PUBLISHER: Acute Market Reports | PRODUCT CODE: 1260061
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1260061
The global market for solid waste management is expected to expand at a CAGR of 3.5% during the forecast period of 2023 to 2031. The term "solid waste" refers to any unneeded or undesirable solid material that is produced as a result of human activity. The generation of solid waste is mostly attributable to household, commercial, and industrial activities. The majority of what is considered to be solid waste consists of organic matter, waste paper, waste items made of plastic and glass, and waste products made of metal. The term "solid waste management" (or simply "waste management") refers to the practice of collecting, processing and disposing of trash in a manner that gives priority to the protection of public health and the natural environment. Practices regarding solid waste are handled differently depending on whether it is industrial or municipal waste, whether it is in an urban or rural setting, or whether it is in a developed or developing nation. Since the major goal of solid waste treatment is to maintain human and environmental health, it is given more priority for the purpose of leading a superior quality of life and for the overall development of the economy.
Increasing Awareness about the Advantages of Proper Waste Management Is Driving the Market
People are more aware of the benefits and downsides of hazardous solid waste handling on human health as well as the environment as a result of the increased availability of solid waste information in large quantities over the course of time. The proper management of garbage not only has positive effects on people's health and the environment, but it also has positive effects on society and the economy. The management of waste contributes to an improvement in the aesthetics of the surrounding area and helps to protect natural resources by lowering the levels of pollutants in the air, water, and soil. The timely removal of garbage helps to increase the level of personal hygiene while also preventing the spread of diseases that are transmitted by vectors. In addition to this, it lowers emissions of dangerous greenhouse gases like methane and carbon monoxide, which are the primary contributors to the critical issue of global warming.
The recycling of waste materials that can be put to useful purposes contributes to the preservation of raw materials, lightens the load on the economy, and assists the achievement of community development objectives. Furthermore, leading organizations such as the International Solid Waste Association are generating awareness in developing countries of Asia and Africa about the benefits and necessity of waste management through public awareness campaigns. These campaigns are being carried out in countries such as Cambodia, Laos, and Myanmar. As a result of this, it is anticipated that the market will continue to expand over the time included in the forecast.
Increasing e-waste to Boost the Market Expansion
The typical stages of an electronic product's life cycle are product development, product introduction, growth, and maturity, as well as product disposal or recycling. The end of a piece of electronic equipment's life cycle, developments in technology, or shifting preferences on the part of consumers might all bring that device to the stage where it can be recycled. Technology is advancing at a rapid rate, which results in the creation of new electronic devices as well as enhanced versions of products already on the market, such as computers, mobile phones, and televisions. In a similar vein, an increase in the purchasing power of individuals leads to a reduction in the amount of time that electronic products can be stored. Every year sees the introduction of brand-new models of mobile phones and other consumer electronics; the older versions of these devices are either discarded or offered for sale on various websites with the intention of being put to another use. Therefore, as the lifespan of electronic products continues to decrease, a greater quantity of e-waste will be produced. Due to the accumulation of electronic trash, there is a pressing requirement to recycle electronic products, which, in turn, promotes the requirement for effective management of electronic waste. Since personal computers and mobile phones first came onto the market, the typical lifespan of consumer electronics and the components that go into making those gadgets have been steadily falling. The lifespan of electronics, which was once estimated to last in excess of 40 years, has decreased to anywhere from one and a half to thirteen years, with the majority averaging between four and five years.
High Operating Costs to Impede Market Growth
The process of managing solid waste is one that is not only difficult but also time-consuming. As a result, there is a large initial investment as well as a high cost of operation for the garbage collection vehicles, bins, and processing equipment. The management of waste demands a larger number of personnel, each of whom must execute a unique set of responsibilities. Because they are required to work in a number of various places, it is sometimes difficult to keep a staff that is properly motivated in order to ensure that operations run smoothly. Additionally, solid trash can quickly harm the land and water resources; for this reason, it should be managed with caution and with the assistance of workers who have received appropriate training. This, in turn, will result in an increase in the entire operation's cost of doing business.
Lack Of the Essential Infrastructure for The Collection and Sorting of Waste
The term "waste segregation" refers to the process of separating dry rubbish from wet garbage. This is an important step in the process of waste management since it sets the way for subsequent processes, such as composting, recycling, and incineration. The goal is to limit the amount of garbage that is sent to landfills and, ultimately, to prevent pollution of the land, water, and air. For the recycling of garbage and plastic products, as well as any other things, such as paper, metals, or wood products, it is essential to properly collect the waste and separate it into its component parts. The improper disposal of waste constitutes a significant risk for the municipalities and other authorities connected with the administration of waste management. People who live in close proximity to polluted areas or landfills are particularly at risk for adverse health effects if garbage is disposed of in an improper manner. Skin irritations, blood infections, respiratory problems, growth disorders, and even reproductive problems can be brought on by inappropriate trash disposal, which can lead to improper waste handling.
