Hazardous Waste Management Market

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:
  • 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
  • American Waste Management Services, Inc.