Solid Waste Management Market size worth USD 300 billion by 2023
Global solid waste management market size was valued at more than USD 180 billion in 2015 and is estimated to exceed USD 300 billion by 2023, growing at a CAGR of over 8.5%.
According to the Environmental Protection Agency (EPA), the U.S. generated over 250 million tons of trash, with a recycling rate of about 34%. Rapid urbanization and increasing consumption level of resources such as paper, plastic, edibles and textiles are expected to double the municipal solid waste (MSW) over the forecast period.
Australia solid waste management market size was estimated at over USD 7 billion in 2015 and is likely to reach more than USD 9 billion by 2023. The solid waste management industry is characterized by stringent government regulations pertaining to MSW management and efficient implementation including reuse, recycling, reduce and recovery methods.
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Europe solid waste management market share is expected to witness high demand. Countries such as China and India are anticipated to witness significant demand due to increase in population and government initiatives to ensure healthy environment in the region. Huge initial investment cost is likely to restrain growth in the Middle East & Africa solid waste management market.
MSW management services include collection from commercial buildings, streets, residential societies, public places and hospitals. Government and municipal are the authorities responsible to manage these disposals. Efficient and proper management can alleviate several environmental problems such as climatic changes, pollution, and public health.
Solid waste management types consist of newspaper, organic material, paper & paperboard, plastics, rubber, leather, textiles and wood. Organic material includes refuse from kitchen, vegetables, flowers, leaves and fruits; they are the major contributor in overall municipal solid waste. Paper disposal was the second leading segment owing to increasing industrialization and growth in the education sector.
MSW management services applications can be bifurcated into landfilling, collection, recycling, incineration, reuse and biological treatment. Landfilling is the most used and preferred disposal method owing to its attributes such as disposed material never comes in contact with groundwater. Incineration includes composting which converts disposal into heat, steam, ash and gas. Reduction in disposal volume up to 20 to 30 coupled with decreasing stress on landfilling is likely to boost demand for this application. Countries such as Japan where landfill space is hardly available are likely to adopt this method.
Recycling is an effective and efficient solid waste management market technique, increasing environmental concerns coupled with lack of resource availability is likely to propel demand for this practice. Organic material was the leading contributor in this segment followed by newspaper or mechanical paper.
Biological treatment can be segmented into composting, biodrying and anaerobic digestion. Possible products from this technique include biogas, fertilizers, renewable fuel, and recyclable materials recovery such as paper, metals, glass and plastics. Increasing environmental concerns coupled with growing energy conservation trend is anticipated to drive the demand for this method.
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Increasing government regulations accompanied by rising sustainable development trend is expected to fuel growth. However, huge processing and recycling plants costs and low priced substitute such as inexpensive landfilling is likely to be a restraint.
Global solid waste management market share is comprised of Covanta Energy, Clean Harbors, Republic Services, and Waste Connections. The increasing unsorted solid scrap incidences adversely affected secondary material quality, resulting in reduced profitability. Proper sorting and collection from direct source is likely to be the key strategy in order to overcome these challenges. Customized solutions are likely to be a cost efficient practice over the coming few years.
Other companies include Schupan & Sons, Recology, Rumpke Consolidated Companies, EnviroSolutions, Progressive, Perma-Fix Environmental Services, E. L. Harvey & Sons, and Appliance Recycling Centers of America.
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