Waste Management Market Highlights

The global waste management market was valued at USD 1,274.9 billion in 2023 and is anticipated to reach USD 2,194.8 billion by 2032, with a compound annual growth rate (CAGR) of 5.58% during the forecast period.

Waste Management Market CAGR

2023-2032

CAGR OF

5.58%

Waste Management Market

The waste management market occupies a crucial position within the related domains of environmental sustainability and public health. It comprises the collection, transportation, processing, recycling, and disposal of a variety of waste types generated by residential, commercial, or industrial sources. Governmental institutions and international bodies are tightening their focus on waste management policies, such as doubling down on plastic waste reduction. Policy implementation of ideas such as the circular economy not only helps eliminate waste, but also encourages sustainable and optimized use of resources. Scientific advances are notable as well, for example, those relating to decomposition are leading to development of waste management solutions that offer faster and more effective channels to breaking down organic and inorganic waste. Moreover, a rise in demand for accountable landfilling promising safety and involving minimal negative effects on the environment will serve the waste management market a forward push, especially in emerging economies.

Growth in size of the global waste management market is evidenced by the existence of corporate roles such as consultants spearheading sustainability and circular economy programs, inherent to which are routine dealings with the waste management and recycling industry. Studies are being conducted and counter-measures are being brainstormed to identify, assess, and test various strategies aimed at containing waste generation, such as CO2 emissions. Institutional bodies are also collaboratively tackling this issue. Consider the example of Denuo, which is the Belgian federation of the waste and recycling sector. Jointly working with Deloitte, they conducted a waste and recycling industry-wide study mapping the CO2 emissions, followed by deliberations over alternative sustainable practices that promote emission reduction. Among the ideas discussed were the proposal to optimize logistics via electric and hydrogen trucks, further develop sorting and recycling capabilities, and adopt process innovations such as Carbon Capture.
 

Drivers in the waste management market partly result from the fact that the scope of the market’s offerings extends to industries aimed at achieving environmental sustainability and providing public health, other than the components directly linked to it. Further, a universal phenomenon wherein governmental and non-governmental committees across the globe have allocated an increasing amount of resources to help cultivate waste management best practices is apparent. Expanding the purview of the costs incurred by the operations of a manufacturing site to account for environmental damages inflicted in the form of air pollution and such, constitutes the measures being taken which incentivize engagement with the waste management market and aim to dis-incentivize evasion of responsibility. Lastly, the progression of scientific technologies employed in waste management, such as ones which utilize the internet of things (IOT) to help streamline waste collection and promote sustainability, is a notable driver. Examples of such smart waste management advances emerging as soon as in the year 2024 include recycling apps, e-waste kiosks, solar-powered trash compactors, pneumatic waste pipes, recycling robots, and pello.

Restraints are present through the popularity of conventional methods of waste management, which keep the market from successfully commercializing advanced offerings, in the pipeline and otherwise, to an extent that would encourage sustained innovation and advancement on sizeable scales. In many cases, the advancement of waste management technology fails to adequately translate into meaningful real-world impact owing to the additional reason of a lack of sufficient funding/investment that would help turn prototypes into products and/or help market existing products such that they are able to secure successful commercialization. This creates an impetus for more innovation and the dynamic cycle of investment-powered scientific exploration, strategic marketing, and revenue streams from successful commercial runs leading back to investment- and research-enabled expansion of products and services portfolio serves as a forward push. The market is also restrained by the increasing strictness of regulations, leading to higher costs of operation.

Waste Management Market

By Waste Type

Hazardous Waste

E-Waste

Municipal Solid Waste

Medical Waste

The Market will Grow

At the CAGR of:

5.58%

The Forecast Market

Size for 2032 in USD:

$2,194.8M

Opportunities are presented in the form of market players keen on development and launch of modern systems that automate waste collection. These efforts are focused on systems that efficiently seal garbage, contain spill, and avoid accumulation. A further significant opportunity is revealed by the American Society of Civil Engineers (ASCE), which noted in September of 2018 that investments in the waste management industry are anticipated to flourish in the forthcoming years. Successful investments in the industry help ensure timely development and launch of mentioned modern, automatic systems of waste collection. Many companies have been working on such systems for quite some time now, and experience gained hence provides a further opportunity to realize even more efficient and better-timed innovations moving forward. The increasing collaborations between the private and the public sectors in, as well as the funneling of significant funds by the latter into, devising and testing solutions in the field promise opportunities for growth in the form of joint projects aimed at enabling enhanced waste management.  

Challenges are also present in the waste management market. As a flipside to the opportunistic promise of Automatic Waste Collection System (or Pneumatic Waste Conveying System), for example, is faced the sizeable initial investment that must be secured to set the modern technology up for use. The pervasiveness of the traditional methods of waste collection, regardless of their many shortcomings, also proves to make a meaningful wide-scale switch of technology difficult. Ineffective recycling/composting, lack of comprehension of and compliance with regulations, increasing operational costs, pressures exerted on waste management market’s players’ revenue streams while transitioning to a circular economy owing to the necessary investigation and testing of alternative services and revenue sources along with the convoluted sorting and processing of materials, lack of skilled workers, rising volumes of waste, the responsibility of ensuring improved safety in performance of industrial functions, and a publicly prevalent negative attitude towards the waste management industry and the establishment and presence of waste management facilities comprise a host of other challenges faced by the industry and hence, the market players within.

