Industrial Waste Management Market: Introduction
Industrial waste management practices have evolved significantly over the years in industrialized nations. Industries at the top of the list producing industrial waste comprise chemical, oil & gas, and nuclear. A bevy of new approaches has come to the fore that has helped reduce the environmental impact of the industrial waste produced every year. Environmental pollution arising from inadequate management of industrial waste has been a compelling proposition spurring investments across the entire ecosystem, from companies that produce them to companies that collect, recycle, and convert the waste into useful materials.
The global industrial waste management market is expected to expand at a CAGR of 10.4% during the forecast period between 2021 and 2031. In 2020, the global industrial waste management market was worth US$ 791.14 Bn and is anticipated to reach US$ 2,349.16 Bn by 2031.
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Circular Economy to Drive Effective Waste Management Practices
Awareness has risen remarkably not only to improve processes pertaining to collection, treatment, and disposal, but also to make them more cost-effective so that the framework works sustainably. The focus on management of hazardous waste has attracted attention of players in the industrial waste management market. These wastes are dealt largely at plant sites. Facility managers are keenly looking for better methods for land-disposed and non-hazardous industrial wastes. Implementing the concepts of circular economy has made these efforts relentless. This is expected to broaden the revenue streams considerably in the next few years.
Impact of Industrial Solid Waste on Environmental Degradation
Industrial solid waste generated from thermal power plants presents an interesting avenue, especially for regional players in the still-emerging industrial waste management market. Recognition of the massive environmental degradation and improper disposal have bolstered the need for innovative practices, notably reutilization of the waste stream. For instance, recyclers are targeting fly ash, a waste coming out of coal power plants. They are keen on promoting practices that among other things also utilize these for further economic activities. Recycling of other coal combustion products (CCP) has also gained attention in recent years. For instance, regulators in the U.S. exhort utility companies to use CCP as a construction material. It is cost-effective than using Portland cement.
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Stringent Implementation of Regulations in Developed Countries
Over the past several years, due to sheer pace of industrialization coupled with the lack of adequate infrastructure, a significant proportion of industrial waste has been seeping into water bodies and land. Several concerns have arisen due to the pollution it has caused, including the harm it can cause to human settlements. Waste regulators in various developed nations, notably the EPA in the U.S., are increasingly conscious of these impacts and have been framing rules. They are endorsing public participation in industrial waste management policies. The public has echoed the role of environmental-friendly sourcing and production strategies, offering a massive push to the demand for industrial waste management. Thus, legislations play a key role in promoting the science behind the various risk management strategies for businesses, particularly those that deal with hazardous industrial waste.
North America and Europe have been substantially lucrative in the global industrial waste management market, since the past few years. Rapid uptake of new sorting and recycling technologies has played a key part toward this. The regional market has also thrived on the back of partnerships across the value chain.
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Better Technologies to Pave Way to Industrial Ecology System
Over the years, manual sorting of industrial waste streams has become almost negligible. Energy-efficient technologies have replaced manual labor. Players in the industrial waste management market are keen on integrating management systems. Most players have been leaning on adopting strategies that increase the safety in handling, collection, and disposal of hazardous and non-hazardous waste. Some players have been working on systems that can maximize the recovery of non-renewable materials from the waste stream.
Key Players in Industrial Waste Management Market
Some of the key service providers dotting the landscape of the industrial waste management market are Waste Management, Inc., Enviroserv Waste Management (Pty) Ltd., Clean Harbors, Inc., Reclay Group, Stericycle, Inc., and Veolia.
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