Hazardous Waste Management Market to Develop Rapidly by 2031

Hazardous Waste Management Market Outlook 2031

The global hazardous waste management market was valued at US$ 14.16 Bn in 2021
It is estimated to grow at a CAGR of 5.31% from 2022 to 2031
The global hazardous waste management market is expected to reach US$ 23.76 Bn by the end of 2031

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Global Hazardous Waste Management Market Introduction
Hazardous waste possesses properties that make it dangerous or capable of having a harmful effect on human health or the environment. Management of hazardous waste includes the collection, recycling, treatment, transportation, disposal, and monitoring of waste disposal sites. Hazardous wastes can be in the solid, liquid, or sludge form, or contain gases, and they are generated primarily by chemical production, manufacturing, and other industrial activities.

Increase in efforts by several governments in hazardous and non-hazardous waste disposal, stringent regulations on dumping of thermal power plant waste, and technological advancements in waste management methods are some of the significant growth factors of hazardous waste management market. Adoption of sustainable practices in managing harmful waste from industries and development of innovative techniques for waste management are upcoming trends in hazardous waste management market.

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Stringent Regulations on Dumping of Thermal Power Plant Waste to Drive Market
Coal combustion products (CCP) contain environmentally hazardous contaminants such as arsenic, cadmium, and mercury. These substances can pose a serious threat to the environment if not monitored properly. Therefore, it is vital to regulate the disposal of CCPs, such as fly ash, through coal-fired power stations. Regulatory authorities across the globe, such as the U.S. EPA and the European Union's waste legislation, regulate the disposal of industrial waste. In October 2016, the U.S. EPA issued a set of rules for the safe disposal of coal combustion products in the U.S. These factors are expected to increase the hazardous waste management market size during the forecast period.

Rise in Health Care Costs Leading to Outsourcing of Waste Management
Healthcare costs in the U.S., and Europe are increasing at a rapid pace. The healthcare industry in several regions is under pressure to reduce costs and simultaneously, improve patient outcomes. Moreover, focus on waste generation and management in health care facilities is increasing due to the strict regulatory policies about waste management and disposal imposed by agencies, such as EPA, CDC, and U.S. FDA. This has prompted hospitals and other medical waste generators outsource those services that are not directly related to the delivery of health care and thereby, reduce costs. This has led to the emergence of third-party experts in the medical waste management market in the country. This, in turn, is expected to drive the hazardous waste management market share.

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Initiatives by Governments and Non-Government Organizations (NGOs) to Manage Hazardous Waste
Several government organizations, such as the Food and Drug Administration (FDA), Environment Protection Agency (EPA), and Drug Enforcement Administration (DEA), are consistently working toward proper management of hazardous wastes to ensure safety. Medical, chemical, radioactive waste management has become increasingly necessary in developed countries. Several non-government organizations (NGOs) and community-based organizations (CBOs) are stepping in to help hospitals and other health care facilities to collect, recycle, and dispose of medical waste. Consequently, such initiatives by governments and NGOs to manage hazardous waste are fueling the market.

Rise in Medical and Industrial Waste to Boost Demand for Solid Waste Management Services
In terms of type, the global hazardous waste management market has been segregated into solid, liquid, and sludge. The solid segment held a major share of the global market in 2021. It is estimated to dominate the market during the forecast period. Increase in medical and industrial waste across the globe fuels the demand for solid and hazardous waste management services. The liquid segment accounted for 34.9% share of the market in 2021. The sludge segment held a relatively minor share of the market in 2021.

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Increase in Use of Chemical Waste to Fuel Global Hazardous Waste Management Market
Based on waste, the global hazardous waste management market has been classified into nuclear, chemicals, biomedical, flammable, explosive, and others. The chemicals segment dominated the global hazardous waste management market and accounted for a 27.8% share in 2021. Rise in demand and production of chemicals along with rapid growth of the chemical industry in emerging regions is expected to increase the demand for chemical waste management in the next few years across the globe.

Rise in Number of Nuclear Power Plants Worldwide Augmenting Generation of Inorganic Waste
In terms of chemical composition, the global hazardous waste management market has been classified into organic and inorganic. The inorganic segment accounted for 87.6% share of the market in 2021. It is projected to dominate the market during the forecast period. Currently, more than 400 nuclear power plants are operational across the globe, and 15 countries are building around 50 new nuclear power plants that would be soon be operational. Hence, inorganic waste generation is expected to be more than the organic waste generation.

Rise in Adoption of Cost-efficient Deep-well Injection Method for Waste Disposal
In terms of disposal method, the global hazardous waste management market has been classified into deep-well injection, detonation, engineered storage, land burial, and ocean dumping. The deep-well injection segment accounted for 34.8% share of the market in 2021. This is because it is one of the least expensive methods for disposing large volumes of hazardous wastes. Therefore, the popularity of this method is increasing continuously. The land burial segment accounted for 30.6% share of the market in 2021. The engineered storage segment accounted for 18.09% share of the market in 2021.

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