The market for industrial waste management is expected to grow at a CAGR of around 8.1% from 2020 to 2027 and expected to reach the market value of around US$ 2,149.6 Bn by 2027.
Industrial waste management is the process that helps in the efficient disposal of waste products generated while operation by industrial manufacturers. The stringent regulations are forcing manufacturers to carry out responsible and environmentally friendly operations by having an efficient waste management system. Moreover, some of the organizations are themselves operating eco-friendly. Moreover, industrial waste is inclusive of non-hazardous and hazardous waste such as wastewater, construction and demolition materials, manufacturing scraps, sewage, radioactive waste, shredded circuit boards, and spent sulfuric acid among others.
The rapid industrialization & urbanization coupled with the increasing focus on energy and resource recovery is driving the market growth. The increasing demand for industrial production that simultaneously generates waste while manufacturing, is supporting the need and demand for industrial waste management worldwide. The developing economies are majorly contributing to the growth of industrial waste management in the market. The technological advancements associated with the industrial waste management processes by the major players are further propelling the regional market value. Furthermore, the increasing purchase of recyclable products, as well as increasing environmental & safety regulations, are projected to create potential opportunities over the forecast period from 2020 to 2027.
On the other side, low importance towards waste management and sustainability in waste management are the factors likely to limit the growth to an extent over the forecast period from 2020 to 2027.
Collection segment accounted for the maximum revenue share in the Industrial Waste Management
By service, the collection is the leading segment in the industrial waste management market and the segment is also anticipated to maintain its dominance over the estimated period. The activities performed in the collection segment include separating, sorting/labeling, profiling, packaging, classifying, inventory, storage, logistics management, valorization, and reporting and traceability. These are the major activities that come under the collection of industrial waste and are majorly carried out by the service provider.
Asia Pacific accounted for the maximum revenue share in the Industrial Waste Management market
Europe is followed by Asia Pacific region in the industrial waste management market. The major economies of the region including the UK, Germany, France, and the Netherland are supporting the regional market value. In 2018, the EU has set an ambitious target for recycling, packaging waste, and landfill, which was intended to promote a sustainable model termed as the circular economy. Followed by this, in March 2020 European Commission has unveiled an action plan for a circular economy aiming to cut waste by better resource management.
Key Market Players
The players profiled in the report include Biffa Plc, Clean Harbors, Daiseki Co. Ltd., Enviroserv Waste Management (Pty) Ltd., Hitachi Zosen Corporation, Remondis AG & Co. Kg, Republic Services Inc., Sembcorp Environmental Management Pte. Ltd., Stericycle Inc., Suez Environnement Sa, Veolia Environnement, Waste Management Inc., and Others.
Market By Service
Compositing & anaerobic digestion
Market By End-User Industry
Aerospace and Defence
Oil & Gas
Pulp and Paper
Food & Beverage
Market By Geography
Middle East & Africa
The market for industrial waste management is expected to reach a market value of around US$ 2,149.6 Bn by 2027.
The industrial waste management market is expected to grow at a CAGR of around 8.1% from 2020 to 2027.
Collection is the leading segment by service in the industrial waste management market
The rapid industrialization & urbanization, increasing focus on energy and resource recovery, increasing demand for industrial production, and developing economies are major factors driving the growth of the industrial waste management market.
Biffa Plc, Clean Harbors, Daiseki Co. Ltd., Enviroserv Waste Management (Pty) Ltd., Hitachi Zosen Corporation, Remondis AG & Co. Kg, Republic Services Inc., Sembcorp Environmental Management Pte. Ltd., Stericycle Inc., Suez Environnement Sa, Veolia Environnement, Waste Management Inc., and Others are the prominent players in the market.
Asia Pacific held the highest market share in the industrial waste management market.
Asia Pacific region is expected to be the fastest growing market over the forecast period.