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Solid Waste Management Market worth over $1.4 Tn by 2032

  • Published Date: January 19, 2023

Solid Waste Management Market size is set to surpass USD 1.4 trillion by 2032, according to a new research report by Global Market Insights Inc.

New urban development initiatives, especially across emerging economies, will facilitate the deployment of solid waste management systems. Governmental and private sectors are injecting substantial investments towards setting up residential and commercial spaces. For instance, in the United States, the expenditure on commercial construction is rising with projects like the Samsung chip factory in Texas, Amazon HQ2 in Virginia, California High-speed rail, and more.

An exponential rise in the global population will bring about an increase in garbage generation. This would subsequently create a need for systematic and technologically advanced waste disposal management systems worldwide.

Strict government regulations linked to solid waste management

Industrial solid waste management market is expected to grow at a rate of over 1.7% by 2032. The implementation of strict regulatory standards and rules to divert trash from landfills to sustainable supplementary techniques will trigger the need for advanced solid waste management systems. Rising investments in the creation of cutting-edge waste treatment facilities and the continuous application of The Four R's Approach (Reduce, Reuse, Recycle, and Recover) will drive market development. For instance, in October 2022, LyondellBasell and Shakti Plastic Industries, a leading plastic scrap recycler and waste collection firm, signed a MoU to jointly build and operate an automated, mechanical recycling plant in India. 

Growing public awareness regarding solid waste management

Solid waste management market from the open dumping treatment segment is projected to see robust growth across low-income countries worldwide. Governments are seeking to reduce open waste dumping activities by means of rising consumer awareness and increasing investments in sustainable trash management techniques. As per a recent update in the EU waste management law, new guidelines for bio-waste, textile, and hazardous waste have been introduced under which bio-waste should be recycled or collected separately by December 2023. Meanwhile, household waste which includes textile materials and hazardous waste needs to be separately collected by Jan 2025. Such sorting and segregation of garbage will help ease solid waste management across open dumping areas.

Browse key industry insights spread across 1350 pages with 2803 market data tables & 27 figures & charts from the report, “Solid Waste Management Market Size By Waste (Municipal Solid Waste {Residential, Commercial [Hospitals, Offices & Institutions, Hotels, Others]}, Industrial Solid Waste {Equipment Manufacturing, Mining, Food Processing & Textiles, Others}), By Treatment (Open Dumping, Disposal {Landfill, Recycling, Incineration/Combustion, Composting & AD}), By Material (Paper & Paperboard, Metals, Plastics, Food, Textiles, Others), COVID-19 Impact Analysis, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Expanding packaging sector to boost the need for solid waste management systems

Solid waste management market value from the paper & paperboard segment accounted for nearly 7.5 billion tons in 2022. Rapid industrialization and increasing investments in the commercial sector have caused an increase in paper and paperboard waste generation. According to the U.S Environmental Protection Agency (EPA), paper and paperboard products made up about 23.1% of all the total municipal solid waste generation in the country. The growing usage of paper in the packaging sector and thrive ecommerce sector will elevate the need for solid waste management solutions.

High demand for solid waste management solutions across APAC region

Asia Pacific solid waste management market size is poised to observe more than 2% CAGR between 2023 and 2032 due to the booming manufacturing sector in the region. A rise in consumer purchasing power and a growing population will fuel the expansion of the regional manufacturing sector. Efforts to counter environmental degradation and waste disposal across landfills have led to the enforcing of strict regulatory frameworks and policies over companies that are operating in this domain. To am to lower carbon footprint and acquire a considerable market share will motive manufacturing businesses to incorporate solid waste management systems within their operations.

Strategic business activities to foster industry growth

Key players operating in the global solid waste management market include Hitachi Zosen Corporation, OMNI Conversion Technologies, Inc., Recology, Biffa, Wheelabrator Technologies, Inc., Sims Limited, China Everbright Environment Group Limited, Waste Management, Inc., Covanta Holding Corporation, and Waste Connections. Ongoing investments by public and private organizations to develop sustainable waste management strategies will accelerate business growth.

Authors: Ankit Gupta, Abhishek chopra