Market Overview
The Industrial Waste Management Market had a significant value, estimated at USD 962.9 Billion. Looking ahead, the industry is expected to experience substantial growth. By 2023, it is projected to reach USD 1046.6 Billion, and further expand to USD 2040.0 Billion by 2032. This forecast suggests a Compound Annual Growth Rate (CAGR) of approximately 8.70% during the forecast period from 2023 to 2032.
Industrial waste management refers to the systematic handling, treatment, and disposal of waste generated by industrial processes. This crucial process aims to minimize the adverse impact of industrial activities on the environment, public health, and natural resources. Proper industrial waste management is essential to ensure sustainable development and compliance with environmental regulations.
Industrial waste encompasses a wide range of materials, including hazardous chemicals, non-hazardous waste, electronic waste (e-waste), construction debris, and more. Managing these wastes is essential to prevent soil and water pollution, air contamination, and other detrimental effects on ecosystems and human health.
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Market Growth:
The industrial waste management market size is expected to grow due to increasing industrialization, urbanization, and awareness of environmental issues. As companies prioritize sustainability and governments tighten regulations, the demand for effective waste management solutions is rising.
Key Players
Key contenders profiled in the global industrial waste management market report include
· Clean Harbor
· Himark BioGas Inc.
· Stericycle Inc.
· Suez Environnement
· SA Waste Holding Pvt Ltd.
· Reclay Group
· SembCorp
· EnviroServ Waste
· Veolia Environmental
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global industrial waste management market based on type, and service & equipment.
· By type, the global industrial waste management market is segmented into chemical, manufacturing, energy, biodegradable, and others. Of these, the manufacturing type segment will lead the market over the forecast period.
· By service and equipment, the global industrial waste management market is segmented into incineration, recycling, collection, and landfill. Of these, the collection segment will dominate the market over the forecast period.
Market Drivers include:
Waste Collection:
Proper collection systems are designed to gather different types of waste generated by industries. This process involves separating hazardous and non-hazardous waste to ensure safe handling and treatment.
Treatment and Recycling:
Waste treatment facilities employ various methods such as incineration, chemical processes, and biological treatments to neutralize or reduce the harmful effects of waste. Recycling processes recover valuable resources from waste materials, reducing the demand for raw materials and minimizing waste volumes.
Disposal:
Disposing of waste in a responsible manner is crucial to prevent contamination of soil and water. Landfills and disposal sites must meet stringent regulatory requirements to minimize environmental impacts.
Sustainability and Circular Economy:
Increasing emphasis is being placed on adopting a circular economy approach, where waste is minimized, resources are conserved, and products are designed with recycling and reusability in mind.
Industrial Waste Management Industry Developments
April 2022:
In April 2022, Frank Solutions Limited completed the acquisition of Viridor's landfill and landfill gas operations. The agreement, which was finalized in late March 2022, included the management and operation of 44 facilities located across the United Kingdom. As a result of this sale, Viridor will have the opportunity to focus on growing its core energy recovery and polymer processing businesses. Additionally, this strategic move aligns with Viridor's objectives of achieving net zero emissions by 2040, furthering their commitment to sustainability and environmental responsibility.
November 2021:
Waste Management Inc. made significant plans to invest USD $200 million in recycling infrastructure in 2022. This investment represents a continuation of the company's efforts to enhance recycling facilities, bringing their total investment in new and renovated recycling facilities to over USD 700 million since 2018. The growing demand for goods made from recycled materials has driven this decision, and by expanding recycling capabilities, Waste Management aims to capture more recycled materials and provide greater accessibility to recycling services for their customers.
October 2021:
REMONDIS International GmbH completed the acquisition of Veolia Recycling Solutions Nordic AB in October 2021, obtaining 100% ownership. This strategic acquisition is expected to bolster REMONDIS' market position in Northern Europe, particularly in the Swedish market. With this move, REMONDIS significantly increases its commercial activities in Sweden and also enters the Swedish industrial cleaning market, marking a new phase of expansion and growth for the company in the region.
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