Global Hazardous Waste Management Market Forecast 2016-2023
The global hazardous waste management market is poised to grow during the forecast period of 2016-2023. Various reasons for growth of the hazardous waste management market are rapid increase in volume and types of hazardous waste due to economic growth, urbanization and industrialization, increasing awareness about hazardous waste management, strict environmental regulations, decreasing availability for landfills and need to reduce worker exposure and potential liability.
Hazardous waste is any material or chemical or waste product that cannot be biodegraded. Any waste, which produces toxic byproduct upon breakdown, is also hazardous waste. Hazardous waste has properties like ignitability, corrosivity, reactivity, or toxicity, and other physical, chemical, or biological characteristics that may pose a potential risk to human health or the environment, if improperly managed. Examples of hazardous waste are heavy metals in batteries, electronic waste (e-waste), electroplating sludge, paint solvents, medical waste, used oils, pesticides, medical and clinical waste, and construction and demolition debris. Chemicals that can be present in hazardous waste are arsenic, asbestos, cadmium, chromium, cyanide, lead, polychlorinated biphenyls (PCBs), persistent organic pollutant (POP), strong acids, and alkalis.
Hazardous waste management market is segmented on the basis of geography, treatment type, type of waste, service type and treatment site. On the basis of type of waste, hazardous waste management is classified as sharps, pharmaceutical wastes, infectious and pathological waste and others. Hazardous waste can be treated by incineration, autoclaving or chemical treatment. Service type for hazardous waste can be collection, transport and storage, treatment and disposal, recycling and others. Treatment site can be either onsite treatment or off site treatment.
Market drivers for hazardous waste management are growing need to manage increasing amount of hazardous waste, decreasing space for landfills, growing industrialization and urbanization, increasing awareness about hazardous waste management, strict environmental regulations, and need to reduce worker exposure and potential liability.
Offsite treatment has a bigger market share for hazardous waste management. Incineration as treatment type has the largest market share among all methods. Treatment and disposal service type sector has the maximum market segment and expected to report good growth over the forecast period.
Factors that will restrain market growth are higher initial investment and lack in expertise to manage these systems in developing economies.
Figure: Global Hazardous waste management Market By Geography (%) in 2015
Market regions that are covered in the report are North America, Europe, Asia-Pacific and RoW. North America has the largest market share of hazardous waste management market followed by Europe. Factors, which favor growth of hazardous waste management market, are awareness about hazardous waste management’s strict government policies regarding hazardous waste treatment and developed infrastructure.
Asia-Pacific market is expected to report good growth in the forecast period due to increasing awareness about advantages of hazardous waste managements and government initiatives.
The major market players for hazardous waste management are BioMedical Waste Solutions, Clean Harbors, Daniels Sharpsmart, Inc. REMONDIS Medison GmbH, Republic Services, Sharps Compliance, Inc. Stericycle, Inc. Suez Environment, Veolia Environment and Waste Management, Inc. Established companies have a good hold on the hazardous waste management market due to high cost of investment needed to enter and sustain in the market. Companies are forming alliances and are going for mergers and acquisitions to strengthen their market position.
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