Hazardous Waste Management Market

Waste management is a major challenge in urban areas throughout the world. The increasing population, industrialization and urbanization is leading to a tremendous rise in the generation of waste. Hazardous waste is used as a broad term to denote industrial by-product and waste materials discarded from homes, commercial establishments, and institutions that pose an unreasonable risk to human health and environment. Hazardous waste cannot be disposed as off in the environment, therefore, to reduce environmental and health hazard, proper attention is required during storage, segregation, transportation, and disposal. Globally, close to 400 tons of hazardous waste is generated every year making it absolutely necessary to take steps to effectively dispose or recycle it. In view of the growing amount of waste and the shortage of energy and resources, the conventional waste treatment approaches could hardly fulfill the need of sustainable development, thereby promoting public and private stakeholders to deploy state-of-the-art hazardous waste management technologies.

Hazardous waste management market, based on type, is categorized into radioactive, chemical, biomedical, flammable, and explosive. Substances capable of emitting ionizing radiation are said to be radioactive and are hazardous because prolonged exposure often results in damage to living organisms. Many chemicals can be hazardous and can be categorized into five group’s namely synthetic organics, inorganic metals, salts, acids and bases, and flammables and explosives. Biomedical waste mainly includes malignant tissues discarded during surgical procedures and contaminated materials and it has the capability of infecting other living organisms and has the ability to produce toxins. Flammable waste can be hazardous during storage, collection and disposal includes organic solvents, oils, plasticizers, and organic sludges. Ordnance materials are classified as explosive waste and involve high potential for hazard in case of storage, collection, and disposal.

The hazardous waste management market is further fragmented based on physical state, into solid, liquid, gas, and sludge. Hazardous wastes can be liquids, solids, gases, sludge and the handling and disposal procedures vary depending upon the physical state of the waste. Segregation of hazardous waste based on its physical state thus becomes crucial for effective treatment and disposal.

Based on treatment method, the hazardous waste management market is also fragmented into chemical, thermal, biological, and physical methods. Chemical, thermal, and biological treatment methods transform waste at the molecular level, while the physical treatment method results in waste solidification, concentration, or volume decrease. Chemical treatment methods include neutralization, precipitation, ion exchange, reduction, or oxidation. Thermal treatment method primarily involves incineration of waste. Biological treatment involves landfarming and other methods. Physical treatment methods on the other hand, include solidification, flotation, sedimentation, evaporation, or filtration.

Furthermore, the hazardous waste management market is fragmented based on disposal method, into landfill, deep well, ocean dumping, bedrock, and recycling. Disposal of hazardous wastes in regular landfills may result in unfavorable amounts of hazardous materials seeping into the ground and hence the wastes are stabilized and made into solid and placed in landfill. Deep well injection is a liquid waste disposal technology utilizing injection wells to place treated or untreated liquid hazardous waste into geologic formations, however, it poses risk of polluting groundwater resources. Ocean dumping is sometimes utilized to avoid groundwater contamination. However, even if pre-treated, it has an adverse impact on marine life. Bedrock disposal can effectively dispose solid hazardous waste in a variety of host bedrocks. The method is widely used for high-level radioactive wastes. Recycling is preferable to hazardous material disposal as it offers economic benefits, decreases reliance on raw materials, conserves natural resources, prevents pollution, and cuts energy use.

The global hazardous waste management market can be segmented into North America, South America, Europe, Asia Pacific, Middle East & Africa. Government sectors and private utilities across all the regions are taking steps to safely treat and dispose hazardous waste. According to US Environmental Protection Agency, (EPA), private owners generate about 66% of the total hazardous waste. Rapid growth and urbanization in the Asia Pacific region are also leading to the generation of large quantities of hazardous waste, fueling the hazardous waste management market. Hazardous waste management regulations are being introduced around the world that balance the conservation of resources, while ensuring the protection of human health and environment.

The major players in the hazardous waste management market are Stericycle Inc. (US), Veolia (France), Clean Harbors (US), Republic Services Inc. (US), Waste Connections Inc. (US), Biffa Plc (UK), Remondis (Germany), SUEZ Group (France), Chloros Environmental (UK), Cleanaway Waste Management Limited (Australia), Casella Waste Systems (US), SMS Envocare Ltd. (India), GEPIL (India), Bechtel (US), and Sharps Compliance, Inc. (US).

Key Questions Addressed by the Report

Frequently Asked Questions (FAQs)

• What is the current size of the hazardous waste management market?
• What are the major drivers for the hazardous waste management market?
• Which is the largest segment, by source, during the forecasted period in the hazardous waste management market?
• Which is the fastest-growing region during the forecasted period in the hazardous waste management market?
• What are the trends that could be witnessed over the next five years?
  
• What will be the revenue pockets for the hazardous waste management market in the next five years?