The global waste processing technologies market is predicted to grow considerably over the next few years. Objects or substances that are required to be disposed are known as waste. Waste is generated from a wide range of sources such as residential, commercial, industrial, agricultural, and others. According to UNEP 2.01 billion tons of waste is generated worldwide annually. The municipal solid wastes include paper, plastic, metal, cloth, and wood and are generally landfilled, while biomedical waste is incinerated and industrial waste is processed based on the industry type. Landfilling and incineration negatively affect the environment as it causes soil and air pollution. The waste generated from different sources possess different properties, hence it is important to process each type of waste with a process best suitable for it. Thus, the necessity for a range of waste processes is the major driver in the growth of the water processing technologies market. The major players in the industry are determined to develop more efficient and economical waste processing technology to maintain their share in this highly demanding and competitive market.
Description
Waste processing includes everything from collection, processing, and disposal of waste. The main objective of waste processing is disposal of waste in a way that is not harmful to the environment. The major waste processing processes are Biodrying, Gasification, Plasma gasification, Hydrothermal carbonization, Hydrothermal liquefaction, Mechanical biological treatment, Mechanical heat treatment, Molten salt oxidation, Pyrolysis, and others. For proper processing of waste through these processes, a large amount of efficient and economical equipment are required. Thus, the waste processing technology market will growth substantially throughout the forecast period.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down the production of various products in the waste processing technologies industry attributed to the lockdown in countries worldwide. This has hampered the growth of the market from the last few months and is likely to continue during 2021.
- COVID-19 had affected the sales of waste processing technologies in the second quarter of 2020 as the demand witnessed a steep decrease due to restrictions on manufacturing activities. Major players in the textile, paper, oil and gas and sugar industry decreased their production in the wake of reducing demand because of COVID-19 which has negatively affected the industry.
- The decrease in maintenance activities of waste processing units due to the restrictions laid by the government on the account of COVID-19 has negatively impacted the growth of waste processing technologies market.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. For instance, various players in the industry have halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
- COVID-19 pandemic has increased the awareness in people regarding the importance of hygiene and disposal of waste, thus being a positive factor for the growth of waste processing technology market.
- The majority companies and institutions in the world adopted to work from home and online educational classes, thus reducing the generation commercial and institutional waste, which has reduced the demand for waste processing technologies.
Top Impacting Factors
The increasing population and industrialization have exponentially increased the generation of waste from domestic, public health, and industrial sources; thus, to cope with this ever-increasing demand for waste processing, the governments and municipal authorities across the globe have adopted PPP model for waste management and processing, which is a key driver in the growth of the waste processing technology market. The increasing human development has also increased the complexity of waste and the rise in E-waste, which can be extremely hazardous if not processed properly, further highlight the importance of efficient waste processing technologies. According to WHO, improper waste management is a cause of serious mental and physical health problems in humans. Despite the necessity and importance of waste treatments, factors such as high initial and operation cost and lack of adequate budget for public health in developing nations, prove to be major restraints in the growth of waste processing technology market. The increasing awareness about the importance proper waste processing along with strict regulations on processing of waste laid by governments across the globe will ensure significant growth of waste processing technologies market throughout the forecast period. Recycle and Reuse are two extensively adopted methodologies for waste management and processing across the globe.
Market Trends
- In April, 2019, SUEZ and LyondellBasell partnered with Samsonite and developed the world’s first suitcase made from recycled plastics. This is the first ever suitcase composed of post-consumer plastic waste, the shells are composed of recycled polypropylene (PP) from packaging and the internal fabric of recycled PET bottles. This product is not only eco-friendly responsible but also light and strong for increased durability.
- The key players of the industry are determined towards developing smart and efficient waste processing technologies. For instance, BigBelly, Inc. has developed smart portable solar powered compactors for compaction of municipal solid waste.
- Veolia, is working toward improving the efficiency of biowaste processing to reduce the emissions of greenhouse gases.
- Coparm Srl has adopted an integrated strategy of advice, products, and services for waste processing to increase its global footprint.
Key Benefits of the Report
- This study presents the analytical depiction of the waste processing technologies industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the waste processing technologies market share.
- The current market is quantitatively analyzed to highlight the waste processing technologies market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed waste processing technologies market analysis based on competitive intensity and how the competition will take shape in coming years.
Waste Processing Technologies Market Report Highlights
| Aspects | Details |
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 By Process |
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 Key Market Players | Coparm Srl, Bezner, BigBelly, Inc., SUEZ Group, Northstar Recycling Company, Inc., Eurokey Recycling Ltd., LyondellBasell Industries Holdings B.V., Agile Process Chemicals LLP, Veolia, Enviro-Hub Holdings Ltd. |
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