Industrial Waste Management Market Value Could Top $2 Trillion by 2031

Industrial Waste Management

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by | May 16, 2022

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Industrial Waste Management

(Credit: Pixabay)

As energy demands continue to grow along with more manufacturers increasing investments on sustainability, the industrial waste management market is expected to be valued at $2.3 trillion by the end of 2031, according to a report from Transparency Market Research.

The market is expected to grow at a CAGR of 10.4% from 2021 through 2031, according to the report. Technologies and advancing processes in the industry and growing awareness of the impacts of industrial waste in emerging markets are driving the growth, while overall low sustainability could impact advancement.

Industrial waste is a combination of solid, liquid and gaseous waste generated from industries including construction, chemical, agriculture, mining, and oil and gas. It makes up nearly half the overall waste generated worldwide.

With growing industrialization, the report says impacts of such waste will increase. Transparency Market Research says those increases could encourage more providers to enter the market while incentives and government regulations and support will also encourage growth.

High demand of energy products will especially increase potential waste in coal, oil and gas, and nuclear industries according to the report. That could benefit organizations that collect, treat and dispose of industrial waste.

The EPA says in the United States, nearly 7.6 billion tons of solid industrial waste is generated each year. The agency has taken a stronger stance on areas such as chemical pollution, but also has outlined ways industrial waste can be beneficially reused, such as coal fly ash being a replacement material in concrete.

Other efforts to limit waste, such as a program through the ReMade Institute that has more than 140 members and a $140 million investment from the US Department of Energy, focus on increasing the remanufacturing, recovering and recycling of energy-intensive materials such as metals, plastics and polymers, fibers and electronic waste.

The Transparency Market Research report says while Europe and North America have strict regulations on the collection, recycling, landfill and incineration of industrial waste, countries such as India and China are beginning to shift toward sustainable industrial waste practices. Yet, some underdeveloped countries in the Middle East, Africa, and Latin America are lagging with regulations and management.

Asia-Pacific is seen as a key region in industrial waste management, and China plays a significant role in the market, especially as one of the main importers of industrial and electronic waste from the United States and Europe. Still, the report finds India will see one of the quickest growths in the market during the forecast period.

Some of the key players in the market according to the report are Stericycle, Waste Management, Sembcorp Industries and Enviroserv Waste Management.

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