Industrial Solid Waste Management Market size worth $1.2 Tn by 2032

Industrial Solid Waste Management Market size is set to surpass USD 1.2 trillion by 2032, according to a new research report by Global Market Insights Inc.
 

The study predicts that the adoption of stringent regulations for the efficient management of industrial solid waste will favor industry growth during the forecast period. Waste collection and management has emerged as a serious challenge faced by urban regions globally now-a-days. According to the International Finance Corporation (IFC), more than 2 billion metric tons of solid waste is produced annually worldwide. Further estimates by World Bank suggest that the annual waste generation will reach 3.4 billion metric tons by 2050, recording a 70% increase.
 

The figures are expected to witness a three-fold growth across low-income economies by 2050. These scenarios have escalated the requirement to modernize and upgrade the existing waste management systems. The increasing government investments toward the development of centralized treatment and processing facilities and the implementation of multiple regulations pertaining to solid waste treatment, most notably across the industrial sector, will create a favorable growth outlook for the market.
 

Increasing raw material demand from end-use industries to foster the deployment of industrial solid waste management systems across mining sector

In terms of source, the mining segment held more than 10% share of the global industrial solid waste management market in 2022. A rapid growth in mining activities across developing nations and rising demand for raw materials and ores across various end-use industries has led to an upsurge in the waste generated from mining activities. Moreover, increasing efforts toward the generation of new revenue streams through the conversion of waste into biogas will transform the overall industry dynamics.
 

Rising adoption of advanced disposal technologies

With reference to the treatment, the overall industrial solid waste management market from the disposal segment is anticipated to witness over 1.5% CAGR through 2032. The segment expansion can be attributed to the shifting inclination toward the use of advanced technologies for the treatment and management of waste and a commendable rise in waste generation from the metals, food processing, and paper industries. In addition, ongoing diversion from landfills toward sustainable recycling, incineration, composting, and anaerobic digestion may influence the industry landscape.
 

Browse key industry insights spread across 615 pages with 1051 market data tables & 25 figures & charts from the report, “Industrial Solid Waste Management Market Size By Source (Equipment Manufacturing, Mining, Food Processing & Textiles), By Treatment (Open Dumping, Disposal, {Service [Landfill, Recycling, Incineration/Combustion, Composting & AD]}), By Material (Paper & Paperboard, Metals, Plastics, Food, Glass), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/industrial-solid-waste-management-market
 

Introduction of advanced waste treatment technologies across paper & paperboard industry to drive industry expansion

The paper & paperboard material segment is poised to exhibit nearly 1.5% growth rate between 2023 and 2032. The increasing usage of organic and paper & paperboard materials across low and middle-income countries has resulted in an upsurge in industrial solid waste. Besides, the rising shift toward sustainable waste management strategies coupled with an influx in investments focused on the development of advanced and technology-backed solutions will propel the industry progression.
 

Improving economic outlook to streamline industry expansion across Asia Pacific

Asia Pacific industrial solid waste management market revenue is predicted to reach USD 300 billion by 2032. The tremendous surge in industrial solid waste, attributed to the consistent population growth across the developing nations and a noticeable uptick in waste generated from the industries, will boost regional revenues. Additionally, the accelerating demographic growth and economic development, in tandem with rising disposable incomes and a robust manufacturing sector, will spur the product demand across APAC.
 

Acquisitions to remain the key growth strategy

Prominent firms operating in this industrial solid waste management market include Recology, Covanta Holding Corporation, OMNI Conversion Technologies, Inc., Wheelabrator Technologies, Inc., China Everbright Environment Group Limited, Biffa, Clean Harbors, Inc., Sims Limited, Keppel Seghers, Stericycle, Veolia, Waste Management, Inc., Hitachi Zosen Corporation, SUEZ, Cleanaway, and Waste Connections.
 

These companies have been strengthening their strategic game to gain a competitive edge over others. For instance, in August 2022, Covanta Holding Corporation acquired environmental management company, Biologic (Biologic Environmental Services & Waste Solutions), in California. The acquired company offers comprehensive waste management services and will aid Covanta in expanding its geographical footprint across regional markets.