In order to foster long-term, sustainable economic growth, urban areas are being transformed into "smart cities." The United Nations estimates that by the year 2030, cities will be home to 60 percent of the world's population, and one in every three people on the planet will call a metropolis of 500,000 people or more their permanent residence. More than one hundred smart city projects are currently under construction in different parts of the world, which presents a significant number of chances for the construction industry. The need for buildings and roads presents potentially lucrative opportunities for the industry players in waste management.
The Recycling of Plastic Is a Challenge Because It Is More Expensive Than Creating New Plastic
The production of virgin plastics requires petrochemicals as its primary raw materials. Examples of petrochemicals include oil and natural gas. Polyethylene terephthalate is a type of plastic that comes from recycled materials (PET). One of the challenges of recycling plastic is ensuring that the material that is recovered through recycling is in its purest form. PET plastics do not have any value that is left over once they are used; nevertheless, they can be recycled into other items like new containers and fleece garments. During the production process for plastic products, a number of different additives, including fillers and colorants, are included. In most cases, recycling firms are unaware of the additives that are added to plastic, which is something that has an impact on the recycling of plastic products.
When recovering energy through a variety of thermochemical processes, one of the more challenging procedures is separating plastic from the other types of waste streams. The separation of various types of plastics into their respective piles is an important stage in many approaches to waste management. When compared to the production of fresh plastic from petrochemicals, which is relatively inexpensive or economical, the sorting and separating of plastic (according to its many grades, kinds, and the mixture of additives employed) are extremely labor-intensive and expensive.
Industrial Waste to Dominate the Market by Waste Type
Over the course of the forecast period 2023 to 2031, the industrial waste segment is expected to continue to represent the largest type of waste on the market. The market can be broken down into industrial waste and municipal trash, depending on the kind of garbage that is being dealt with. Among these, the industrial waste category is both the largest and one that is expanding at the quickest rate. It is generally agreed that industries produce the most amount of solid garbage. The key factor driving the expansion of this market segment is the rapid industrialization that is occurring throughout the developing economies. To comply with the rigorous requirements that have been established by the government, manufacturers are required to properly dispose of industrial waste. Because of this, there is an increased demand for waste management services that are effective. Demand for appropriate industrial waste management services is being fuelled in part by the growing relevance of circular economies and the recycling of materials as a means of achieving sustainable goals.
The category of municipal garbage is broken down even further into subcategories for things like organic waste, paper waste, plastic waste, glass and metal waste, and other sorts of waste. It is anticipated that the rapid urbanization that is occurring all over the world would generate potential prospects for the expansion of this segment during the timeframe of the projection. More than 55% of the world's population lives in urban areas as of the year 2018, as stated in a research report titled "2018 Revision of the World Urbanization Prospects" published by the United Nations. It is anticipated that this percentage will increase all the way up to 68% by the year 2050 end.
Collection Segment to Dominate the Market by Treatment Method
The collection sector was the dominant segment in 2022, according to these figures. The collection of solid trash is an activity that requires a significant amount of work and accounts for the biggest share of the total costs associated with the management of solid waste. It is a difficult process that requires an efficient selection of collection routes and the use of collection equipment. This method also requires a lot of time.
In 2022, the category dealing with disposals held the second-largest share of the market. This sector is further subdivided into incineration, landfilling and open-air dumps, and open dumps. Landfilling and open dumps are two of the most common methods utilized for the disposal of municipal and industrial solid waste, respectively. Both industrial and municipal garbage may be safely and responsibly disposed of in modern landfills because of the careful planning, construction, and management of these facilities. In addition, the use of landfills has the ability to enhance the condition of low-grade land, which therefore enables the site to be repurposed as a recreational park or playground.
Recycling and composting are subcategories that fall under the processing category overall. Because most of the processed waste is recycled to satisfy the needs of sustainable goals and economic benefits in terms of raw material requirements, recycling accounted for the highest proportion. This is because recycling helps meet the requirements of both. Recycling not only lessens the need for landfilling and incineration but also contributes to the preservation of the natural environment.
The Landfill Sector represents the Most Lucrative Opportunity for the Market by Service
Landfills in the modern era are facilities for the disposal of solid waste that are well-engineered and well-managed. To ensure that landfills are compliant with the standards that are in place, they must be constructed, positioned, operated, and monitored. In addition to this, they are built with the purpose of shielding the environment from any toxins that might be present in the waste stream. It is illegal to construct landfills in places that are very sensitive to the environment, and environmental monitoring devices are utilized during the placement process. These monitoring devices look for any indication that there may be contamination in the groundwater or landfill gas. In accordance with the Resource Conservation and Recovery Act, landfills are subject to severe regulations on their design, operation, and eventual closure (RCRA).
