According to a new market report published by Credence Research “Hazardous Waste Materials Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2021,” the hazardous waste materials market was valued at US$ 25.3 Bn in 2016, and is expected to reach US$ 37.2 Bn by 2022, expanding at a CAGR of 6.6% from 2016 to 2022.
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Hazardous waste management is known as the process of collection, treatment and disposal of waste materials generated by various end-user industries and manufacturing units. Improper handling of hazardous waste can lead to health hazards and fatal injuries. Hence, proper waste management techniques are adopted worldwide. Hazardous waste can be in the form of solid, liquids or gases. Hazardous wastes are classified based on its biological, physical and chemical properties. These materials differentiate between the materials for being either, ignitable, toxic, corrosive, radioactive or infectious.
Rapid industrialization in both the developing and developed economies has led to increase in the waste generation. The waste from various industries such as pharmaceutical, healthcare can be toxic to humans and animals. This has led to demand for hazardous waste material management worldwide. Therefore, hazardous waste materials market is segmented on the basis of service types which include collection, transportation and storage, treatment and disposal, recycling and other services. Among these, treatment and disposal dominated the global hazardous waste materials market. Treatment and disposal technology offers benefits such as reduction of volume at required areas, detoxification, and separation of components and recovery of material. These waste materials are disposed and stored in the form of detonation, land burial and engineered storage. Other services are also anticipated to experience steady demand in the near future.
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Hazardous waste materials market is segmented based on types of waste into industrial & manufacturing waste materials; Infectious & pathological waste materials; Sharps; Pharmaceutical and Others. Industrial and manufacturing waste accounted for larger share of global hazardous waste material market. Infectious and pathological waste accounted for second largest market and is expected to rise in the near future due to rising health concerns and increasing healthcare infrastructures. Other waste types are also expected to experience growth in during the forecast period. On the basis of treatment types, hazardous waste materials market is further bifurcated into incineration, autoclaving and chemical treatment. Incineration dominated the global market of hazardous waste materials in 2016. Incineration is a type of thermal treatment which is used for waste treatment processes. This process leads to combustion of organic substance present in the waste material. Chemical treatment is another factor contributing to the growth of global hazardous waste materials market. Other types are also projected to boost market demand for hazardous waste materials market during the forecast period from 2016 to 2022.
- Avoid health problems
- Effective waste management
- Proper disposal of waste material
- Technological advancement
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