The global industrial waste management market was valued at US$ 474,179.9 Mn in 2017 and is anticipated to expand at a CAGR of more than 10.6% from 2018 to 2026 according to a new report titled ‘Industrial Waste Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ by Transparency Market Research (TMR).
Companies operating in the construction industry are constantly striving to develop new and sustainable solutions to manage the generated waste. One ton of cement releases one ton of carbon dioxide in the atmosphere. The usage of industrial waste materials in the manufacture of usable products can significantly lower the carbon footprint of the construction industry. Material recovery facilities play a key role in integrated industrial waste management by providing a safe working environment for waste-pickers; encouraging communities to recycle waste; and reducing the amount of waste sent to landfills. Thus, manufacture of byproducts through recycling of industrial waste is expected to drive the industrial waste management market in the next few years.
Collection services to remain dominant segment over the forecast period
Based on service, the collection segment dominated the market with more than 50% share in 2017. Waste segregation is important for successful resource recovery. Collection of industrial waste is usually carried out by using crane trucks, dump trucks, arm-roll trucks, etc. Waste collection is one of the factors that determines the efficiency of a waste management system. Strengthening basic infrastructure for waste collection, treatment, and disposal is the topmost priority of governments who have enacted strict regulations related to industrial waste management.
Country-wise norms and regulations related to collection, recycling, landfill, and incineration of industrial waste to drive market
Countries in Europe have been strictly following the regulations related to management and disposal of industrial waste. In Europe, Directive (EU) 2018/850 has laid policies and regulations for member states to significantly reduce waste disposal by landfilling. In Europe, the ZeroWIN project focuses on zero-industrial waste generation and challenging the old ways of thinking of landfilling of industrial waste. The zero waste vision for industrial networks is estimated to boost investments in industrial waste management services. The U.S. in North America is focusing on effective and safe collection, recycling, landfill, incineration, and disposal of industrial waste.
Currently, management of construction & demolition waste dominates global industrial waste management market
Based on waste type, the construction & demolition segment dominated the global industrial waste management market with 30.0% share in terms of value in 2017. It was closely followed by the mining waste segment. Construction & demolition (C&D) waste is generated during the construction, renovation, and demolition of buildings or structures. Construction and demolition waste includes materials such as concrete, bricks, wood and lumber, roofing, drywall, and landscape.
Management of hazardous industrial waste to rise at fast pace
In terms of volume, the hazardous segment constituted minimal share of the global industrial waste management market in 2017. France, the U.K., and Russia are among the top five nuclear power nations in Europe. Thus, generation of hazardous waste from these countries is estimated drive the hazardous segment of the industrial waste management market in the region. Waste management services related to the management of hazardous industrial waste are 10 times higher than that for non-hazardous industrial waste.
Countries in Asia Pacific, especially, China to lead industrial waste management market
China is one of the major producers of industrial waste in Asia Pacific. The country accounted for 49.1% share of the industrial waste management market in Asia Pacific in 2017. Asia Pacific has 17 of the 50 largest waste dumpsites in the world. Rise in concerns related to management and disposal of industrial waste in China is expected to benefit service providers engaged in the industrial waste management market in the country.
Highly competitive market with domination of top players
The global industrial waste management market is highly fragmented, with large numbers of local and international players providing industrial waste management services. Leading players dominate the market. Key players operating in the industrial waste management market are Stericycle, Inc., Waste Management, Inc., Sembcorp Industries, Veolia, Suez, Reclay Group, Daiseki Co., Ltd., Enviroserv Waste Management (Pty) Ltd., Clean Harbors, Inc., and SA Waste.
This post was originally published on The Market Plan