The global hazardous waste management market is the fastest growing market at a CAGR of 5.3%. North America is the ruling region in global hazardous waste management market with a revenue of 1651.1 million $ in 2015. In North America, the US market holds the maximum share of 67% in the use of hazardous waste management. The US market is driven by the growth of pharmaceutical industry. As North America is the largest residential recycler in which its goal is to manage more than 20 million tons’ recyclable material by 2022. The North America pharmaceuticals waste market was estimated to obtain $10.3 billion in 2015. The North America is anticipated to be largest sophisticated provider of healthcare facilities which is positively contributing towards the growth of hazardous waste management industry due to its desirable government initiatives for the disposal of medical wastes and so on.
The major restraint for this market is high capital investment which is required to manage the hazardous waste market and various advanced technologies is required to boost the market in future. But there are various chemical industries which releases toxic gases in atmosphere and causes air pollution due to which serious problem such as asthma and lung cancer may occur. That’s why it is necessary to adopt effective waste management system to control the global hazardous waste management market. Government initiatives are also helpful in boosting the global hazardous waste management market and this will lead to a growth of the market in near future.
Increasing awareness programs for waste management are the major driving factor for global hazardous waste management market. The main aim of this market is to develop various activities to manage the hazardous waste substance which directly affects the human health or environment. According to WHO, it is proven that 85% of hospital waste is actually a nonhazardous waste whereas 15% of hazardous waste are infectious. The major concern in global hazardous waste market are healthcare facilities. Because it majorly causes various diseases through recycling of disposables needles and syringes. Disposal and treatment of hospital waste may indirectly affect the human health as well as market. The global hazardous waste materials management market accounts for $4,627 million in 2014 and anticipated to grow at a CAGR 5.2% during the forecast period. It is expected to reach $6,889 million by 2022 owing to increasing concerns for waste management worldwide. Growth in industrial sector is also contributing significantly towards the growth of this market. The factors that are driving the growth of this market are large amount of healthcare waste generated and increasing pollution. In 2015 WHO and UNICEF together launched various initiatives to make sure all healthcare facilities to have sanitation, adequate water and hygiene services. That’s why there is high need of global hazardous waste management in all over the world.
On the basis of type of waste, the market is segmented into hazardous and nonhazardous waste. Currently the market is dominated by nonhazardous waste with 55% market share in 2015. Hazardous waste materials include infectious and pathological wastes, sharps, pharmaceutical waste and other waste. However, the demand is particularly strong for infectious and pathological waste growing at the CAGR of 5.3% during 2016-2022. Non-hazardous wastes are mainly non-toxic, non-ignitable, non-reactive or non-corrosive in nature. It is a waste that does not affect human health or environment. It is further segregated on service type basis which includes recycling, transportation and storage, treatment and disposal, collection and other services. The treatment and disposal segment holds the largest share in the global market. Treatment type segment of hazardous waste material management market is segmented into incineration, chemical treatment and autoclaving market. The incineration segmentation dominates the hazardous waste materials market in treatment type segment. It accounts for 48% market share and contributed $2250.8 million in 2014 and anticipated to grow at a CAGR of 5.5% during the forecast period. Treatment site segment is further bifurcated into offsite and onsite treatment. The offsite treatment segment held the largest market share of 68% in 2015 in treatment site segment.
Asia Pacific is the most emerging market in near future for global hazardous waste management market. Waste is continuously growing in Asia Pacific due to improving economies and improvement in the individual national consumption rates. As per estimates, about 1.5 million metric tons of waste generated in Asia Pacific region every day and it is estimated that the waste generation in this region would grow to 3 million metric tons by 2025. Among the countries in Asia Pacific region, China holds the largest share in the market of about 56% of the total waste generation including hazardous waste. In addition, India and Indonesia follows China with 35% and 5% share respectively of the total waste generation in Asia Pacific region.