Waste Management Market to Surpass Value of US$ 1.1 Trn by 2031: TMR Study

WILMINGTON, DE / ACCESSWIRE / November 30, 2022 / Transparency Market Research Inc. - The study by Transparency Market Research (TMR) states that the global waste management market is projected to expand at a CAGR of 4.1% during the forecast period 2022-2031.

Transparency Market Research inc., Wednesday, November 30, 2022, Press release picture
Transparency Market Research inc., Wednesday, November 30, 2022, Press release picture

With the increase in urbanization across several developed and developing nations, there has been a rise in the adoption of municipal solid waste management in order to decrease water and soil pollution. This factor is bolstering the global market for waste management, notes a TMR analysis.

Asia Pacific is the fastest-growing market for waste management that held a 58.3% share of the global market in 2021. The Asia Pacific market growth is attributed to several key factors such as increasing focus on the adoption of sustainable waste management practices by the nations.

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Waste Management Market: Key Findings

  • Over the past few years, there has been a notable elevation in environmental and social issues; hence, the governments of major nations are putting more effort in order to improve their waste management systems. To achieve these motives, governments are recycling and reusing wastes and converting them into energy. Such efforts are likely to help in boosting the future market demand for waste management, states a TMR review.

  • According to published data, around 58.3% of waste is collected and approximately 18% of waste is recycled globally. Many government bodies are implementing new regulations that focus on reducing, reusing, and recycling waste. Such initiatives are fueling the market growth, state analysts of a TMR study that delivers important insights on the recent developments in the waste management market.

  • Poor waste management can lead to adverse impacts on the ecosystem. Thus, the World Bank and several international bodies are offering financial aid to developing nations in order to advance their waste management systems. Such initiatives are helping countries to develop or upgrade closed dumps, waste sorting, and treatment facilities, and refurbish or construct landfills. Nations are also using these aids in order to provide dumpsters, bins, transfer stations, and trucks. Such factors are likely to have a positive impact on the overall growth of the global market during the forecast period.

  • The trend of buying and replacing electronic products is increasing in several emerging economies. Some of the key factors contributing to this trend include improving the spending power of consumers, globalization, and increasing technology adoption. Thus, these nations are taking initiatives in order to address the issues pertaining to e-waste generation. This is creating lucrative opportunities for leading players in the waste management market.

  • As per the regulations of many countries worldwide, organizations from different industries including oil & gas, construction, nuclear, chemical, mining, and agriculture are required to dispose of their hazardous industrial waste safely. This factor creates notable business opportunities in the global market. According to analysts at TMR, the industrial waste segment accounted for 68.3% share of the global market in 2021. This segment is projected to show dominance during the forecast period.

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Growth Boosters

  • Need for safe disposal of hazardous industrial waste fuels the growth of the waste management market

  • Increasing regulations by governments to reduce, recycle, and reuse waste due to environmental concerns bolsters demand

Key Players

Some of the key players profiled in the report are:

  • Cleanaway Waste Management Limited

  • Veolia

  • Waste Connections Inc.

  • Daiseki Co. Ltd

  • Suez

  • Clean Harbors

  • ERI

  • Umicore

  • Stericycle

  • WM Intellectual Property Holdings L.L.C

  • Enviro-Hub group

  • Reclay Group

  • Augean Plc

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Waste Management Market Segmentation

Waste Type

  • Municipal

  • Industrial

  • E-waste

Service

  • Collection

  • Recycling

  • Landfill

  • Incineration

Type

  • Hazardous

  • Non-hazardous

Regions Covered

  • North America

  • Latin America

  • Europe

  • Asia Pacific

  • Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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