Albany, NY -- (SBWIRE) -- 05/17/2018 -- 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.
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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. Based on waste generators, the global market is segmented into small quantity hazardous waste generators, medium quantity hazardous waste generators, and large quantity hazardous waste generators. In terms of revenues, the large quantity hazardous waste generators segment accounted for the largest share of the global market in 2016 owing to increasing hazardous waste being generated by municipal corporations, pharmaceutical companies, and other generators. Based on the hazardous waste management services, the global hazardous waste management market is segmented into collection, transportation, storage, waste treatment, and disposal services.
Based on geography, the global hazardous waste management market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the hazardous waste management market in 2016 in terms of revenue, owing to increasing hazardous municipal waste generated in the U.S., and Canada, along with high focus on the research & development segment in the pharmaceutical industry in the region, combined with increasing number of hazardous waste management companies operating in the U.S. market.
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Environmental Protection Agency (EPA) regulating the hazardous waste management in the U.S., and implementing various regulations regarding RCRA waste management, and regulations pertaining to disposal of hazardous waste through dedicated hazardous waste landfills and incineration, are some factors leading to a regulated and consolidated market scenario in the U.S. Europe accounted for second largest share of the hazardous waste management market in 2016. According to European Commission statistics, the combined volume of hazardous pharmaceutical waste generated by European Union countries in 2014 accounted for 6.6 million tons. Middle East & Africa region is expected to register comparatively higher CAGR during 2017-2025, owing to the growing pharmaceutical industry in the region, along with increasing number of contract research organizations in countries such as the UAE, Saudi Arabia, and Israel, expected to lead to increasing volume of hazardous pharmaceutical waste generated in the region.
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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