Hazardous Waste Management Market 2022-2028

Hazardous Waste Management Market 2022-2028

Hazardous Waste Management Market by Service Type (Transportation and Storage, Recycling Service, and Waste Treatment and Disposal Service) by Waste Type (Biomedical Waste, Industrial Waste, Domestic Waste, and Others) – Global Trends, Size, Share, Growth, Industry Analysis and Forecast, 2021-2028

Hazardous waste is considered as the most harmful form of waste which is capable of having a negative effect on human health and the environment. Various industrial areas have the potential to generate hazardous waste. Chemical manufacturing, paint manufacturing, and paper manufacturing industries are considered as the three top industries that generate high amount of hazardous waste across the globe. These industries use chemical, heavy metals, and solvents that can potentially produce hazardous substance. Other industries such as pharmaceutical, biomedical and metal industries are also significantly contributing to the global production of hazardous waste. As per OMR Analysis, the global hazardous waste production was 230 million tons in 2021. In 2021, hazardous waste generated by major economies include the US, China, Germany, and France, which accounted for more than 50% of total hazardous waste produced. Out of which, the US generated 35,664 million tons of hazardous waste in 2021. This is majorly due to the significant waste generated by major industries such as petroleum, construction, and healthcare in the US. Further, China generated 52,203 million tons of hazardous waste produced primarily by consumer electronics, mining, paper manufacturing, and construction industries. Furthermore, in European Union (EU), Germany and France have produced 28,658 million tons and 13,671 million tons hazardous waste in 2021 respectively, generated by chemical and medical industry, electronics industry, and pharmaceutical industry.

Hazardous waste management includes storage & transportation, recycling, disposal and treatment of hazardous waste. The cost for recycling, disposal and treatment varies according to the geographies. For instance, in the US, the cost of disposal is around $900/ton whereas in emerging countries such as India and China, it is around $250/ton. The average cost of hazardous waste management in each economy is analyzed by considering the macro-economical factors. The cost of management is mainly attributed to the methods & technologies adopted by companies/government to treat and recycle hazardous waste. The more highly advance technology, the more will be the cost of management of hazardous waste.

Major economies such as China, the US, Germany, and France have a significant share in the global hazardous waste production as these economies are considered as manufacturing hub across the globe. High production of hazardous waste demands for cost-effective management services. As per EPA (Environmental Protection Agency), waste management services have the potential to collect, recycle and dispose off around 85% of the total hazardous waste which has contributed to generating around $63.1 billion market value in 2021. Further, the market value for hazardous waste management is estimated to reach nearly $101.1 billion in 2028 attributed to increasing solid waste generation and rising disposal costs. However, shrinking disposal capacity and public opposition to the siting of new disposal facilities are also expected to impact the growth of the market.

The global hazardous waste management market is estimated to grow at a CAGR 7.1% during the forecast period. High e-waste generation and government initiatives to control hazardous waste are also significantly driving the growth of the market. Hazardous waste management program run by the Department of Environmental Conservation (DEC) in New York has significantly controlled the collection, transportation, recycling and disposal of hazardous waste. Further, regulations such as the Resource Conservation and Recovery Act (RCRA) for the proper management of hazardous and non-hazardous solid waste in the US has significantly contributed to the growth of the market. However, there is considerable demand for cost-effective and environmentally protective solutions for hazardous waste management. Growing waste generation has made it primarily important for waste management officials to develop effective strategies to manage hazardous waste safely and cost-effectively which is expected to contribute to the growth of the market in the near future.

Geographically, North America held the largest market share of 38% in the global hazardous waste management market. Government regulations and support programs to increase awareness for waste management have boosted the market growth in the region. The high amount of hazardous waste from the pharmaceutical industry is also a key factor that is driving the growth of hazardous waste management market in North America. The market value in North America was around $23.9 billion in 2021 which is estimated to reach nearly $37.7 billion in 2028. The US contributed approximately 85% in the North American hazardous waste management market accounted for around $20.3 billion in 2021. Europe has a significant market share of 29.2% which accounted for around $18.4 billion in 2021. European hazardous waste management market is projected to grow at a CAGR of 6.8% during the forecast period. This is attributed to the supportive government regulations and developed manufacturing and pharmaceutical industry. Germany is the major producer of hazardous waste which has led to developing a hazardous waste management strategy within the region in order to control and manage hazardous waste. Germany accounted for 25.0% market share in European hazardous waste management market.

Asia-Pacific is estimated to be the emerging economies for hazardous waste management market during the forecast period. The market in Asia-Pacific is growing at a CAGR of 7.8% during the forecast period. This is attributed to the hazardous waste generated by paper manufacturing industry and consumer electronics industry which has significantly increased the demand for hazardous waste management services across the region. The market value in Asia-Pacific was around $19.2 billion in 2021 which is projected to reach nearly $32.1 billion in 2028. Other regions such as Middle East, and Central and South America are also anticipated to contribute to the growth of hazardous waste management market at a CAGR of 6.9% during the forecast period. Increasing awareness regarding hazardous waste and increasing environmental concern is expected to drive the growth of the market during the forecast period.

Global hazardous waste management market is highly fragmented in nature with several market players operating in the market. Major players actively contributing in the market include Waste Management, Inc., Veolia Environnement S.A., Stericycle, Inc., Covanta Holding Corp., SUEZ Group and Verisk 3E. Expansion, mergers & acquisitions, partnerships, and collaborations among others are the strategies adopted by the market players in order to expand their market and geographical position. For instance, in March 2021, Veolia Environnement S.A., collaborated with Nestle to handle the waste in the environment and increase recycling schemes. The companies collaborated to manage the waste collection and recycling of plastic material. Such collaboration is estimated to accelerate collection, recycling, and treatment of hazardous waste which is estimated to contribute to the market. Further, acquisition is considered as the key strategy adopted by various market players extensively. For instance, in 2017, the Stericycle, Inc. completed 30 acquisitions out of which 7 were for the regulated waste management sector.This acquisition is expected to scale up operations and expand company’s business.