Global hazardous waste materials management market will grow significantly due to rising environmental concerns and related compliance requirementsPublished Date: September 12, 2020 |
The global hazardous waste materials management market has been projected to grow at the CAGR of 6.8% market during 2020-2027. In 2018, the market has generated the revenue of $ 28.7 billion and is expected to reach $ 49 billion in terms of revenue by 2025.
Hazardous waste material is any material which on improper disposal may cause threat to the environment. These materials include infectious, corrosive, oxidizing, radioactive and explosive waste. Hazardous waste material management plays a vital role in overall environment services market. The hazardous waste materials management market has consistently evolved since many years with adoption of advanced collection, treatment, recycling, and disposal methods. This system is relatively advanced in the developed regions such as North America and Europe with high competition and lower profit margin in comparison with the developing region.
Regulations on waste management and increasing awareness among governments regarding damage caused by untreated medical waste are boosting the growth of global hazardous waste materials market. Generation of large amount of healthcare waste is the major driver for global hazardous waste materials market. Improper management of waste generated in the healthcare industry may be harmful to the health of the society, workers in the healthcare organization and environment. Infectious waste should be properly disposed to avoid fatal injuries and diseases in the surrounding. Therefore, high demand is reported for hazardous waste material management globally. Increasing waste management programs for waste material management in the developing economies has also led to high demand for hazardous waste material management, especially in China and India.
Market Segment Insights:
Hazardous waste is segmented into industrial and manufacturing waste, infectious & pathological waste, pharmaceutical waste, sharps and others. Among the above mentioned wastes, industrial and manufacturing waste accounted for larger share of the market in 2018. Industrial waste is considered to be the most harmful waste as the left out stuff majorly consist of useless materials generated during the manufacturing processes. The two organizations that regulate the generation and transportation of hazardous waste include Environment Protection Agency (EPA) and Department of Transportation. Off-site accounted for larger share of hazardous waste material management services in 2016. It is a popular waste management technique which is preferred by commercial entities, households, and industries. In this system, the waste if sent to remote place where it is treated and disposed. Incineration accounted for major share of global hazardous waste materials market in 2018. It accounted for more than 43% of the market share. It is a treatment process which includes combustion of organic substances that are present in the waste materials that are been treated. High amount of hazardous waste materials released by pharmaceuticals, manufacturing and healthcare companies has led to high demand for incineration treatment in the market.
Global Hazardous Waste Materials Management Market Segmentation:
By Type of Waste, 2018 – 2027 ($ Million)
- Industrial and Manufacturing Waste Materials
- Infectious & Pathological Waste Materials
- Pharmaceuticals Waste Materials
- Other Hazardous Waste Materials
By Service Type, 2018 – 2027 ($ Million)
- Collection, Transportation, & Storage
- Treatment & Disposal
- Other Services
By Treatment Type, 2018 – 2027 ($ Million)
- Chemicals Treatment
By Treatment Sites, 2018 – 2027 ($ Million)
- On Site
- Off Site
By Geography, 2018-2027 ($ Millon)
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
North America dominated the global hazardous waste materials management market in 2018. It accounted for more than 30% share of global hazardous waste materials market. Rising awareness for waste management programs in the region has boosted demand for hazardous waste material management in the region. Growth in the waste from the pharmaceutical industry is the key factor for growth of hazardous waste material management market due to increasing population and increasing chronic diseases. The factors such as government regulations and developed infrastructure have influenced the hazardous waste materials management market.
Market Competition Assessment:
The major players currently operating in the global hazardous waste materials management market include Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Daniels Sharpsmart, Inc., Remondis, Republic Services, Inc., Sharps Compliance, Inc., Stericycle, Inc., Suez Environnement S.A., Veolia Environnement S.A., and Waste Management, Inc.
List of Content:
- Biomedical Waste Solutions, LLC
- Clean Harbors, Inc.
- Daniels Sharpsmart, Inc.
- Republic Services, Inc.
- Sharps Compliance, Inc.
- Stericycle, Inc
- Suez Environnement S.A.
- Veolia Environnement S.A.
- Waste Management, Inc.
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