Hazardous Waste Management Market
Hazardous Waste Management Market (Physical State: Solid, Liquid, and Sludge; Waste: Nuclear, Chemical, Biomedical (Infectious and Radioactive), Explosive, Flammable, and Others; Chemical Composition: Organic and Inorganic; Treatment: Physical & Chemical, Thermal, and Biological; and Disposal Method: Deep Well Injection, Detonation, Engineered Storage, Land Burial, and Ocean Dumping) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
Deep Well Injection Serves as Low-cost Operational Alternative for Hazardous Waste Management
As the amount of hazardous waste multiplies every year due to rapid urbanization and industrialization, companies in the hazardous waste management market are innovating unique techniques to battle this pressing challenge.
For instance, the generation of liquid waste accounted for 165,116 thousand tons in the year 2018. To tackle the growing issue of hazardous liquid waste, market players are developing new techniques of deep well injection into the boulder zone. Disposing liquid waste into the boulder zone serves as a cost-effective and convenient alternative for stakeholders in the hazardous waste management market.
Since the deep well injection method serves as an inexpensive option in the hazardous waste management market, manufacturers are developing new efficacious wells that can be used for disposing industrial, municipal, oil and gas, and radioactive waste. Deep well injection systems are projected to handle a volume of ~83,210 thousand tons of waste by 2027. That is why, manufacturers are extending their efforts for the preservation of these wells that function as a low-cost operational alternative in waste management.
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Win-Win Situation for Stakeholders in Recycling and Waste Management Business
Stakeholders in the hazardous waste management market are closely related to those in the recycling space. The value of organic waste is estimated to reach ~US$ 2.3 billion by 2027. As such, manufacturers in the hazardous waste management market are innovating depackaging technologies that segregate large amounts of food and liquid waste from aluminum, plastic, and cardboard packaging. This recovery of plastic, paperboard, and other types of packaging results in large volumes of organic materials that can be used for recycling.
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As such, manufacturers in the hazardous waste management market are innovating on efficacious recycling systems that can treat electronic waste (e-waste). Since e-waste is prone to radioactive and chemical composition, manufacturers are developing recycling systems that don’t endanger human health or contaminate the environment. For instance, BluBox - a Swiss recycling company introduced the first-of-its-kind technology that safely shreds and segregates hazardous mercury and rare earth metals from discarded smartphones, flat screens, and fluorescent tubes and lamps.
Wastewater Management Solves Complications Related to Deep Well Injection
Although the deep well injection method will account for the highest revenue amongst all disposal methods during the forecast period, certain limitations of the method are anticipated to negatively influence market growth. The hazardous waste management market is highly fragmented. As existing and emerging manufacturers profit from low operational costs of deep well injection systems, they certainly have to tackle their limitations.
For instance, the deep well injection method contaminates underground water reserves that are otherwise used as drinking water after treatment. Also, many individuals living in residential townships are opposing deep well injection so as to protect underground water reserves from contamination. To overcome this challenge, regulatory authorities are issuing permits to manufacturers in the hazardous waste management market to dig exploratory wells before putting in deep well injection systems into the ground. Also, they are developing techniques to first treat the wastewater that may contain hazardous waste, and later supply the water for other end uses.
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Analysts’ View of Hazardous Waste Management Market
Recent developments in the hazardous waste management market have contributed towards the modest growth of this landscape. Manufacturers are developing electric vehicles (EV) to transform the conventional methods of waste collection. Due to constant intimations from governments to sustainably treat hazardous waste, these low-emission EVs serve as an energy-efficient and low-environment impact alternative to vehicles that run on diesel and other fuels.
However, the absence of an effective network for waste collection acts as a challenge to the hazardous waste management market. That is why, manufacturers are innovating on logistics software, in-vehicle monitors, and mobile apps that provide extraordinary insights on waste collection events in multi-department large-scale industries and biomedical centers. Manufacturers should work in close relation with recycling companies to efficiently treat waste and create new end markets for recovered materials; for e.g. making outdoor furniture and decking out of soft consumer plastics.
