Waste Management Industry | Forecast 2030
Grand View Research’s waste management industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports and summary presentations on individual areas of research.
The economic value generated by the industry was estimated at approximately USD 1.24 trillion in 2021. This economic output is an amalgamation of businesses that are involved in the services of waste collection, transportation, and disposal activities. Disposal activities mostly include incineration, landfill, composting, and recycling processes.
Access the Global Waste Management Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
With rapid increase in population growth and expansion of manufacturing industries across the world are anticipated to boost the waste management services demand over the forecast period. According to our world data, by 2050, around 7 billion people will live in urban areas. This population growth is expected to contribute actively to waste generation in the near future. Rising expenditure on consumer goods, processed food & beverages, medical services, etc. are expected to increase various types of waste generation.
The rising awareness of waste management services, globally, is significantly contributing to the growth of the market. Additionally, various governments are adopting proper waste transportation, treatment, and disposal technologies as an initiative in order to maintain animal and human health. This is anticipated to boost the demand for waste management services in near future.
Liquid Waste Management Market Insights
The global liquid waste management market size was estimated at USD 95.49 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.3% from 2023 to 2030. The increasing demand for wastewater treatment plants coupled with the rising toxicity and safety concerns are expected to drive the demand for liquid waste management over the forecast period. For instance, according to Sales Leads Inc., the construction of wastewater treatment plants stands at 32 units and the expansion of wastewater treatment stands at 8 units. Thus, the growing demand for wastewater treatment in the U.S. is expected to drive the demand for liquid waste management in the coming years. The companies operating in various industries, such as manufacturing, mining, construction, and metallurgical, generate a significant quantity of liquid waste, which is neither recyclable nor consumable.
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Plastic Waste Management Market Insights
The global plastic waste management market size to be valued at USD 42.2 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% during the forecast period. Rapid industrialization, rising urbanization, and increasing concern towards the environmental impact of improper plastic waste management are anticipated to drive the market over the forecast period.
The plastic market is growing significantly owing to its unique properties and a wide range of applications. Increasing usage of plastic is also generating plastic waste, which is non-degradable and is responsible for significant greenhouse gas emissions that can lead to huge ecological crises. Therefore, the growing need for proper disposal management of plastic waste is anticipated to drive the market over the forecast period.
Drilling Waste Management Market Insights
The global drilling waste management market size was valued over USD 4.02 billion in 2016 and is predicted to grow at CAGR of 6.57% by 2025 owing to tightening of global drilling waste management regulations coupled with growing environmental concerns towards effective drilling waste management. Stringent legal regulations towards restricting the proliferation of water and land pollution along with financial benefits offered to augment adoption of effectively manage waste generated is expected to drive the drilling waste management market. However, the current slump in the oil and gas industry has impacted the investment towards the mining and construction sector. Rising ecological awareness in North America and Europe is predicted to boost business growth.
Food Waste Management Market Insights
The global food waste management market was valued at USD 69.8 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. Food waste has increased due to the rising population, coupled with an increase in manufacturing and consumption rates. Furthermore, the shift in customer tastes and preferences has fueled the expansion of the market. The COVID-19 pandemic has continued to wreak havoc around the globe, posing substantial difficulties to food security and nutrition in several countries like South Africa, UAE, and Saudi Arabia. Supply chain disruptions caused by roadblocks, transportation restrictions, and quarantine measures resulted in considerable increases in food waste, particularly for perishable agricultural items such as fruits, vegetables, fish, meat, and dairy products, thereby driving the market growth.
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Waste Recycling Services Market Insights
The global waste recycling services market size to be valued at USD 81.3 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period. The rising consumer awareness pertaining to the benefits of garbage recycling is anticipated to have a positive impact on the market growth over the forecast period. During the COVID-19 pandemic, impositions of lockdown gave rise to a new type of waste known as pandemic waste, which includes gloves, masks, and respirators along with their packaging, which increased the waste generated due to the disruptions in the waste collection activities.
Competitive Insights
Major players in this market include Veolia Group, Waste Management Inc., Covanta Holding Corporation, Stericycle, Inc., Clean Harbors, Inc., Biffa, Hawkvale Limited, etc. The industry participants focus on research & development activities to develop new technologies for effective waste management. Along with R&D, key players also focuses on merger & acquisition, joint ventures, and strategic partnerships to expand the business and gain a competitive edge over their peers.
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