According to a new report published by Allied Market Research, titled, “Waste Management Market," The waste management market size was valued at $1860.2 billion in 2020, and is estimated to reach $3498.2 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Waste management involves the processing, recycling, collection, transportation, and disposal of waste materials for minimizing its impact on human health and the environment. Effective waste management is essential for maintaining environmental sustainability, public health, and conserving resources. It involves a combination of technological advancements, public awareness, government regulations, and community participation to achieve its goals. Improper disposal of waste can lead to pollution of air, water, and soil, harming ecosystems, wildlife, and human health. Managing waste properly reduces pollution and protects natural resources. Managing waste helps minimize greenhouse gas emissions, as some waste disposal methods like incineration release harmful gases. Recycling and composting can significantly reduce these emissions. Improvement in waste management market will reduce the health hazards and spread of diseases from uncontrolled waste. Proper handling and disposal prevent contamination and the breeding of disease vectors like insects and rodents.
In 2020, Asia-Pacific region dominated the global waste management market, in terms of revenue, accounting for about 58.0% share of the global waste management industry, followed by Europe and LAMEA .
The report analyzes the global waste management market on the basis of type, service, and region. The types of waste covered in this report are municipal waste and industrial waste. The services taken into consideration in the report are collection and disposable services. The collection service segment is further divided into collection and transportation, storage and handling, and sorting. The disposable services segment is sub-classified into landfills, recycling, compositing and anaerobic digestion, and others. The report includes revenue generated from treatment of nonhazardous solid waste of residential and non-residential users. Further, rise in urban population is expected to result in growth in waste generation. In addition, rise in industries and commercial sector has also led to rise in amount of waste. Moreover, environmental problems such as soil, water and air pollution has raised, owing to unplanned waste dumping over last few years. Environmental awareness has significantly fueled the demand for waste management in developed countries and is incorporating rapidly in developing countries.
During lockdown, owing to coronavirus, the revenue from waste production market mainly increased from residential areas compared to industrial and commercial centers, as industries and offices were partially or completely shut down so very less industrial and commercial waste was generated. Further, decline in production of new goods led to fall in demand for recyclable material such as rubber and plastic. However, reopening of production facilities and introduction of vaccines for coronavirus disease has led to re-initiation of waste management companies and waste recycle industry at their full-scale capacities.
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.
Increase in environmental awareness regarding renewable waste management systems among people and rise in CO2 emissions, globally, are expected to generate growth opportunities for waste management systems market. Market players have been taking proactive measures to recycle MSW and nonhazardous industrial waste to reduce pollution and mitigate environmental hazards. Moreover, untreated waste and dumping affect health directly and indirectly by spreading vectors, which cause infectious diseases and in turn boost the demand for waste management services.
Key Benefits For Stakeholders
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.
The waste management market forecast analysis is from 2023 to 2032 is included in the report.