Description of Hazardous Waste Management
- Hazardous waste can be in the solid, liquid, or sludge form. It may also contain gases.
- Hazardous waste is generated primarily by chemical production, manufacturing, and other industrial activities.
- The Resource Conservation and Recovery Act (RCRA) was enacted in 1976 to establish a framework for proper hazardous waste management.
Stringent Regulations on Dumping Thermal Power Plant Waste Driving Hazardous Waste Management Market
- Coal combustion products (CCP) contain environmentally-hazardous contaminants such as arsenic, cadmium, and mercury. These substances can pose a serious threat to the environment if not monitored properly. Therefore, it is vital to regulate the disposal of CCPs, such as fly ash, through coal-fired power stations.
- Regulatory authorities across the globe, such as the U.S. EPA and the European Union’s waste legislation, regulate the disposal of industrial waste. In October 2016, the U.S. EPA issued a set of rules for the safe disposal of coal combustion products in the country. This is driving the global hazardous waste management market.
Lack of Awareness Regarding Proper Collection & Segregation Hampers Hazardous Waste Management Market
- Lack of awareness regarding the proper collection and segregation of medical waste among healthcare workers is a major factor restraining the hazardous waste management market. Medical waste is often incorrectly categorized, stored, and disposed in open landfills.
- According to the World Health Organization (WHO), 15% of medical waste is regarded as hazardous medical waste, which needs proper disposal methods. The availability of trained healthcare professionals and rise in awareness among waste-handlers, caretakers, and patients about segregation, collection, storage, and disposal of medical waste are key factors that ensure safe medical waste management.
- The adoption of medical and other hazardous waste management services is negligible in some developing countries, owing to the dominance of traditional methods of waste management and poor economies. Limitations related to the awareness and adoption of advanced hazardous waste management methods are likely to hamper the global hazardous waste management market during the forecast period.
Technological Advancements and New Methods of Waste Disposal Provide Opportunities
- The implementation of new policies and emission norms laid down by regulatory authorities have led to the evolution and adoption of new techniques of hazardous waste management across the globe.
- Several waste management companies are introducing novel and advanced non-incineration management techniques, such as steam autoclave treatment, chemical treatment, ozone treatment, pyrolysis, and electron beam technology, in order to achieve the effective disposal of medical, chemical, and nuclear waste. For instance, the U.S.-based Sterilis LLC developed a new device for the management of regulated medical waste in 2017. The device combines steam sterilization with grinding. The treatment can be performed on-site at low cost and with less environmental hazards.
- New techniques and methods of waste disposal management introduced in the U.S. are expected to gain regulatory approvals in the next few years. This is anticipated to drive the hazardous waste management market across the globe during the forecast period.
Expansions, Acquisitions, and New Contracts in Hazardous Waste Management Market
- In October 2018, Waste Management, Inc. opened its solid and liquid injection disposal facility in West Texas, the U.S., in order to cater to the oil & gas industry. In 2017, landfills constituted 41.6% of the waste managed by the company. It was followed by transfer (19%) and recycling (17.7%).
- In August 2017, Republic Services, Inc. acquired ReCommunity Holdings II, Inc., a prominent U.S.-based independent recycling-processing company. The acquisition included 26 recycling centers in 14 states. These facilities recover approximately 1.6 million tons of recycled commodities annually.
North America Dominates the Global Hazardous Waste Management Market
- North America dominated the global hazardous waste management market in 2018. Hospitals are major generators of medical waste in the U.S., owing to the increase in number of surgical procedures performed in these settings and longer duration of hospital stays of patients suffering from chronic diseases. According to BioMedical Waste Solutions, LLC, hospitals in the U.S. produce 33 lbs. of medical waste per day per staffed bed. This is driving the demand for hazardous waste management in the country.
- Nuclear decommissioning requires the disposal of waste generated during the nuclear power plant dismantling process. This is anticipated to boost the hazardous waste management market. New nuclear power plants as well as decommissioning of old nuclear power plants are estimated to augment the demand for nuclear waste management services. This is projected to propel the hazardous waste management market.
