Regionally, the global industrial waste management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of large number of industries in the region, combined with higher awareness amongst the public as well as the government. The industrial waste produced in the United States amounted at around 55 million tons by 1975, which increased to 265 million tons by the early 1990s. Presently, the industrial waste generation has crossed 5 billion tons. The increasing industrial waste is anticipated to boost the market growth in the region.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period on the back of increasing industrial development, presence of major key players in the region, and stringent government policies for the disposal of industrial waste.
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The global industrial waste management market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global industrial waste management market includes the following segments:
By End-User Industry
June, 2021: Clean Harbors Inc. announced its agreement with Vertex Energy to acquire the used motor oil collection, and re-refining assets of Vertex Energy. The agreement will let Clean Harbors to expand its business to new states in the United States.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising government regulations for reducing industrial waste, and growing environmental concerns are the major factors driving the market growth.
Ans: The market is anticipated to attain a ~8% CAGR over the forecast period, i.e., 2022-2030.
Ans: High cost of waste management plants is one of the major factors estimated to hamper the market growth.
Ans: The market in the Asia Pacific is estimated to provide most growth opportunities owing to the presence of various industries in the region, backed by industrial development and growing population.
Ans: The major players in the market are Veolia Environnement SA, Republic Services, Inc., EnviroServ Waste Management (PTY) Ltd, Remondis SE & Co. KG, Clean Harbors, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by service, end user industry, and by region.
Ans: The chemical segment is anticipated to hold largest market size on the back of increasing need for safe disposal of toxic waste.