The residential Segment Dominate the End User Segment
In 2022, the residential sector represented the end-user category that owned the highest proportion of the growing waste management industry. This category encompasses both the waste collected from single-family homes and the waste collected from multi-family dwellings. The garbage that is produced by households includes things like discarded plastic bags, consumer durables, fast-moving consumer goods (FMCG) products, toys, e-waste products, household hazardous wastes, and other packaging materials. In addition, an increase in disposable income as well as a movement in the inclination of customers toward online shopping has contributed considerably to an increase in the quantity of waste plastic produced by the residential sector.
Residents who live in large housing units, such as apartment complexes, are more conscientious about sorting their trash before it is thrown away, in contrast to those who live in neighborhoods with individual residences. According to the information provided by the Government of Korea, recycling agencies that operate within the private sector is responsible for the comprehensive processing of wastes such as paper, waste metals, cans, and bottles that are thrown in distinct piles for the purpose of recycling. In most cases, these organizations recycle between 30% and 50% of the entire volume of these commodities. Because there are not enough plastic recycling facilities, only 13% of all plastics are collected. As a result, local governments and the Korea Resource Recovery and Reutilization Corporation supply collection sites with recyclable plastics that can be reused.
Europe Remains the Global Leader
In 2022, the greatest proportion of the market was held by European countries. The majority of European countries have high per capita incomes and excellent infrastructure for the collection and processing of solid waste. As a result, European countries have a relatively high rate of waste collection on average. The expansion of the industry is also being driven by the significant number of waste-to-energy plants that are located in this region. There are currently around 500 facilities in operation in Europe that convert garbage into electricity. Additionally, the European Union has, over the course of many years, adopted comprehensive legislation in order to enhance waste management and minimize emissions of greenhouse gases. Because of this, there is a growing demand for waste management services all throughout Europe.
The market share held by North America was the second largest of any region in the world. The United States held the highest share in North America in 2022, and it is anticipated that it would expand at a rate of 2.5% over the course of the forecast year. The United States ranks among the top five countries in terms of the amount of solid garbage it generates. The rate of waste collection is more than 98%. It is anticipated that the United States will maintain its position as the leader in the global market throughout the forecast period. This is attributable to the well-established collection, processing, and disposal methods as well as the presence of large waste management companies such as Waste Management Inc., Clean Harbors Inc., and Covanta Holdings Corporation.
In 2022, Asia Pacific accounted for the third biggest share of the overall market. Additionally, it is anticipated that the area will emerge as the one with the highest growth rate over the course of the forecast year, posting a CAGR of 4.5%. In the Asia Pacific region, the country with the most shares is China, followed by India. Even though China and India have a lower garbage collection rate in comparison to industrialized nations, increasing industrialization and population increase are driving the growth of the market in these countries. A report by the United Nations estimates that the combined populations of China and India make up more than 37% of the total world population. In the present day, China is home to over 1.4 billion people, whereas India is home to approximately 1.3 billion people. The growth of the market in developed countries such as Japan, South Korea, and Australia, amongst others, is being driven by stringent government rules regarding the treatment of garbage and the widespread implementation of waste management systems.
Innovation Remains as the Key to Enhance Market Share
For the purpose of gaining a competitive edge in the market, key firms that operate on a worldwide scale have invested a significant number of resources in the development of new waste management technologies. The largest waste management firms, such as SUEZ Group and Veolia Environment, amongst others, are embracing merger and acquisition strategies in order to increase their geographical footprints and the types of services they offer customers. Additionally, these businesses are making significant investments to construct additional facilities in order to broaden the scope of the services they provide and to satisfy the growing demand from customers. The majority of waste management firms are regularly involved with regional environmental as well as government authorities in order to create awareness about the health benefits of effective waste treatment through the use of waste management campaigns. Key sales and marketing methods that market leaders employ in order to boost their revenue growth include environmentally responsible and intelligent waste management as well as social media marketing. There aren't too many businesses that are willing to get into long-term contracts and agreements with local municipalities in order to provide ongoing solid waste management services. Key companies in this market segment include Clean Harbors, Inc., Hitachi Zosen Corporation, SUEZ, Covanta Holding Corporation, OMNI Conversion Technologies, Inc., Keppel Seghers, Wheelabrator Technologies, Inc., Biffa, China Everbright Environment Group Limited, Cleanaway, Stericycle, Sims Limited, Recology, Waste Management, Inc., Veolia, and Waste Connections.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Solid Waste Management market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Solid Waste Management market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Waste Type
Industrial Waste
Municipal Waste
Organic Matters
Paper
Plastic
Glass & Metal
Others
Treatment Method
Collection
Processing
Recycling
Composting
Disposal
Landfilling & Open Dump
Incineration
Service Type
Open Dumping
Incineration/Combustion
Landfill
Recycling
Composting & Anaerobic Digestion
End User
Residential
Commercial
Industrial
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Solid Waste Management market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Solid Waste Management market?
Which is the largest regional market for Solid Waste Management market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Solid Waste Management market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Solid Waste Management market worldwide?