Jul 20, 2021   SOURCE: BusinessWire

Waste Management Market by Waste, Service, End-user and Region - Global Forecast to 2026 - ResearchAndMarkets.com

The "Waste Management Market by Waste (Hazardous, E-waste, Plastic, Bio-medical), Service (Open dumping, Incineration, Landfill, Recycling), End User (Residential, Commercial, Industrial) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global waste management market size is projected to grow from an estimated USD 423.4 billion in 2021 to USD 542.7 billion by 2026, at a CAGR of 5.1% from 2021 to 2026.

The key drivers for the waste management market include stringent regulations of governments worldwide for better management of waste and initiate environmental protection; strong focus of several governments to conduct awareness programs showcasing the importance of waste segregation and waste management; technological advances and shortened life cycle of electronic products help in increasing e-waste.

The e-waste segment is expected to hold the largest share of the waste management market, by waste type, during the forecast period.

The e-waste segment is estimated to lead the waste management market during the forecast period. E-waste includes electrically powered component waste. They include appliances such as computers, consumer electronics, and refrigerators. E-waste is a mixture of useful and hazardous materials that demand careful handling and recycling of materials. Thus, e-waste management has gained importance globally to secure the environment from the adverse effects of the materials such as lead and plastics. The recycled material is used to make next-generation goods. The market for waste segment is driven by the rapid urbanization, transforming urban mobility, and increased need to reduce carbon emissions offered by the segment. Asia Pacific is estimated to hold the largest share of the waste management market, followed by North America because of the growing usage of appliances that use electricity are expected to drive the market for waste management market.

Asia Pacific: The fastest-growing market for waste management.

The Asia Pacific is the fastest-growing market for waste management, followed by Europe. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Rest of Asia Pacific mainly includes Singapore, Malaysia, Thailand, and Indonesia. The population growth in the region, the high disposable income of the people, and the increased demand for packaged food products are among a few major factors that drive the growth of waste management in the region. Asia Pacific is also a key contributor to marine plastic pollution. The materials involved include plastic bottles, plastic bags, single-use plastic items, and plastic packaging, among others. Key countries responsible for this kind of pollution include China, Indonesia, and Thailand.

In addition, the rise in well-being and prosperity of urban residents is linked closely to increased consumption and production patterns with consequences for waste streams. Increased municipal solid waste is particularly noticeable in low- and middle-income countries. In these countries, the rate of waste generation has risen quickly and is expected to accelerate over the next decade and beyond. According to the United Nations' Economic and Social Commission for Asia and the Pacific (UNESCAP), between 50% and 65% of municipal solid waste in low- and middle-income countries is organic and can be turned into high-quality compost for use in agriculture, gardening, or landscaping or converted to biogas to produce heat and electricity. There are also significant opportunities for recycling inorganic materials, such as glass, plastic, and metal. Moreover, the manufacturing of new glass-based materials also has an ultimate opportunity for open-loop recycling and has more environmental benefits than that of landfilling. Between 25 and 35% of municipal solid waste is recyclable inorganic waste; this proportion will increase over the coming decades with further development of countries, leading to rising demand for waste management.

Market Dynamics

Drivers

  • Stringent Regulations of Governments Worldwide for Better Management of Waste and Initiate Environmental Protection
  • Strong Focus of Several Governments to Conduct Awareness Programs Showcasing Importance of Waste Segregation and Waste Management
  • Technological Advances and Shortened Life Cycle of Electronic Products Leading to Increase in E-Waste

Restraints

  • Absence of Necessary Framework for Collection and Segregation of Waste
  • Requirement for Huge Capital Investment to Discard Bio-Medical Waste

Opportunities

  • Rising Demand for Waste Management Services from Emerging Economies Due to Rapid Industrialization
  • Growing Adoption of Construction and Demolition (C&D) Materials in Urban Areas with Rising Number of Construction Projects

Challenges

  • Controlling Environmental Pollution Caused by Illegal Export of E-Waste in Developing Countries Such as China, India, and Middle East
  • Recycling Plastic is Costlier Than Producing New Plastic
  • Impact of COVID-19 on Waste Management

Companies Mentioned

  • Waste Management
  • Suez
  • Veolia
  • Waste Connections
  • Republic Services
  • Biffa
  • Clean Harbors
  • Covanta Holding
  • Daiseki
  • Hitachi Zosen
  • Remondis Se & Co. Kg
  • Urbaser
  • Fcc Environment
  • Biomedical Waste Solutions
  • Stericycle
  • Ecomed Services
  • Skrap
  • Recyglo
  • Saahas Zero Waste
  • Recycle Track Systems
  • Gem Enviro Management Pvt Ltd.
  • Recycling Technologies
  • Vital Waste
  • Rekosistem
  • Unbound Chemicals

For more information about this report visit https://www.researchandmarkets.com/r/hvc9hr