Hazardous Waste Management Market size was valued at USD 16.96 billion in 2023 and is set to cross USD 34.44 billion by 2036, expanding at more than 5.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hazardous waste management is evaluated at USD 17.72 billion. The growth of the market can be attributed to the increasing industrial activities across the globe, rapid rate of urbanization in emerging economies, and stringent government regulations associated with the proper disposal of hazardous waste. According to the data provided by the World Bank, in 2019, the total industrial output of the world accounted for a GDP share of 24.789%, out of which the same quantity for manufacturing was 14.562%. Along with these, robust growth of research and development activities in medical organizations in developed and developing nations is also expected to raise the demand for hazardous waste management in the forthcoming years. Furthermore, growing development of innovative techniques for waste recycling in several industrial verticals such as manufacturing, food & beverages, and chemicals is projected to offer ample growth opportunities to the hazardous waste management market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.6% |
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Base Year Market Size (2023) |
USD 16.96 billion |
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Forecast Year Market Size (2036) |
USD 34.44 billion |
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Regional Scope |
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The market is segmented by treatment type into incineration, autoclaving, and chemical treatment, out of which, the incineration segment is anticipated to hold the largest share in the global hazardous waste management market on account of the quick reduction of waste volume, lower emissions of greenhouse gases and lesser transportation costs of this type of waste treatment. In addition, incineration is one of the most commonly used thermal treatment technique globally, which is also assessed to boost the growth of this market segment by the end of 2030. Moreover, on the basis of waste type, the segment for infectious waste is evaluated to occupy the largest share over the forecast period, which can be credited to the large amount of waste generated from households, hospitals, offices and commercial complexes, rising industrialization and growing prevalence of infections occurring as a result of inappropriate waste disposal. For instance, more than 520 metric tons of biomedical waste was generated in India alone in 2018.
Our in-depth analysis of the global hazardous waste management market includes the following segments
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By Waste Type
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By Treatment Type |
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By Service Type
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On the basis of geographical analysis, the global hazardous waste management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is poised to account for largest revenue share by 2036, on the back of strong presence of well-established healthcare infrastructure, and high government investments to establish recycling facilities in the region. As per the Centers for Medicare & Medicaid Services, the total healthcare spending in the United States increased by 4.6% in 2019, reaching up to USD 11,582 per person. The health spending as a share of the nation’s total GDP in the same year was 17.7 percent. Additionally, Asia Pacific is expected to witness noteworthy market growth during the forecast period owing to the rise in improvements in individual national consumption rates, and generation of huge volumes of waste resulting from growing industrial establishment. Apart from this, increasing privatization of waste collection in various emerging economies such as China, Thailand and Malaysia, is also predicted to boost hazardous waste management market growth in the region in the future.
July 27, 2020: Suez SA signed an industrial agreement with the authorities of Huaibei city in China for the construction and operation of a facility specializing in the management of hazardous waste. The contract is evaluated to represent a revenue of USD 824.21 within a span of more than 30 years.
Author Credits: Dhruv Bhatia
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