Industrial Solid Waste Management Market is anticipated to grow considerably through 2032, primarily owing to the rapid industrialization in developing countries and increasing investment to develop centralized treatment and processing facilities. Besides, several government initiatives to implement multiple regulations about solid waste treatment across the industrial sector, will boost industry expansion in the coming years.
In addition, many cities are modernizing their waste collection process using several methods as it helps in saving money, lowering the carbon footprint, increasing business opportunities, and raising environmental awareness, which will also foster market demand.
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Overall, the industrial solid waste management market is segmented in terms of source, treatment, material, and region.
Based on the source, the food processing and textiles segment is slated to witness massive growth owing to the rising shift of consumers toward processed food and beverages. Constantly increasing penetration of FMCG manufacturers has surged the need for managing the waste generated from manufacturing or processing sustainably. In addition, increasing investment in developing efficient technology focused on food waste reduction will positively impact the overall industry outlook in the future.
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Based on treatment, the disposal segment will depict over 1.5% growth rate between 2023-2032. The segmental growth will be mainly characterized by the increasing volume of waste generation from paper, metal, and food processing industries. Besides, the shifting inclination towards industrial waste disposal through advanced technologies, coupled with the increasing tendency of sustainable recycling will also add impetus to the market during the next ten years.
Considering the material, the plastics segment accounted for over 17% market share in 2022. Plastic is one of the leading materials responsible for most of the generated solid waste due to its wide usage in several packaging and handling goods. In this regard, several policies and regulations imposed by the government to protect the environment and human health is anticipated to influence the business dynamics. For instance, in June 2022, the U.S Interior Department announced imposing ban on the sale of single-use plastic in public lands and national parks by 2032.
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In the regional context, the Europe industrial solid waste management market is slated to exhibit more than 2% CAGR during 2023-2032. The increasing rate of population, rising per capita income, and acceleration of industrial activities over the past decade are some of the factors influencing the regional market expansion. In addition, the quick uptake of prevention and recycling technology to meet the rising demand for waste management services will also assist the product demand in the region.
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