According to a new report published by Allied Market Research, titled “Waste Management Market Size,” 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 to minimize their 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 the 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.
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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 based on 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 disposal 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, composting and anaerobic digestion, and others. The report includes revenue generated from the treatment of nonhazardous solid waste of residential and non-residential users. Further, a rise in urban population is expected to result in growth in waste generation. In addition, the rise in industries and the commercial sector has also led to a rise in the amount of waste. Moreover, environmental problems such as soil, water, and air pollution have risen, owing to unplanned waste dumping over the last few years. Environmental awareness has significantly fueled the demand for waste management in developed countries and is being incorporated rapidly in developing countries.
During lockdown, owing to coronavirus, the revenue from the 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 little industrial and commercial waste was generated. Further, the decline in production of new goods led to a fall in demand for recyclable materials such as rubber and plastic. However, the reopening of production facilities and the introduction of vaccines for coronavirus disease have led to the re-initiation of waste management companies and the waste recycling 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, a 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 disposal 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 mainly 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 the 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 the 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.
- An 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 from 2023 to 2032 is included in the report.
- Key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the waste management market industry.
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