Portland, OR, July 24, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Hazardous Waste Management Market by Type (Solid, Liquid, Sludge), by Waste (Nuclear, Chemical, Biomedical, Flammable, Explosive, Others), by Chemical Composition (Organic, Inorganic), by Treatment (Physical and Chemical, Thermal, Biological), by Disposal Method (Deep Well Injection, Detonation, Engineered Storage, Land Burial, Ocean Dumping): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the hazardous waste management industry was valued at $16.3 billion in 2022 and is estimated to reach $28.6 billion by 2032, exhibiting a CAGR of 5.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global hazardous waste management market is driven by factors such as a focus on resource recovery, the circular economy, and stringent regulatory compliance. However, the lack of public awareness and the high initial set-up and operating costs of hazardous waste management restrict market growth. Moreover, the growth in environmental concerns and technological innovations will present new opportunities in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $16.3 Billion |
| Market Size in 2032 | $28.6 Billion |
| CAGR | 5.8% |
| No. of Pages in Report | 363 |
| Segments Covered | Type, Waste, Chemical Composition, Treatment, Disposal Method, and Region |
| Drivers | Focus on resource recovery and circular economy |
| Stringent regulatory compliance | |
| Opportunities | Growth in environmental concerns |
| Retrofitting and renovation projects | |
| Restraints | Lack of public awareness and education |
| High initial set-up and operating cost of hazardous waste management |
Russia-Ukraine Impact Scenario:
The Russia-Ukraine war had significant consequences for various sectors, including hazardous waste management.
- The conflict resulted in the disruption and destruction of critical infrastructure, including waste treatment and disposal facilities in Ukraine.
- This disruption hampers the proper management of hazardous waste and increases the risk of environmental contamination.
- In addition, the conflict has caused environmental damage in affected areas, which has led to the release of hazardous substances into the environment.
- However, the war also contributed to an increase in hazardous waste generation due to damaged infrastructure, abandoned industrial sites, and improper disposal practices.
- The cross-border movement of hazardous waste becomes challenging to regulate and control in conflict-affected regions.
- Limited resources and capacity due to diverted resources towards immediate needs, and safety concerns for waste management workers in conflict zones, are additional factors impacting the hazardous waste management market.
A global recession has various impacts on the hazardous waste management market.
- The decline in industrial activities results in a temporary reduction in the generation of hazardous waste from industries during a recession.
- The recessions present opportunities for innovation and efficiency improvements as companies seek to optimize operations and reduce costs.
The solid segment to maintain its leadership status throughout the forecast period-
Based on type, the solid segment held the highest market share in 2022, accounting for nearly half of the global hazardous waste management market revenue, and is estimated to maintain its leadership status throughout the forecast period. Rapid industrialization and urbanization worldwide have led to increased production of hazardous waste. Industries such as manufacturing, construction, and mining generate substantial amounts of solid-type hazardous waste which creates a strong demand for specialized waste management services. However, the sludge segment is projected to manifest a CAGR of 6.3% from 2023 to 2032, as increasing environmental regulations create opportunities for companies to provide effective sludge management solutions that comply with stringent standards. The growth in industrialization and urbanization boosts the demand for efficient handling and disposal of hazardous sludge, presenting significant growth potential.
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The chemical segment to maintain its leadership status throughout the forecast period-
Based on waste, the chemical segment held the highest market share in 2022, accounting for nearly one-third of the global hazardous waste management market revenue, and is estimated to maintain its leadership status throughout the forecast period. The shift towards the adoption of a circular economy approach in chemical waste management aims to maximize resource recovery and minimize waste generation with an increased focus on recycling, reusing, and recovering valuable materials from waste streams. This trend promotes the development of innovative technologies and processes to extract value from chemical waste and reduce reliance on virgin materials, which have an impact on the market. However, the others segment is projected to manifest a CAGR of 7.0% from 2023 to 2032, owing to the proliferation of electronic devices and technological advancements that have led to a significant increase in e-waste generation.
The inorganic material segment to maintain its lead position during the forecast period-
Based on chemical composition, the inorganic segment held the highest market share in 2022, accounting for more than four-fifths of the global hazardous waste management market revenue, and is estimated to maintain its lead position throughout the forecast period. There is a growing awareness among the public regarding the environmental and health risks associated with inorganic hazardous waste. This awareness is leading to increased demand for responsible waste management practices and sustainable solutions for the handling and disposal of inorganic hazardous waste. However, the organic segment is projected to manifest a CAGR of 6.4% from 2023 to 2032, owing to a growth in emphasis on sustainable waste management practices, including the reduction, reuse, and recycling of hazardous organic waste. This trend is driven by the need to conserve resources, minimize environmental impacts, and achieve circular economy objectives. Technologies for the recovery and recycling of valuable organic compounds from waste streams are gaining traction, which has a significant impact on the market.
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The physical and chemical segment to maintain its lead position during the forecast period-
Based on the treatment, the physical and chemical segment accounted for the largest share in 2022, contributing to nearly half of the global hazardous waste management market revenue, and is projected to maintain its lead position during the forecast period. Growth factors such as waste minimization and resource recovery play a role, as treatment methods aim to reduce waste volume and recover valuable resources. Corporate social responsibility also drives the adoption of these methods, as companies seek to minimize their environmental impact and maintain a positive reputation. However, the biological segment is expected to portray the largest CAGR of 6.3% from 2023 to 2032. Advancements in biotechnology have improved the efficiency of biological treatment processes, enhancing the degradation and detoxification of hazardous waste. The growth in awareness and adoption of circular economy principles, which promote resource conservation, are creating opportunities for biological treatment.
Asia-Pacific to maintain its dominance by 2032-
Based on region, the Asia-Pacific region held the highest market share in terms of revenue in 2022, accounting for nearly half of the global hazardous waste management market revenue, and is likely to dominate the market during the forecast period. Furthermore, the same region is expected to witness the fastest CAGR of 6.2% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in hazardous waste management. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth and urbanization, leading to increased demand for waste management services. All these factors are anticipated to offer new growth opportunities for hazardous waste management in Asia-Pacific during the forecast period.
Leading Market Players: -
- Veolia
- Suez
- Waste Management, Inc.
- Environ India
- Chloros Environmental Ltd
- American Waste Management Services, Inc.
- Covanta Holding Corporation
- Morgan Group
- Recology Inc.
- Bechtel Corporation
The report provides a detailed analysis of these key players in the global hazardous waste management market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to highlight the competitive scenario.
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