The global industrial waste management market registers high fragmentation, according to a recent Transparency Market Research (TMR) study. The market is expected to grow at a healthy pace in the coming years. Leading market vendors are focusing on the development of their mergers & acquisitions with the main aim of providing a broad geographical presence to multiple industries. In order to expand their variety of activities, the leading businesses were able to obtain regional and local waste management service suppliers. They focus constantly on the developing areas to become major suppliers of industrial waste management services.
Administrative advice, advice, and commendations on their management plan for a continued eco-friendly production process are available to local governments. For instance, in November 2018, Veolia, one of the major suppliers of waste managing services, worked with Tetra Pak to recycle used boxes gathered within the European Union.
This is one of the prominent strategies adopted by vendors operating in the global industrial waste management market.
Key players operating in the global industrial waste management market are Veolia, Stericycle, Inc., Reclay Group, Waste Management, Inc., Clean Harbors, Inc., and Enviroserv Waste Management (Pty) Ltd.
TMR projects that the global industrial waste management market , which was valued at USD 474.179.9 million in 2017, is projected to grow by over 10.6% CAGR between 2018 and 2026.
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The collection segment dominated the market on the basis of the service in 2017 with a share of more than 50%. For effective resource recovery, waste segregation is essential. Asia Pacific is the most important industrial waste management business region. Asia Pacific Due to an rise in industrial waste production and collection year by year, it is projected to stay dominant during the forecast period.
GROWING ENVIRONMENTAL CONCERN TO BOLSTER INDUSTRIAL WASTE MANAGEMENT MARKET
Global growth prospects for the waste management systems industry are anticipated to be generated with increased environmental awareness of renewable waste management technologies among individuals and an increase in CO2 emissions. Market players have proactively taken MSW-recycling initiatives and are conducting programs to decrease pollution and mitigate environmental dangers for non-hazardous industrial waste management. Moreover, untreated waste and dumping directly and indirectly impact health, spreading vectors that trigger infectious diseases, which is boosting demand in the global industrial waste management market.
URBANIZATION IN EMERGING REGIONS TO STOKE GROWTH
In multiple phases of growth, industrial waste management markets are developed and possibilities across areas vary. The market is linked to fast industrialization and urbanization in developing markets like China and India. Government and regulatory bodies are adopting strict rules for efficient waste processing and management in these areas, which require efficient waste management facilities. But Europe and America’s matured markets strive to achieve a full recycling region to recover as waste and reuse, thereby decreasing new natural resource consumption.
In an integrated industrial waste management system, waste retrieval systems play a main role by ensuring that waste-pickers have a safe working atmosphere; encouraged collectivities to recycle waste and reduced quantities of waste sent into sites. The production of by-products through industrial waste recycling is therefore anticipated to drive the industrial waste management industry in the years to come.
LANDFILLING TO EMERGE AS KEY MARKET TREND
The rules concerning industrial waste management and disposal were strictly adhered to by countries in Europe. Directive (EU) 2018/850 laid down policies and regulations for Member States in Europe with a view to reducing waste disposal substantially through deposits. In Europe, the ZeroWIN project is a zero-industrial waste generation that challenges the traditional industrial waste methods. It is projected that the zero waste vision for industrial networks will encourage investment in industrial waste management market in the future.