Industrial Waste Management Market Overview :
The industrial waste management market is crucial for managing the by-products generated by various industries such as manufacturing, chemical, and construction. It encompasses services like collection, recycling, treatment, and disposal of industrial waste. Growing environmental awareness and stringent regulations are driving the demand for effective waste management solutions. Advances in technology, such as waste-to-energy processes and innovative recycling methods, are enhancing market growth. Additionally, the push for sustainability and circular economy principles is influencing the development of the industrial waste management sector.
Market Research Future (MRFR) report on Industrial Waste Management Market Size was valued at USD 9,49,663.43 Billion in 2023. The Industrial Waste Management Market industry is projected to grow from USD 9,81,062.07 Billion in 2024 to USD 12,09,180.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.6% during the forecast period (2024 - 2032).
Every year, tons of industrial waste are produced and disposed in industrial facilities. Such enormous amounts of industrial waste pose a threat both to human health and to the environment, which calls for proper industrial management. Rapid urbanization and industrialization have been the key driver of the market. Most industries are not eco-friendly and produce toxic chemical waste that is hazardous to the biodiversity of the earth. Industrial wastes are diverse in nature, with adverse effects and environmental implications. For example, radioactive waste requires special attention for treatment that otherwise has life-threatening consequences.
Market Dynamics
Driven by the awareness of the adverse effects of industrial waste on the environment, governments and environmental organizations have shifted their attention to industrial waste management as a key area. Several catastrophic industrial accidents over the last few decades have helped to understand the need to control and manage hazardous waste, which has been a critical catalyst for the growth of the industrial waste management industry. The advancement of industrial waste management techniques has also driven the development of the market. The lack of land for waste disposal is also a significant driver of business growth. The development of waste management infrastructure in both developing and underdeveloped nations, coupled with stringent norms, is also stimulating the development of the market. However, the low sustainability of waste management and the low importance of waste management are likely to inhibit the growth of the global industrial waste management market.
Market Segmentation
The industrial waste management market has been segmented on the basis of service, type, and end-user.
Based on service, the industrial waste management market has been segmented into collection, recycling, landfill, and incineration.
On the basis of type, the industrial waste management market has been segmented into non-hazardous and hazardous.
On the basis of end-user, the industrial waste management market has been segmented into machinery & equipment, food & drug, metallic minerals, electronics, plastic & chemicals, textile, and others.
Regional Analysis
Region-wise, the industrial waste management market has been segmented into Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Currently, the market in the Asia Pacific leads the global market for industrial waste management in terms of revenue, as industrialization is increasing, leading to a rise in the quantity of industrial waste generated in the countries of the region. The industry in Europe accounted for the second-highest revenue share in the industrial waste management market, trailed by markets in North America, Latin America, and the Middle East and Africa, respectively. The North American market is also expected to see substantial growth over the projected period.
Key Players
Industrial waste management companies analyzed in the report are Veolia Environmental, Suez Environnement, EnviroServ Waste, SembCorp, Reclay Group, SA Waste Holding Pvt Ltd., Stericycle Inc., Himark BioGas Inc., and Clean Harbor.
Industrial Waste Management Industry Developments
July 2023- A Singapore-based waste management and upcycling company, Blue Planet Environmental Solutions, has raised USD5 million in fresh funding, per the filings with the Accounting Corporate and Regulatory Authority (ACRA) accessed by DealStreetAsia's Data Vantage. The newest funding came from Exacta Asia Investment II LP, a USD 250-million private equity fund concentrated on small and medium-sized enterprises managed by Singapore-based Mizuho Asia Partners. The filings pointed out that the private equity fund provided USD5 million in exchange for 667,126 ordinary shares in the organization with offices in India, Britain, Vietnam, and Malaysia. ACRA filings imply that the equity funding attained so far in a round and the general funding round could be bigger and have other components, such as debt. DealStreetAsia has reached out to Blue Planet for confirmation. The newest funding followed the USD 1.9 million investment the waste management company gained from private equity firm Kaizenvest in June and another investor in
February.July 2023- Aerofloat has played a crucial part in assisting the Australian plastic recycling industry clean and reuse its wastewater. The plastics recycling industry has flourished in Australia since the National Plastics Plan was enacted in 2021. The General Manager of wastewater treatment of Aerofloat, Michael Anderson, stated that the plan's goal was to guarantee Australia becomes a foremost participant in the global network for recycling plastics into consumer products. Aerofloat has been operating in the plastics recycling industry for eight years, developing major wash water and wastewater solutions that fulfill the particular criteria of multiple companies and councils across the eastern board. The firm has achieved awards for its innovative designs and is now the industry's go-to wastewater engineering firm in Australia. Following the National Plastics Plan proclamation, Coca-Cola Europacific Partners, Asahi Beverages, Cleanaway, and Pact Group formed a joint venture known as Circular Plastics Australia.
April 2022,Frank Solutions Limited has purchased Viridor's landfill and landfill gas operations. The agreement, which was signed in late March 2022, comprised the operation and management of 44 facilities across the United Kingdom. Viridor will be able to continue growing its core energy recovery and polymer processing businesses while progressing its objectives to achieve net zero by 2040 as a result of the sale.
November 2021,Waste Management Inc. announced plans to invest USD $200 million in recycling infrastructure in 2022, bringing the company's total investment in new and renovated recycling facilities to more than USD 700 million since 2018. With the demand for recycled content goods increasing, the investment will allow WM to capture more recycled materials and expand customer access to recycling.
October 2021,REMONDIS International GmbH acquired 100% of Veolia Recycling Solutions Nordic AB. REMONDIS is improving its market position in Northern Europe and significantly increasing its commercial activities in the Swedish market as a result of this acquisition. The purchase also signals the company's entry into the Swedish industrial cleaning market.
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