Hazardous Waste Management Market to Expand at a CAGR of ~8% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2035

Global Hazardous Waste Management Market Key Insights
During the forecast period of 2023-2035, the global Hazardous Waste Management Market is expected to reach an estimated value of ~USD 30 billion by 2035, by expanding at a CAGR of ~8%. The market further generated a revenue of ~USD 11 billion in the year 2022. Major key factors propelling the growth of hazardous waste management market worldwide are the increasing industrial activities across the globe, and rapid rate of urbanization in emerging economies.
Market Definition of Hazardous Waste Management
A hazardous waste is a waste that is dangerous or has the potential to harm the environment or human health, to put it simply. Cleaning solvents, used acids and bases, metal finishing wastes, painting wastes, sludge from air and water pollution control units, and many items that are more abandoned are examples of waste that is frequently dangerous.
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Global Hazardous Waste Management Market: Growth Drivers
The growth of the global hazardous waste management market can majorly be attributed to the increasing rate of urbanization around the world, rapid population growth, and a rising number of manufacturing activities resulting in the generation of toxic chemicals. According to the World Bank, the total population of the world was 7.753 billion in 2020, up from 7.509 billion in 2017. On the other hand, market growth can also be attributed to the increasing expansion rate of the construction industry. The construction industry produces an ample amount of liquid waste. As a result, the expanding industry is expected to significantly contribute to market growth. According to estimates, by the end of 2025, the construction industry in India is expected to reach a total value of USD 1.3 trillion.
The global hazardous waste management market is also estimated to grow majorly on account of the following:
· Increasing Amount of Industrial Waste
· Increasing Expansion of Chemical Industry across the Globe
· Growing Number of Industrial Activities Worldwide
· Strict Government Regulations Associated with Waste Disposal
Global Hazardous Waste Management Market: Restraining Factor
There is a lack of awareness about proper collection and segregation of waste in lower economic regions of the market. Hence, these factors are expected to be the major hindrance to the growth of the global hazardous waste management market during the forecast period.
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Global Hazardous Waste Management Market Segmentation
· By Waste Type (Flammable, Corrosive, Infectious, Radioactive, and Others)
The infectious waste segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the large amount of waste generated from households, hospitals, offices, and commercial complexes, rising industrialization, and the growing prevalence of infections occurring because of inappropriate waste disposal. For instance, more than 520 metric tons of biomedical waste were generated in India alone in 2018.
· By Treatment Type (Incineration, Autoclaving, and Chemical Treatment)
·By Service Type (Collection, Transportation & Storage, Treatment & Disposal, Recycling, and Others)
· By Region
The North American hazardous waste management market is anticipated to hold the largest market share by the end of 2035 among the markets in all the other regions. Some of the major factors expected to drive market growth in North America during the forecast period include a strong presence of well-established healthcare infrastructure and high government investments to establish recycling facilities in the region. As per the Centers for Medicare & Medicaid Services, the total healthcare spending in the United States increased by 4.6% in 2019, reaching up to USD 11,582 per person.
The market research report on global hazardous waste management also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Hazardous Waste Management Market
Some of the key players of the global hazardous waste management market are American Waste Management Services, Inc., Clean Harbors, Inc., Suez SA, SMS Envocare. Ltd, Chloros Environmental Ltd, Stericycle Inc., Republic Services, Inc., Morgan Group, Recology Inc., Bechtel Corporation, and others.
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