Trends are notable in the form of an increasing demand for sustainable, environmentally-conscious waste management industry, which is also cost-effective and is defined by improved performance. Increased regulations, innovations in decomposition, an emphasis on circular economy, a rise in mergers and acquisitions among waste management businesses, the use of Big Data in aiding collaboration, the prioritized status of food waste management, the reliance of efficient recycling on calculated screening and sorting, adoption of smart solutions, and educational programs to spur community engagement are some additional trends characterizing the waste management market.

Several investments and partnerships in the waste management market have been directed in recent years, which would boost the overall waste management market. Some of them are:

•    Consistent with the Australian government’s goal to hit a recovery rate of 80% of their waste by 2030 to steer the economy into a circular one, the region features grants and government support for waste management companies, such as the Recycling Modernization Fund (applications for grants under the ‘Plastics Technology’ stream of which were launched on 18 July 2023) and the $26 million National Product Stewardship Investment Fund (launched in May 2023 and listing about 24 successful grants, of which 5 are as high as $1,000,000, on the Australian Government’s Department of Climate Change, Energy, the Environment and Water’s website) aimed at supporting modern infrastructure to enhance Australia’s recycling capabilities.  
•    As of 6 July 2023, BP reportedly invested $10 million in WasteFuel, which is a US biofuels developer planning to set up global linkages between waste management plants to process municipal and agricultural waste into bio-methanol, a biofuel which holds significant potential in aiding decarbonization of difficult industries like the Heavy Fuel Oil-driven shipping industry. The noted investment is intended to help propel these plans forward by allowing WasteFuel to undertake development of its very first waste-to-bio-methanol plant in the UAE. 
•    The UNICEF UNDP Waste X Lab (a UNICEF Global Climate Innovation Portfolio solution) trains enthusiasts in launching circular businesses of solid waste management. Operating in the State University of Zanzibar, the lab has entered partnerships with the national government and the University to impart skills necessary to contribute to Africa’s recycling and waste recovery and the global waste management market’s growth. ‘Asili Fertilizers’ is an innovative solutions business which produces organic fertilizer by utilizing domestic and hotel food waste, cow dung, leaves, and other organic materials and is a prime example of a sustainable waste management business which was realized through the initiative.
 

Waste Management Market Segments’ Analysis

The waste management market is segmented based on waste type, disposal, source, and region.

Based on waste type, the waste management market is further segmented into hazardous waste, e-waste, municipal solid waste, medical waste, construction & demolition, and non-hazardous industrial waste.

As of 2022, the non-hazardous industrial waste segment consolidated the largest market share. This may be attributed to expansive urbanization and industrialization on account of a proportional rise in industrial waste generation. Non-hazardous industrial waste management has become a necessity in such a scenario owing to the benefits from the same that extend to efforts against water pollution and other forms of environmental costs. Moreover, the exponential rise of populations in urban areas across the world drives the need for waste management in and suited to urban spaces.

The e-waste segment has risen in relevance owing to accelerated technological advancements, which have pushed the prevalence of electronic products, both new and upgraded versions of old launches, into prominence. A shrinking shelf-life is a feature and one that has highlighted the need for e-waste management on account of the increasing amounts of e-waste it directly generates.

Medical waste comprises waste generated in hospitals/clinics/diagnostic centers. It demands meticulous management regimes to subjugate any chance of spread of infections and diseases such as pneumonia, TB, tetanus, diarrhea, etc. Between 2020 and 2021, the biomedical waste generation spiked sharply because of the very high levels of diagnostic activities that were being conducted with regard to the COVID-19 pandemic.

Based on disposal, the waste management market is sub-segmented into open dumping, incineration/combustion, landfill, recycling, and composting & anaerobic digestion.

Open dumping is categorized as a municipal solid waste (MSW) management practice, and a significant share of the waste generated globally finds its way into open dumps. The extent of open dumping in low- and middle-income countries (such as ones in Africa and Latin America, among others) relates to a lack of a properly established waste management industries. The cost-saving nature of this sector of waste management drives its relevance, although environmental and public health costs associated with the practice are profound as well.

Waste Management Market

By Source

XX%

Residential

Commercial

Industrial

1,274.9

Total Market Size

USD (Million), 2023

5.58%

CAGR

2023 - 2032

Incineration/combustion as a disposal tool reduces the volume of waste by 95%-96% and eases the dependency on landfills. Moreover, key to avoiding or arresting the chances of an outbreak in developing countries is the daily on-site incineration/combustion of generated medical waste.

The diversion of biowaste from landfills into composting and anaerobic digestion facilities for treatment is a frontier in the waste management market that has been noted to be in its infancy in the US, as off 2022. The EU has also been noted to have laid down regulations detailing diversion of organic waste from landfills in its 1999 Landfill Directive. Smooth functioning of composting facilities enabled via proper labelling of compostable products is required.

