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IN THE NEWSNovember 2020: Ovivo, Inc. announced that it had acquired ALAR, which is a manufacturer and provider of wastewater treatment chemicals and systems. The aim of this acquisition is to enhance the product portfolio of the company.
The global liquid waste management market is estimated to garner a large revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing rate of urbanization around the world, rapid population growth, and rising number of manufacturing activities resulting in the generation of toxic chemicals. According to the World Bank, the total population of the world was 7.753 billion in 2020, up from 7.509 billion in 2017. The global population has only witnessed growth since 1960. Along with these, surge in socio-economic awareness associated with limited natural resources, and escalating awareness of consumers about proper waste disposal and recycling are also projected to drive market growth in the upcoming years. Furthermore, strict regulations imposed by various local, state and federal governments regarding proper waste management is expected to provide abundant growth opportunities to the market in the near future.
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The market is segmented by end user into automotive, oil and gas, textile, pharmaceutical, iron and steel, and others, out of which, the pharmaceutical segment is anticipated to hold the largest share in the global liquid waste management market on account of the highly toxic nature of the effluents emitted from this industry and stringent government regulations for managing medical waste. Apart from these, the oil and gas segment is also assessed to grab a significant share by the end of 2030, owing to the high profitability and large amount of waste water generated in several operations of this industry. Additionally, on the basis of source, the residential segment is predicted to grab the largest share during the forecast period, which can be credited to the increase in production of wastewater in residential areas.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global liquid waste management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing population in emerging countries such as China and India, increasing water requirements, and rise in water recycling activities in the region. As per the Asian Development Bank, by 2030, the gap between water demand and supply will become 40 percent. Over 90 percent of the region’s population already face an imminent water crisis. Moreover, the market in North America is predicted to grab the largest share during the forecast period, which can be credited to the stringent government regulations associated with liquid waste management, and large number of ongoing activities in the oil and gas industry in the region. In addition, growing penetration of waste management in the industrial, residential and commercial sectors is also evaluated to boost the region’s market growth in the future.
The global liquid waste management market is further classified on the basis of region as follows:
Our in-depth analysis of the global liquid waste management market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing rate of urbanization worldwide and increasing manufacturing activities resulting in the generation of toxic waste.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
High cost of liquid waste management equipment is estimated to hamper the market growth.
Asia Pacific will provide more business growth opportunities owing to the growing population in emerging countries such as China and India, and increasing water requirements.
The major players in the market are Suez Environment S.A., Clean Harbors Inc., Republic Services Inc., Stericycle, Veolia Environmental Services North America Corporation, and others.
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.
The market is segmented by service, source, end user, and by region.
The residential segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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