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The global hazardous waste management market size is estimated to grow at a CAGR of 9.14% between 2022 and 2027. The size of the market is forecast to increase by 252.85 million MTPA. The growth of the market depends on several factors, including an increase in industrial activities, stringent government regulations, and rapid growth of medical contract research organizations.
This report extensively covers market segmentation by product (industrial, medical, and others), type (solid, liquid, and sludge), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in industrial activities is notably driving market growth. Economic development has strengthened the confidence of consumers, leading them to purchase more goods, thus increasing industrial activities. High buyer confidence has resulted in increased production and sales of automobiles. Thus, the increased industrial activities result in the production of more waste. Moreover, the adoption of waste management by the automobile industry has increased because increased demand for raw materials might lead to their depletion. Hence, measures are being taken to use the materials judiciously and manage the waste efficiently. For instance, Suez provides hazardous waste management solutions to its industrial clients across the world by ensuring compliance with the specific regulations and safety of people, property, and the environment at all stages of the waste management process. Hence, such growth in industrial activities is expected to drive the global hazardous waste management market during the forecast period.
Stringent regulations for hazardous waste transporters is the key trend in the market. Hazardous waste transporters play an integral role in the hazardous waste management value chain by carrying the wastes from the point of generation to the destination where they are either disposed of or treated. Since hazardous waste transporters carry regulated wastes on public roads, rails, highways, and waterways, the US EPA and the US DOT have jointly developed regulations for the hazardous waste transporter. The transporter is subject to various regulations outlined in Title 40 of the CFR part 263 under RCRA. The transporter should obtain an EPA identification number, comply with EPA's hazardous waste manifest system, handle hazardous waste discharges, and obey all the applicable hazardous materials regulations laid down by US DOT.
Thus, such regulations pertaining to the transporters will increase the safety in the transportation of hazardous waste. This will make hazardous waste management more efficient and will protect the surrounding environment and human health. Hence, the above-mentioned factors are expected to drive the growth of the global hazardous waste management market during the forecast period.
The high cost involved in hazardous waste management is the major challenge impeding market growth. The potential risk of hazardous waste depends on its volume, characteristics, and the way the waste is disposed of and treated. The disposal cost of medical waste is 22 times greater than the disposal of regular trash. Moreover, care should be taken to dispose of the medical waste in regulated containers, and all blood or other potentially infectious materials (OPIM)-contaminated items should be handled safely. With stringent regulations coming up pertaining to the efficient management of hazardous wastes, new processes, technologies, and techniques have been adopted by the service providers. Such stringent requirements lead to an increase in complexities and higher costs of treatment.
Hence, availing of hazardous waste management services must bear high treatment costs, and service providers must fulfill the closure and maintenance requirements. This increases the costs borne by all the entities across the supply chain, which may hinder the growth of the global hazardous waste management market during the forecast period.
The hazardous waste management industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hazardous Waste Management Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Sharps Compliance Corp. - The company offers hazardous waste management such as treatment, transportation, and disposal as its key offering. Under this segment, the company focuses on developing cost-effective management solutions for medical waste and unused dispensed medications generated by small and medium-quantity generators.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the industrial segment will be significant during the forecast period. Industrial waste is generated in any industrial activity and exhibits the properties of hazardous waste. Industrial hazardous wastes comprise by-products of manufacturing processes or discarded commercial items like cleaning fluids, nonferrous, and other metals resulting from iron and steel mills, petroleum and coal manufacturing, and other similar facilities. The generation of industrial hazardous wastes takes place in developed economies such as the US and European countries. With the recovery in the manufacturing sector, the generation of industrial hazardous waste is expected to increase during the forecast period.
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The industrial segment was valued at 214.31 million MTPA in 2017 and continue to grow until 2021. The prominent vendors present in the hazardous waste management market constructed a conscious plan for the disposal of industrial hazardous wastes to capitalize on this market potential. Such plans help reduce process residuals, risks, and the total cost of management, achieve environmental compliance, streamline operations and develop waste management plans, recycling programs, and waste minimization solutions. Stericycle provides a complete portfolio of environmentally sound, cost-effective, and flexible solutions for industrial hazardous waste management. Hence, the global hazardous waste management market by industrial application is expected to grow rapidly during the forecast period.
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APAC is estimated to contribute 64% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The respective government in individual countries across APAC has increased the initiatives for infrastructure development over the years in APAC. For instance, in April 2018, the Japanese government invested nearly $18 billion in the infrastructure development of a new airport terminal and a third runway at the Hong Kong airport by 2024. Similarly, in November 2017, the government of Japan established an agreement with Indonesia to develop a port in West Java, Indonesia. The Government of Japan agreed to loan around $1 billion to finish the construction project by 2027. Such infrastructure development projects generate a large volume of hazardous waste, which will boost the growth of the hazardous waste management market in APAC during the forecast period.
In 2020, the outbreak of the COVID-19 pandemic affected various countries in APAC. However, in 2021, with the initiation of large-scale vaccination drives, the number of COVID-19 cases declined in the region, leading to the lifting of lockdowns and the resumption of industrial activities. Due to such factors, the demand for hazardous waste management services has increased in 2021 and 2022. Hence, the regional hazardous waste management market is expected to witness growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Hazardous Waste Management Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.14% |
Market growth 2023-2027 |
252.85 million MTPA |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.05 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 64% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Avalon Holdings Corp., Averda, Bechtel Corp., Chloros Environmental Ltd., Clean Harbors Inc., Daniels Health, ENVIRON INDIA, GreenTech Environ Management Pvt. Ltd., Grupo Tradebe Medioambiente SL, Morgan Industries Ltd., Recology Inc., REMONDIS Medison GmbH, Republic Services Inc., Seche Environnement SA, Sharps Compliance Corp., SMS Envocare Ltd., Veolia Environment SA, Waste Connections Inc., and Waste Management Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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