Hazardous Waste Management Market Study Top Key Players, Application, Growth Analysis And Forecasts To
- The
global hazardous waste management market was
valued at ~US$ 12.1 Bn in 2018 and is
anticipated to expand at a CAGR of ~5% during the forecast
period.
- Among
the physical states, the solid segment accounted for a major share of the
global hazardous waste management market in 2018.
- Among
the wastes, the chemical segment held a significant share of the global
hazardous waste management market in 2018. Investments in the
global chemical industry have been increasing over the last few years.
According to the International Council of Chemical Associations (ICCA),
the chemical industry’s contribution to global GDP was valued at US$
5.7 Trn in 2017.
- Among
the chemical compositions, the inorganic waste segment held a dominant
share of the global hazardous waste management market in 2018.
- Among
the treatments, the thermal segment held a major share of the global
hazardous waste management market in 2018.
- Among
the disposal methods, the deep well injection segment held a leading share
of the global hazardous waste management market in 2018.
- North
America is estimated to offer high growth potential to the hazardous waste
management market in the next few years, owing to rapid growth of
pharmaceutical, chemical, and oil & gas industries in the
region.
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Key Drivers of Global Hazardous Waste Management Market
- Increase
in R&D activities, rise in the number of patients suffering from
chronic diseases, and rapid growth of healthcare and pharmaceutical
industries worldwide are factors likely to fuel the demand for the
collection of medical wastes from large as well as small medical waste
generators across the globe in the near future. Statistics from a study
conducted by the University of Leeds in 2015 indicate
that, the U.S. produces an average of 8.4 kilogram/bed/day of medical
wastes. This is the maximum rate of hospital medical waste generation
across the world. These factors are expected to propel the global
hazardous waste management market during the forecast period.
- Furthermore,
several government organizations such as the Food and Drug Administration
(FDA), Environment Protection Agency (EPA), and Drug Enforcement
Administration (DEA) are consistently working toward the proper management
of waste in order to ensure safety from hazardous medical, chemical, and
radioactive wastes. Several non-government organizations (NGOs) and
community-based organizations (CBOs) are stepping in to help hospitals and
other healthcare facilities in the collection, recycle, and disposal of
medical waste. For instance, Intervol, a U.S.-based NGO, is actively
engaged in the collection of unused medical supplies. It encourages
healthcare facilities to recycle unused medical supplies and reduce the
cost incurred for their disposal. Such initiatives by governments and NGOs
to manage hazardous waste are fueling the global market for hazardous
waste management.
- High
capital investments is a prominent factor hampering the entry of companies
into the global hazardous waste management market.
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Asia Pacific is a Highly Lucrative Market for Hazardous Waste Management
- North
America dominates the global hazardous waste management market, due to the
increasing generation of hazardous waste from chemical, pharmaceutical,
oil & gas, and nuclear industries in the region. According to the
World Nuclear Association, the number of operable reactors in the U.S. was
99 at the end of 2017.
- The
hazardous waste management market in Asia Pacific is expected to expand at
the maximum CAGR during the forecast period. Asia Pacific is the leading
generator of wastes across the globe. Increase in the prevalence of
diseases, growth of chemical and nuclear industries, and initiatives taken
by governments regarding the management of hazardous waste are expected to
boost the hazardous waste management market in Asia Pacific during the
forecast period.
- According
to the China Hospital Industry Report, the total number of hospitals in
China was 33,000 at the end of February 2019. In the first two
months of 2019, there were 550 million patient
visits to hospitals in China. Thus, medical waste generation in the
country is high.
Global Hazardous Waste Management Market: Key Developments
- In September
2018, SUEZ NWS and Shanghai Huayi Company entered into an agreement to
jointly provide hazardous waste treatment and recovery services in
Qinzhou, Guangxi Province, China. The company is handling the
responsibility of the management of hazardous waste at several industrial
sites in China, including the Shanghai Chemical Industry Park.
- In May
2018, Sembcorp Industries sold its medical waste treatment division to
TEE Medical Services for US$ 20 Mn. The division specialized
in the treatment and disposal of biohazardous and pharmaceutical wastes.
TEE Medical Services is a 50:50 joint venture between TEE Infrastructure
and Asia Enviro Services.
- In December
2016, CLEAN HARBORS, INC. unveiled a new incinerator at its facility
in El Dorado, the U.S. This incinerator is technologically considered the
most advanced incinerator in North America. Its use has increased the
company’s hazardous waste management capacity.
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Hazardous Waste Management Market: Competition Landscape
- The
global hazardous waste management market is highly fragmented with the
presence of a large number of players.
- High
capital investments in facilities, equipment, technologies, and transport
vehicles poses a high barrier to the entry of new players in the global
hazardous waste management market. Regulatory pathways for the clearance
and approval of landfills, incinerators, and other methods of waste
management are time-consuming and capital-intensive. This creates another
barrier for the entry of new players in the market.
- Key
players operating in the global hazardous waste management market
are Veolia, Suez, Waste Management,
Inc., Bechtel Corporation, SMS Envocare Ltd, Waste Connections Inc., CLEAN
HARBORS, INC., Stericycle Inc., Republic Services, Inc., Morgan Group,
Recology Inc., Envion India, Chloros Environmental Ltd, and American Waste
Management Services, Inc.
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