region. A sustainable resource management system requires reducing waste generation, promoting recycling, and improving resource management.
- In November 2023, NEC Corporation (Thailand) Ltd., NEC Corporation (Thailand) Ltd., a wholly owned subsidiary of NEC Corporation, has installed a Real-Time Industrial Waste Tracking System, allowing Thai industrial estates to manage waste more efficiently.
- In December 2023, EQT Infrastructure VI will purchase a majority stake in Heritage Environmental Services (HES) from The Heritage Group. With EQT’s partnership, HES will be able to meet complex industrial waste challenges with reliable and compliant final disposal through improved organisational, operational, and technology initiatives.
Global Industrial Waste Management Market: Segmentation
By Waste Type
- Agriculture Waste
- Construction & Demolition Waste
- Manufacturing Waste
- Chemical Waste
- Mining Waste
- Oil & Gas Waste
- Nuclear Waste
- Power Plant Waste
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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