The global industrial waste management market was valued at US$ 474,179.9 Mn in 2017 and is anticipated to expand at a CAGR of more than 10.6% from 2018 to 2026 according to a new report titled ‘Industrial Waste Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ by Transparency Market Research (TMR).
Companies operating in the construction industry are constantly striving to develop new and sustainable solutions to manage the generated waste. One ton of cement releases one ton of carbon dioxide in the atmosphere. The usage of industrial waste materials in the manufacture of usable products can significantly lower the carbon footprint of the construction industry. Material recovery facilities play a key role in integrated industrial waste management by providing a safe working environment for waste-pickers; encouraging communities to recycle waste; and reducing the amount of waste sent to landfills. Thus, manufacture of byproducts through recycling of industrial waste is expected to drive the industrial waste management market in the next few years.
Collection services to remain dominant segment over the forecast period
Based on service, the collection segment dominated the market with more than 50% share in 2017. Waste segregation is important for successful resource recovery. Collection of industrial waste is usually carried out by using crane trucks, dump trucks, arm-roll trucks, etc. Waste collection is one of the factors that determines the efficiency of a waste management system. Strengthening basic infrastructure for waste collection, treatment, and disposal is the topmost priority of governments who have enacted strict regulations related to industrial waste management.
Highly competitive market with domination of top players
The global industrial waste management market is highly fragmented, with large numbers of local and international players providing industrial waste management services. Leading players dominate the market. Key players operating in the industrial waste management market are Stericycle, Inc., Waste Management, Inc., Sembcorp Industries, Veolia, Suez, Reclay Group, Daiseki Co., Ltd., Enviroserv Waste Management (Pty) Ltd., Clean Harbors, Inc., and SA Waste.