Global Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Naturally occurring radioactive materials (NORM) consist of materials, usually industrial wastes or by-products enriched with radioactive elements found in the environment, such as uranium, thorium and plutonium, and any of their decay products, such as radium and radon.

Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management refers to the professional waste treatment service company to deal with the NORM generated in the production process.

Market Overview:

The latest research study on the global Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management market finds that the global Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management market reached a value of USD 2.47 million in 2022. It’s expected that the market will achieve USD 4.51 million by 2028, exhibiting a CAGR of 10.56% during the forecast period.

nfluence of COVID-19 Outbreak on Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management Industry Development

Table Influence of COVID-19 Outbreak on Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management Industry Development
Since the outbreak of the COVID-19 virus in December 2019, the disease has spread to nearly 100 countries around the world, and the World Health Organization has declared it an emergency public health event. The COVID-19 epidemic is infected with a large number of people, and its spread and scope far exceed SARS. At present, the number of confirmed cases in Worldwide has exceeded 10 million. Different industries are affected differently by the epidemic situation. The impact on Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management is mainly reflected in the downstream market demand.

For the downstream industry, for example, on Monday March 9, Oil plunges 24% for worst day since 1991, hits multi-year low after OPEC deal failure sparks price war. Growing concerns over the Covid-19 outbreak and surplus production from Saudi Arabia, the United Arab Emirates, and Russia have roiled global crude oil markets. The Covid-19 pandemic has made the already subdued demand outlook grimmer. The spread has led to demand disruption in major crude oil-consuming nations. Some countries/ regions with increasing Covid-19 cases such as North America, Europe, China, Japan, South Korea, South America, and now even India and Southeast Asia, account for ~85% of the global economy. The spread of the virus would deal a severe blow to their industries and supply chains and impact oil an oil products demand from these geographies, which affects the extraction of oil-producing countries. For the construction industry, many countries have taken measures to restrict the movement of people and reduce economic activity. With the closure of construction sites and the cancellation of events, the demand for construction materials is reduced, this has had serious consequences for the Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management industry. Therefore, the changes in the downstream industry's demand caused by the epidemic have further affected the impact on Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management.

Opportunities

Saudi Arabia has a large number of important various metal mineral resources. According to relevant information released by the Saudi Arabian General Directorate of Investment, supported by the Saudi government’s policies, the mining sector is a key pillar of the 2030 vision plan. By 2030, the mining GDP will increase to 70 billion US dollars, and 250,000 will be created in the process. Employment, which has a major impact on the economy.
Saudi Arabia has a long history of gold mining. However, other products have developed rapidly recently, such as precious metals, common metals, and phosphates. In the ambitious goal of National Strategy 2030, increase production to more than 7.5 million tons and become the top three countries in phosphate production in the world. In terms of ordinary metals, while creating a fully integrated value chain, the mining volume will be increased by 10 times. What's more, Saudi Arabia is the largest construction market in the Middle East. The Saudi construction industry currently accounts for about 45% of the total construction market in the Middle East. It is expected that more than 700 new projects will be launched in the next Few months and will be completed by 2022. The promotion of the policy will make the Saudi area develop rapidly in the fields of mining, construction, phosphate and so on. At the same time, it has become an important driver of Saudi Arabia's Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management market.

Region Overview:

From 2023-2028, Turkey is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Veolia, Redland Industrial Services and Stork B.V. with the revenue market share of 25.99%, 23.56% and 17.61% in 2019.

Veolia operates utility and public transportation businesses. The Company supplies drinking water, provides waste management services, manages and maintains heating and air conditioning systems, and operates rail and road passenger transportation systems.

Redland Industrial Services provides industrial cleaning services. The Company offers industrial cleaning and related environmental services for the oil and gas industry, such as tank and chemical cleaning and waste management.

Segmentation Overview:

Among different product types, Solid NORM Disposal & Waste Management segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Petrochemical & Refining segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management market covered in Chapter 3:

Stork B.V.
US Ecology, Inc.
Veolia
Redland Industrial Services

In Chapter 4 and Chapter 14.2, on the basis of types, the Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management market from 2018 to 2029 is primarily split into:

Solid NORM Disposal & Waste Management
Liquid NORM Disposal & Waste Management

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Naturally Occurring Radioactive Material (NORM) Disposal & Waste Management market from 2018 to 2029 covers:

Mining
Petrochemical & Refining
Water Treatment
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)