Liquid Waste Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Liquid Waste Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The liquid waste management market is projected to register a CAGR of over 5% during the forecast period (2022-2027).

The market was negatively impacted due to the outbreak of the novel coronavirus in 2020. During the pandemic, petroleum refineries units had cut their production throughput as the demand for fuel decreased by about 30% to 40% globally during the lockdown. However, the demand for various pharmaceutical products increased during the pandemic, thereby enhancing the production of liquid wastes. Now the situation is coming on track and now the market is stable and growing steadily.

Key Highlights

• Over the short term, the increasing manufacturing activities that generate toxic chemicals may lead to growing liquid effluent management activities. The growth in the pharmaceutical and healthcare industry is also expected to drive the market's growth.
• On the flip side, increasing technological challenges, and stringent waste processing regulations, is expected to hinder the market’s growth.
• The North American region represents the largest market, and it is also expected to be the fastest-growing market over the forecast period due to the enactment of stringent norms pertaining to the management of liquid waste and the presence of activities related to oil and gas production.

Key Market TrendsOil and Gas Segment to Dominate the Market

• The oil and gas industry is among the most profitable industries. It meets all the energy demand across various industries, households, transportation, and other sectors. The oil and gas industry is facing environmental concerns, mainly with wastewater.
• The industry has a high water consumption rate, as it generates a large amount of wastewater in various operations such as in hydrostatic testing water, which is consumed in the hydrostatic testing of pipelines to ensure pipeline safety and find any possible leaks. The process also includes the usage of chemical additives. Hence, hydro-test water should be treated before disposal into the sea or surface water.
• Furthermore, in the oil and gas industry, water is employed in technologies like hydraulic fracturing. In this process, high-pressure water is used to open up the cracks or fractures into the tight formations of rocks, permitting petroleum gas and unrefined petroleum to stream to a well for recovery. The water used in the process often gets contaminated, and it needs to be treated for either disposing of or reuse.
• According to the BP Statistical Review of World Energy 2021, the total proved reserves of oil in the world at the end of 2020 stood at 1732.4 thousand million barrels, with the Middle Eastern reserves accounting for 48.3% of the total share. China is increasing crude oil processing activities, which will be supported by following various upcoming refineries in the country.
• For instance, PetroChina, a state-controlled refinery company, is planning to start its 400,000 barrels per day Jieyang refinery in South China's Guangdong province by the first half of 2022.​
• In refineries, the water consumption rate is very high for distilling crude into various fractions, such as gasoline, diesel, jet fuel, and kerosene. Several wastewater streams are coming out of refineries, which typically include desalter water generated from washing raw crude before topping, sour water from steam stripping, and fractionating that comes in contact with crude, process water generated from product washing, regenerating catalyst, and dehydrogenation reactions.
• According to the BP Statistical Review of World Energy 2020, the refinery throughput in the Asia-Pacific region accounted for a growth rate of about 2.2% in 2020 compared to the previous year.
• India is planning to invest USD 100 billion by the end of 2024 in refining, pipeline, and gas terminals. Additionally, Indian Oil has set a budget of about USD 27.29 billion to expand its refineries and expand businesses over the next 5-7 years.
• Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.

North America to Dominate the Market

• North America represents the largest market, and it is also expected to be the fastest-growing market over the period due to the enactment of stringent norms and the presence of activities related to oil and gas production.
• The United States Environmental Protection Agency (EPA) announced in January 2021 that 55 new projects in 20 states could apply for approximately USD 5.1 billion in Water Infrastructure Finance and Innovation Act (WIFIA) loans. This funding will be leveraged to finance more than USD 12 billion in clean and drinking water infrastructure projects across the United States.
• The number of operational oil and gas rigs in the United States totalled 610 in the last week of January 2022, according to Baker Hughes. ​Additionally, the United States crude oil production fell below 11.6 million b/d in December 2021, a decline of 0.2 million b/d from November 2021, according to the EIA. The EIA further predicted that production would rise to an average of 12.0 million b/d in 2022 and then an annual-average basis of 13.0 million b/d in 2023.
• Furthermore, market growth is driven by the United States due to penetration in the residential, commercial, and industrial segments, driven by stringent environmental and disposal regulations in the country.
• Some of the liquid waste produced from the automotive industry include used motor oil and used brake oil fluid. According to OICA, in 2021, around 13,427,869 vehicles were produced in the United States witnessing a decreasing growth rate of about 20%.
• The liquid waste management market is very well regulated by agencies like the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH). Several laws, including Environmental Protection Act, 1993, mentioned guidelines to be carried out by companies, including undertaking Environmental Impact Assessment (EIA) and preparing Environmental Impact Statement (EIS).
• Therefore, the aforementioned factors are expected to impact the market in the coming years significantly.

Competitive Landscape

The liquid waste management market is partially consolidated in nature, with a few major players dominating a significant portion of the market. Some major companies are SUEZ, Veolia, Clean Harbors Inc., Covanta Holding Corporation, and WM Intellectual Property Holdings LLC (not in any particular order).

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