Across the world, each year industries produce hundreds of millions of wastes. This waste may have environmentally harmful and /or hazardous properties that need strict attention to compliance and safety. Industrial waste management has become a standard part of the business for the good health of the population and protection of the environment.
One of the major factor that is boosting the growth of the global industrial waste management market is the legal compliances and company ethics. At the national level, the Environmental Protection Agency (EPA) normalizes all manner of non-hazardous and hazardous waste, offering guidelines for compliance and implementing heavy fines for violations. Further, a broad range of industrial waste management services provided by the service providers is fueling up the market growth.
Rapid growth in the industry sectors and increase in concerns regarding environmental pollution are also some of the aspects that are contributing to the market growth. In addition to this, growing importance of industrial waste management owing to increase in movement of society towards functional & sharing economy and pressure on resources will drive market expansion. Furthermore, advancement in the technology to cost-efficiently & effectively address the wide range of the industrial waste may have ample opportunities for the growth of the global market during the forecast period. However, negative effects of improper waste management may limit the growth of the market.
The global industrial waste management market is bifurcated based on services, end-use industries, and region. Based on the services, the global market is segregated into composting, recycling, landfill, incineration, and others. Pharmaceutical, food & beverage, oil & gas, automobile, aerospace & defense, and others are the end-use industries of the market.
Geographically, Asia Pacific is estimated to hold a maximum share in the global industrial waste management market during the forecast period. Major factors that are fostering the market growth in this region include rapid industrialization in developing countries and rise in advanced technologies for industrial waste management over traditional approach. Also, rise in environmental concerns is spurring market growth in APAC region. North America and Europe are also anticipated to register a healthy growth during the forecast period owing to strict regulations over industrial waste management.
Some of the prominent players operating in the global industrial waste management market include Clean Harbors, Remondis, EnviroServ Waste, SembCorp, Daiseki Co. Ltd., Stericycle Inc., Waste Management Inc., Veolia Environmental, Suez Environnment, and Republic Services.
In Oct 2021, Veolia generated renewable electricity by capturing the biogas produced by organic waste at three of its sites in Brazil.
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