- Canada is likely to significantly contribute to the hazardous waste management market in North America during the forecast period. Nuclear utilities as well as the Canadian Nuclear Laboratories (CNL) are responsible for the disposal of nuclear wastes, primarily low level and intermediate level waste.
- The hazardous waste management market in Asia Pacific is expected to expand at a rapid pace during the forecast period. Increase in the number of nuclear, pharmaceutical, and chemical plants is boosting the hazardous waste management market in the region.
Highly Competitive Hazardous Waste Management Market with Dominance of Top Players
- The global hazardous waste management market is highly fragmented, with the presence of a large number of local, regional, and global players.
- Key players operating in the global hazardous waste management market are:
- 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
- American Waste Management Services, Inc.
Hazardous Waste Management Market: Scope of the Report
TMR’s recent publication on the hazardous waste management market provides audiences with an overall market outlook, with the help of comprehensive assessment of the global market scenario. TMR’s study on the hazardous waste management market analyzes the industry with respect to the historical and current market scenario, which offers forecasts for the period of 2019-2027.
Report readers are able to make important decisions pertaining to their business with a wealth of information and exclusive hazardous waste management market insights enclosed in the study. The hazardous waste management market report also provides an in-depth understanding of the key industry trends and developments made by players in the hazardous waste management market. This TMR report is divided into different sections that allow readers to gain an understanding of the overall hazardous waste management market.
Key Queries Addressed in the Report
- How much revenue is the hazardous waste management market expected to generate by the end of the forecast period?
- Which hazardous waste management treatment is likely to generate the highest revenue by 2027?
- What are the key growth indicators and market dynamics that are expected to drive the hazardous waste management market in the next five years?
- Which regions are expected to provide scope of opportunities for hazardous waste management market competitors?
- What are the essential strategies incorporated by key hazardous waste management market players in an attempt to expand their market presence?
The first section in the TMR report on the hazardous waste management market begins with a premise that includes the report scope, market segmentation, and research highlights. Following this is the executive summary that emphasizes the hazardous waste management market aspects covered in the study. This section provides a brief understanding of the market elements, and enables readers to understand the aspects covered in the study. The report also includes the market dynamics that offer an understanding of the market drivers, restraints, and opportunities.
The next section includes an extensive segmentation analysis of the hazardous waste management market. This evaluation includes the division of the hazardous waste management market segments on the basis of key factors such as physical state, waste, chemical composition, treatment, disposal method, and region. Furthermore, an analysis of these key segments in the hazardous waste management market, year-on-year growth projections, and basis point share analysis are included in the report. These help readers identify the promising market growth areas.
The TMR study on the hazardous waste management market offers an assessment of the geographical landscape of the market. Regional study helps market competitors make important decisions pertaining to their business. Individualized, country-wise, and segment-wise analysis pertaining to individual regions helps readers of the hazardous waste management market report to decipher the potential of the market in various geographies. Supported by year-on-year growth projections, and global value and volume share, this section is a vital part of the report.
The study on the hazardous waste management market offers a holistic competitive value judgment, with the details of leading and emerging market players. The dashboard view of competitors in the hazardous waste management market report allows readers to understand their business and the strategies implemented by key players, along with their performance in the market.
The TMR report on the hazardous waste management market is based on detailed estimation of the market, with the inclusion of comprehensive primary and secondary research inputs. Detailed investigation of the hazardous waste management market in terms of competitive scenario is supported by an individual-level examination of different avenues related to the industry. Also, an analysis of the historical and current global market for hazardous waste management is focused on key market segments, major regions, market drivers, and other qualitative inputs, which help TMR’s analysts derive crucial predictions and forecast analysis of the hazardous waste management market. Readers can access the hazardous waste management market study to gain a forecasted market analysis for the period of 2019-2027.
Hazardous Waste Management Market: Segmentation
Physical & Chemical
Deep Well Injection
Middle East & Africa