The global Waste Management Market size is expected to grow from an estimated USD 423.4 billion in 2021 to USD 542.7 billion by 2026, at a CAGR of 5.1%, during the forecast period. The key drivers for the waste management market include stringent regulations of governments worldwide for better management of waste and initiate environmental protection; strong focus of several governments to conduct awareness programs showcasing importance of waste segregation and waste management; technological advances and shortened life cycle of electronic products help in increasing e-waste.
The e-waste segment is the leading market by waste type in the waste management market
E-waste contains several toxic additives or hazardous substances, such as mercury, brominated flame retardants (BFRs), and chlorofluorocarbons (CFCs), or hydrochlorofluorocarbons (HCFCs). The increasing levels of e-waste, low collection crates, non-environmentally sound disposal, and treatment of this waste pose significant risks to the environment and even human health. Improper management of e-waste also contributes to global warming. At first, if the materials in e-waste are not recycled, they cannot substitute primary raw materials and reduce greenhouse gas emissions from extraction and refinement of primary raw materials. Next, refrigerants that are found in some temperature change equipment create greenhouse gases. A total of 98 Mt of CO2 equivalents were released into the atmosphere from discarded fridges and air-conditioners that were not managed in an environmentally sound manner.
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The landfill segment is expected to be the largest market by service type in waste management market
Modern landfills are well-engineered and managed facilities for the disposal of solid waste. Landfills are designed, located, operated, and monitored to ensure compliance with stated regulations. They are also designed to protect the environment from contaminants, which may be present in the waste stream. Landfills cannot be built in environmentally sensitive areas, and they are placed using on-site environmental monitoring systems. These monitoring systems check for any sign of groundwater contamination and landfill gas. Landfills have a stringent design, operation, and closure requirements established under the Resource Conservation and Recovery Act (RCRA).
The residential segment is expected to be the largest segment by end user in waste management market
The residential segment held the largest share of the waste management market, by end user in 2020. Waste collected from single- and multi-family dwellings comes under this category. Discarded plastic bags, consumer durables, fast-moving consumer goods (FMCG) products, toys, e-waste products, household hazardous wastes, and other packaging materials collectively represent the waste generated by households. Also, increasing disposable income and shifting the preference of consumers toward e-shopping have significantly raised the quantity of plastic waste generated by the residential sector.
Residents from large housing units such as apartment complexes are more diligent about separating wastes before disposal than residents in areas of individual houses. According to the Government of Korea, wastes such as paper, waste metals, cans, and bottles, which are discarded separately for recycling purposes, are thoroughly treated by recycling agencies from the private sector. These agencies usually recycle 30–50% of the total volumes of these goods. Only 13% of plastics are collected due to the lack of plastic recycling facilities. Recyclable plastics are therefore stocked in collection sites of local governments and Korea Resource Recovery and Reutilization Corporation.
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Asia Pacific held the largest share of the waste management market in 2020
Asia Pacific has been segmented into countries like Japan, China, India, South Korea, Australia, and Rest of Asia Pacific. Rest of Asia Pacific majorly includes of Malaysia, Singapore, Indonesia, and Thailand. The shift of the Asia Pacific population from rural to urban areas is expected to result in a rapid increase in solid waste generation. The total population in Asia Pacific is expected to reach 5.1 billion by 2050, out of which the urban population is projected to account for at least a 64.0% share.