Global waste management market is projected to reach $3,498,176.5 million by 2032, registering a CAGR of 5.5% from 2023 to 2032.

WILMINGTON, DELAWARE, UNITED STATES, April 18, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, the global waste management market was valued at $1,860,212.6 million in 2020, and is projected to reach $3,498,176.5 million by 2032, registering a CAGR of 5.5% from 2023 to 2032.

The report provides an extensive analysis of the current and emerging waste management market trends and dynamics.

In-depth waste management market analysis is conducted by estimations for the key segments between 2020 and 2032.

Extensive analysis of the waste management market share is conducted by following key product positioning and monitoring of top competitors within the market framework.

A comprehensive analysis of four major regions is provided to determine the prevailing waste management market opportunity.

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The hazardous waste segment will grow with high CAGR throughout the forecast period

Based on type, the industrial waste segment dominated the market in terms of revenue in 2020, during the study period. However, the hazardous waste segment is anticipated to exhibit the highest CAGR during the forecast period. Rise in global population has led to escalated consumption of goods, which increases industrialization and waste generated from industrial operations. However, matured markets of Europe and the Americas are focused on becoming complete eco-friendly regions with an aim to recover waste material as well as promote recycling or re-use, thereby reducing the consumption of fresh natural resources. The chemically reactive components can produce harmful fumes when exposed to any other components. These factors majorly impact environment; thus, it is necessary to dispose hazardous waste. However, government is enforcing stringent regulation toward inadequate storage and transportation of hazardous waste.

The disposing segment holds majority of share in waste management market in 2020

On the basis of service, the disposable segment dominated the global waste management market, in terms of revenue in 2020, and is anticipated to exhibit the highest CAGR during the forecast period. Disposable service is a part of waste management process, where solid waste is treated, while rest of the waste is recycled. Several methods, which include landfills, incineration/combustion, recovery & recycling, plasma gasification, composting, and others are available for waste disposable.

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Asia-Pacific region holds majority of share in waste management market in 2020

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global waste management market revenue, and LAMEA is projected to grow with high CAGR during the forecast period. Rapid industrialization has led to expansion in the manufacturing sector, which in turn has boosted the economy. This growth acts as a catalyst for the growth of the market. Improvement in infrastructure, increase in waste management reforms, and surge in urban population in emerging markets (such as India and China) are projected to boost the demand for waste management service. The market growth is driven by an increase in urban population in LAMEA, coupled with surge in the use of plastics, cardboards, paper, and other processed products that produce significant amount of waste. These factors together are anticipated to provide lucrative opportunities for market growth during the forecast period.

Industry Statics:
As per the current estimates, by 2025, the urban population is expected to reach 4.3 billion, generating about 1.42 kg/capita/day of municipal solid waste. As per UNESCAP, in the past five years, the ASEAN region witnessed an annual urban population growth rate of 2.6%. This rise in urban population is expected to result in an unprecedented rise in waste generation. Thus, rise in waste management services in urban regions is anticipated to boost waste management market growth.

As per data released by the World Bank, in 2023, the global municipal solid waste generated 2.1 billion tons annually, which is expected to reach approximately 3.40 billion tons by 2050. Countries with the highest per capita waste disposable rates are islands, most likely owing to waste generated by tourists. As per data recorded in the year 2022, the annual waste generation in East Asia and the Pacific region is more than approximately 270 million tons per year. This quantity is majorly influenced by waste generation in China, which makes up 70% of the regional figures. All these factors together significantly fuel the demand for waste management services, which, in turn, drives growth of the market.

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Top Players:
Remondis Se & Co. Kg, Republic Services, Inc., Covanta Holding Corporation, Clean Harbors, Inc., Biffa Plc, SUEZ, Waste Management Inc., Hitachi Zosen Corporation, Daiseki Co. Ltd, Veolia Environnement

Questions Need To Answered:

1. How to Market a Waste Management Company
Marketing a waste management company involves a mix of traditional and modern strategies to reach potential clients and showcase your services
effectively.

2. How Much of the Market Share Does Waste Management Have?
By service, the disposal segment is the highest share holder of global waste management market.

Analyst Review

The utilization of waste management services is expected to increase, owing to rapid industrialization and urbanization. Moreover, significant technological advancements in solid waste management solutions fuel the market growth. Asia-Pacific is projected to be the highest revenue contributor to the global market, whereas LAMEA is expected to offer lucrative opportunities to the key players in this market.

Read More Related Reports:

North America Waste Management Market - https://www.alliedmarketresearch.com/north-america-waste-management-market-A11101

Underground Waste Containers Market - https://www.alliedmarketresearch.com/underground-waste-containers-market

David Correa
Allied Market Research
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