The global waste management market was valued at USD 383. 83 billion in 2020 and is expected to register a CAGR of 5% during the forecast period (2021 – 2026). Rapidly growing economies, urbanization and the increasing population have led (materially intensive) to an increase in the resource consumption, and consequently the release of large amounts of waste into the environment.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Waste Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06106043/?utm_source=GNW
Observing from a global perspective, current waste and resource management lacks a holistic approach which covers the whole chain of product design, raw material extraction, production, consumption, recycling and waste management. A scarcity of land for the effective waste disposal and focus on the energy and resource recovery is driving the market growth. On the other hand, lower sustainability in waste management and low importance towards waste management are restricting market growth. In addition, the rise in the purchase of recyclable products is providing immense opportunities for market growth. The growth of the global waste management market is driven by an increase in the adoption of proactive government measures to reduce illegal dumping.
COVID-19 impacted the waste management industry from the focus of segment shift; as during lockdown, the residential segment generated more amount of waste as compared to industrial and commercial centres, as industries and offices were partially or completely shut. However, reviving economies and resuming production activities along with start of vaccination drives in numerous countries will increase the amount of waste generation and lead to re-initiation of waste recycle industry and waste management companies at their full-scale capacity.
Key Market Trends
Spotlight on the Construction and Demolition waste management systems
At present, Construction and Demolition waste across worldwide is growing healthily whose management involves various activities such as - monitoring, collecting, transporting, recycling and disposing of the waste generated during construction, renovation or demolition of buildings or any other infrastructure. It assists in minimizing and re-using waste materials such as concrete, soil, wood, glass, plastic, cardboard and metal during construction activities. Unlike residential waste, construction and demolition waste materials are inert, heavy and non-biodegradable. Hence, regulatory authorities require commercial facilities for sorting, treating and filtering these materials before they can be re-used or decomposed. Increased construction and demolition activities are catalyzing the demand for the construction and demolition waste management worldwide. Construction and demolition activities produce large amounts of concrete, wood, plastic and metal waste. As improper disposal of these materials results in the emission of GHGs, environmental degradation, and deterioration of the overall health of people, the adoption of construction and demolition waste management practices has been gaining popularity all over the world.
Growth in Global Waste
There is a generation of 2.01 billion tons of municipal solid waste per year at the global level, with at least 33% of that—extremely conservatively—not managed in an environmentally safe manner. Worldwide, waste generated per person per day averages 0.74 kilograms but ranges widely, from 0.11 to 4.54 kilograms. Though they only account for 16 percent of the world’s population, high-income countries generate about 34 percent, or 683 million tons, of the world’s waste.
In many countries, solid waste management operations are a local responsibility, and nearly 70% of countries have established institutions with responsibility for policy development and regulatory oversight in the waste sector. About two-thirds of countries have created targeted legislation and regulations for solid waste management, though enforcement varies drastically.
Global waste is expected to grow to 3.40 billion tons by 2050, greater than double population growth over the same period. Overall, there is a positive correlation between waste generation and income level. Daily per capita waste generation in high-income countries is anticipated to increase by 19% by 2050, compared to low- and middle-income countries, where it is expected to increase by approximately 40% or more. The total quantity of waste generated in low-income countries is expected to increase by greater than three times by 2050.
The global waste management market is highly competitive with many players focused on the innovative technologies to recycle and reuse the waste generated across various industries and households across the globe. There are also several startups coming up in the industry that are continuously focusing on waste reduction following the Zero Waste - 3R (Reduce, Reuse and Recycle) philosophy.
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