Business

Hazardous Waste Management Market to Record an Exponential CAGR by 2025

Waste management is a process of treating various types of solid waste. The process of waste management includes collection, transportation, storage, treatment, and disposal of solid waste. Regulatory authorities around the world have categorized solid waste into hazardous waste, and non-hazardous waste, based upon various parameters. Any solid waste which is either explosive, inflammable, oxidizing, poisonous or infectious, corrosive, radioactive, or toxic in nature is termed as hazardous waste. Treatment of non-hazardous waste is minimally regulated by regulatory authorities around the world, apart from emission norms during incineration treatment of non-hazardous waste. Environmental Protection Agency (EPA) in the U.S., has laid down the hazardous waste management plan to effectively and safely dispose hazardous waste generated in the country.

Increasing volume of hazardous waste being generated especially by the pharmaceutical industry in various countries, owing to increasing promotion of research & development in emerging countries, is one of the major factors driving the growth of the hazardous waste management market.Growing number of small and medium quantity waste generators including physician offices, and other small quantity waste generators in countries such as the U.S., China, and India, are expected to generate increasing volumes of hazardous medical waste during the forecast period, leading to increasing demand for hazardous waste management services in these countries. These are factors expected to drive the hazardous waste management market during the forecast period.

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The global hazardous waste management market is segmented on the basis of type of hazardous waste, waste generators, and hazardous waste management services. Based on type of hazardous waste, the global market is segmented into flammable, toxic, corrosive, infectious, radioactive, and other hazardous wastes. Among the types of hazardous waste, the infectious hazardous waste segment dominated the global market in 2016, owing to increasing volume of infectious waste generated by healthcare and pharmaceutical industries, especially in the U.S., and European countries.

Key players operating in the hazardous waste management market include CLEAN HARBORS, INC., American Waste Management Services, Inc., Veolia, SUEZ, Chloros Environmental Ltd, and SMS ENVOCARE LTD.

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