Rapid Adoption of Energy Efficient Power Equipment is Expected to Provide Significant Opportunity to Industrial Waste Management Market Players
- Vikas Kumar
- April 14, 2022
- CHEMICAL, NEWS
- Industrial Waste Management Market growth, Industrial Waste Management Market news, Industrial Waste Management Market share, Industrial Waste Management Market Size, Industrial Waste Management Market trend
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Industrial Waste Management is the process of collecting, treating, and disposing of industrial waste products. Additionally, products can also be recycled and reused. Industrial waste is defined as waste that is generated by an industrial or manufacturing activity. The types of industrial waste generated include dirt and gravel, masonry and concrete, scrap metals, oil, trash, solvents, chemicals, weed grass and trees, wood and scrap lumber, coal ash, boiler slags, and similar waste. Poorly managed waste can have an enormous impact on the health, environment, and economy of the city and its people. Thus, waste management is an important part of the urban infrastructure as it ensures the protection of the environment and of human health. Therefore, the ongoing industrialization, combined with a growing consumer preference for manufactured goods, has increased manufacturing output levels, which will have a positive impact on the global industrial waste management industry landscape. Thus, the global industrial waste management market to grow at an exponential CAGR of ~6% during the forecast period.
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The global impact of COVID-19 has been unprecedented and staggering, with the industry witnessing a negative demand shock across all regions amid the pandemic. The livelihoods of informal workers who depend on the SWM sector have been heavily affected by the lockdown. The crisis has highlighted the highly unsafe conditions they work under—even during ordinary times. Furthermore, Industrial and commercial waste production has fallen drastically due to the slowdown in manufacturing activity. In addition, recycling of plastic and other products has slowed substantially. While the immediate driver for the slowdown is the perceived risk of COVID-19 transmission, other key factors include supply chain disruptions and reductions of manufacturing and commercial activity. Thus, negatively impacting the market.
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Based on service, the market is bifurcated into collection, recycling, incineration, and landfill. In 2020, collection services accounted for the majority share in the global industrial waste management market. Industrial waste poses risks for both the environment and human health and can cause contamination of soil, air, and water if it is not properly disposed of. Therefore, it is important for industries to properly collect waste by separating the waste by type for effective disposal.
On the basis of type, the market is categorized into hazardous and non-hazardous. Among the two, waste management of hazardous waste is expected to witness strong growth-share during the forecast period. Growing concern about proper treatment and disposal of hazardous industrial waste is one of the primary factors driving the category’s growth. Furthermore, the management of hazardous waste is a process that includes the collection, recycling, treatment, transportation, disposal, and monitoring of wastes disposal sites. In the current scenario of developing countries, hazardous wastes are often disposed of directly into the environment posing health and environmental risk. Thus, with proper waste treatment practices, the properties of hazardous industrial waste can be changed and it can be made less harmful. This includes physical treatment, chemical treatment, and biological treatment.
Based on industry, the industrial waste management market has been bifurcated into Pharmaceutical, Pulp & Paper, Food & Beverage, Electronics, Automotive, and Others. Among these, pharmaceutical industry waste management will continue to grow at a steady rate during the forecast period. This is mainly due to the stringent government mandates for collecting and disposing of the highly toxic and organic wastes generated by the industry. Furthermore, various industry players have increased their investments and moving towards sustainable waste collection and treatment methods, mainly to reduce the harmful effects of waste on the environment as well as human health.
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For a better understanding of the market adoption of Industrial Waste Management Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. During the forecast period, APAC is expected to have the highest CAGR due to ongoing industrialization and growing consumer inclination toward manufactured goods, which have fueled manufacturing output levels, positively influencing the global industrial solid waste management industry landscape. As developing countries such as China and India undergoing rapid industrialization and urbanization, they must deal with greater quantities of more diverse materials. They frequently host hazardous waste-intensive industries such as oil refining, petrochemicals, pharmaceutical manufacturing, and metal production. Furthermore, a lack of training in modern solid waste management practices complicates efforts to improve the region’s solid waste service. However, stringent government regulations and increasing awareness across industries to treat hazardous waste have been driving the market of industrial waste management in the APAC region.
Some of the major players operating in the market include Suez SA, Veolia Environnement S.A, Waste Management Inc., Stericycle Inc., Remondis, Daiseki Co. Ltd., Clean Harbors Inc., Biffa plc, Covanta Holding Corporation, and Sembcorp Industries.
Industrial Waste Management Market Segmentation
Market Insight, by Service
Market Insight, by Type
Market Insight, by Industry
- Pulp & Paper
- Food & Beverage
Market Insight, by Region
- North America Industrial Waste Management Market
- United States
- Rest of North America
- Europe Industrial Waste Management Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Industrial Waste Management Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Industrial Waste Management Market
Top Company Profiles
- SUEZ SA
- Covanta Holding Corporation
- Veolia Environnement S.A
- Waste Management Inc.
- Stericycle Inc.
- Daiseki Co. Ltd.
- Clean Harbors Inc.
- Biffa plc
- Sembcorp Industries