Based on source, the waste management market is further segmented into residential, commercial, and industrial.  
Out of the sizeable amounts of waste generated in residential societies in India, less than 80% is noted to be collected and barely 22% reaches the processing stage. This indicates the scope for introduction of waste management practices that are sustainable and help contribute to the rapid growth of domestic and global waste management markets in the near future. Type of waste being collected, frequency of collection, efficiency of methods of collection, extent of sustainability of operations, and skill set of operators are all factors that determine the success of residential waste management.

Commercial waste is a broad category that includes any type of waste generated by a business (construction, demolition, agriculture, offices, trade sites, recreation centers, etc.) on-site. Its handling is legally dictated, and responsible removal of commercial waste is expected of businesses. Hence, working with a trusted waste management company is crucial. Secure storage of commercial waste, completing a waste transfer note each time commercial waste is removed from a business’s site, ensuring one’s waste carrier of choice is legally registered to conduct waste disposal, and confirming if the type of waste generated qualifies as hazardous are all additional considerations for commercial waste management.

Industrial waste management involves management of undesired waste generated as by-product of industrial processes. It includes the proper removal, recycling, and disposal of said waste. Industrial/manufacturing waste may be generated by various processes, such as wastewater, sludge, rejected products and product residues, kiln dust, slags, ashes, vapors, etc.

Waste Management Market Regional Analysis

Waste Management Market

By Region

The Market will Grow

At the CAGR of:

5.58%

The Forecast Market

Size for 2032 in USD:

$2,194.8M

Based on region, the waste management market is further segmented into North America (The USA, Canada, and Mexico), Europe (U.K., Germany, France, Italy, Spain), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Central & South America (Brazil, Argentina), and Middle East & Africa.

Asia-Pacific has been a notable regional driver in the global waste management market. The involvement of the governments through launching initiatives and allocating funds in relation to waste management has pushed awareness and positively affected the sector’s growth in the region.

Rising waste generation and tighter regulatory dictums for management of waste and against illegal dumping practices are expected to increase the need for a functional, scalable waste management sector that penetrates the variable landscape across the numerous states in the U.S., as well as the rest of North America. The region also features notable technological advancements (such as PET bottle recycling technology) relating to waste management, which are anticipated to positively affect the demand for waste management products and services owing to the innovative launches made possible through said advancements.
 

Europe claims a considerable share in the global automatic waste collection system market, with such systems already having undergone installation in notable European cities such as London, Copenhagen, Barcelona, and Stockholm. High funding allocated toward such efforts by the federal authorities enables a flourishing waste management market.

The Middle East & Africa is characterized by a rising regional awareness regarding the benefits of sustainable waste management practices. The regional waste management market is, however, impeded by a lack of requisite funds, unsuitable infrastructure to support efficient waste collection, and the issue of illegal landfills across many African countries.

Central and South American waste management markets feed on the increasing levels of waste generation in the region, which in turn feeds on a rise in population, a rise in urbanization, economic prosperity, and unsustainable consumption and production, among other factors. A pronounced awareness of sustainable waste management is anticipated to positively affect the waste management market in the near future.
 

Waste Management Market Key Players

The global waste management market is characterized by collaborations/partnerships between private and public entities, considering the environmental and public health advantages of establishing waste management best practices on-scale. The positive effects of investments in the form of scientific and technological advancements are notable, and despite the challenges and restraints, the innovative launches of products and services (such as automated waste collection systems) by waste management companies paired with the roll-outs of policies, issuance of grants and funds, and formulation of regulations by governments across the world respectively serve to fulfill and sustainably generate demand for a growing global waste management market.
 

In recent years, the market has witnessed several innovative product launches, collaborations, and partnerships as companies strive to expand their product portfolios, geographical reach, and market share. For instance:

•    Reported on 6 March 2024, FCC Environment (leading recycling and waste management company) was noted to have secured Herefordshire Council’s Recyclables and Waste Collection Contract after an intense tender process. The new assignment of the contract will feature innovative, enhanced, and flexible services such as the permanent deployment of two fully electric RCVs in accordance with the Council’s Net Zero goals.

•    Reported on 2 August 2023, Stericycle (premium provider of medical waste management solutions) announced the launch of re-engineered one-gallon, regulated SafeDrop Sharps Mail Back and one-gallon CsRx Controlled Substance Wastage containers. The contemporarily designed and easy-to-operate offering features sustainably reduced use of plastic and forms the latest investment in the company’s container products portfolio for sharps waste and controlled substance wastage.

•    Reported on 23 October 2023, Hyzon Motors is noted to have deployed the first ever hydrogen-powered Heavy Rigid fuel cell waste collection truck in Australia-based joint commercial trial with Remondis (a global recycling, service, and water company). The move claims quieter waste collection, reduced consumption of diesel, and containment of carbon emissions compared to previous annual levels. The production of the offering took off in Australia after having been designed locally.

The prominent players in the waste management market are Suez, Valicor, Veolia, Waste Connections, Republic Services, Biffa, Clean Harbors, Covanta Holding, Daiseki, Hitachi Zosen, Remondis Se and Co. Kg, FCC Environment, and Stericycle.

Waste Management Market Scope: