Asia-Pacific Industrial Waste Management Market grow at a CAGR of 6.6%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific industrial waste management market size at USD 183.06 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Asia-Pacific industrial waste management market size to grow at a CAGR of 6.6% reaching a value of USD 268.65 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific industrial waste management market size at USD 183.06 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Asia-Pacific industrial waste management market size to grow at a CAGR of 6.6% reaching a value of USD 268.65 billion by 2029. The key growth factors for the Asia-Pacific industrial waste management market include rapid industrialization in major emerging APAC economies, such as India and China, as well as stringent government regulations aimed at reducing the environmental effect of industrial waste.
Asia-Pacific Industrial Waste Management Market – Overview
Industrial waste refers to waste products created by industries or industrial operations. Chemicals, rubbish, oils, solvents, dirt and gravel, and other materials are some of the most common examples of industrial waste. Thus, industrial waste management entails the safe removal, recycling, and disposal of such waste. Waste can be disposed of, destroyed, processed, recycled, reused, or controlled. The primary goal of waste management is to limit the amount of waste and to avoid any health and environmental issues.
Asia-Pacific Industrial Waste Management Market
Segmental Information
Asia-Pacific Industrial Waste Management Market – By Service
Based on service, the Asia-Pacific industrial waste management market is segmented into recycling, incineration, and landfill. The landfill segment accounts for the highest share of the market. Such a process minimizes disease transmission and keeps communities clean by reducing the amount of waste that ends up in the environment. However, recycling is projected to register the highest growth rate during the forecast period owing to its economical nature. Recycling also minimizes the requirement for raw material extraction (mining, quarrying, and logging), refining, and processing, all of which cause significant air and water pollution.
Impact of COVID-19 on the Asia-Pacific Industrial Waste Management Market
The Asia-Pacific industrial waste management market was disrupted in certain sectors, such as construction & manufacturing, but gained traction in others, including the medical sector. Industrial operations were temporarily halted during the pandemic to prevent the virus from spreading. This led to a significant reduction in the amount of waste generated by industries, leading to a decline in the demand for industrial waste management services. However, the need for proper waste management has increased in the medical sector owing to the significant rise in medical waste, which includes PPE kits and face masks.
Competitive Landscape
Major players operating in the Asia-Pacific industrial waste management market include Eco-Wise Waste Management Pvt Ltd, China Everbright International Limited, Shanghai Chengtou Holding Co. Ltd, Hitachi Zosen Corporation, WasteServ Malta Ltd, Daiseki Co., Ltd, SembCorp, and Vietstar Environmental (Vietstar). To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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