In a new study Fortune Business Insights offers a comprehensive overview of the global industrial waste management market. The study is titled, “Industrial Waste Management Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025”. Continuous emission of hazardous and toxic wastes from industries worldwide is a major factor propelling the industrial waste management.
Disposal of industrial waste has remained a serious concern over the past several decades, especially for environmentalists. A major factor fueling the demand for industrial waste management is the mismanagement of waste produced from factories. Furthermore, the soaring issue of environmental degradation has paved the way for the market’s expansion.
Increasing Urbanization and Industrialization to Propel Market
Waste emerging from industries consists of metal, chemical solvents, ash, radioactive waste and toxic wastes and industrial by-products. The rise in urbanization and industrialization has also contributed towards waste accumulation, subsequently adversely impacting the environment, polluting natural resources such as air, water, and land. Industrial waste management will help reduce waste production on one hand and protect nature with effective waste utilization process.
A major factor boosting the global market for industrial waste treatment is implementation of government policies encouraging the reduction, re-using, and recycling of materials on a large scale. These policies are aimed at fostering efficient waste management methods and curbing indiscriminate waste disposal. Governments are showing keen interest in cleaning industrial waste and focusing on energy and resource recovery, which in turn will act in favor of the market.
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However, the market for industrial waste management may witness challenges in terms of low sustainability in waste management. Despite various awareness programs organized by the government for cleaning industrial waste, most regions do not take it seriously. Lack of awareness in these regions may hamper the overall market growth. Additionally, low importance given to waste management and illegal dumping of wastes will restrict growth of the market. Moreover, capital expenditure on waste management is very less, which again may hinder the growth of the market during the forecast period.
Nevertheless, the increasing number of environment safety regulations by the government to protect nature will help create awareness. Again, the government has reduced the prices of commodities that are produced from recycled waste and this will increase the number of industrial consumers, ultimately driving the market in future.
Increasing Focus of Sustainable Waste Management by Market Players to Boost Market
Developed nations in North America and Europe have implemented stringent regulations to ensure efficient waste management. This includes both waste water and industrial wastes. Governments are also promoting the trend of reduce-reuse- and recycle in order to keep check on waste generated from industries. Developing regions such as Asia Pacific, Latin America, and Middle East and Africa are also taking initiatives towards sustainable waste management by using landfill, collection of waste, and incineration of wastes.
The report also covers information on some of the leading players in the market. These include Advance Disposal, Clean Harbors, Daiseki Co., Ltd., Stericycle, Reclay Group, Veolia, Remondis, Biffa Group Limited, Waste Management Incorporation, and Covanta Energy.