Industrial waste includes various byproducts produced by industrial activities. These products include paints, chemical solvents, metals, sand paper, paper products and most importantly, radioactive waste products. Management of industrial waste involves prevention, generation, monitoring, characterization, handling, reuse, treatment, and residual disposition of these products. Most countries use traditional methods of waste management when it comes to industrial byproducts. Although these methods are cheap, they are dangerous considering the toxic nature of different types of products. Industrial waste management market provides a variety of solutions suitable for different needs, which make them essential and unique in their own right.
Segments in IWM Market
The global industrial waste management market is segmented on the basis of the types of services provided by this industry. These services include collection and recycling of the waste, landfill and incineration. Major geographic regions are also analyzed in order to understand the demand patterns, growth factors, current trends and threats to the industry. Based on geography, the market is segmented into the Americas, Asia Pacific, Middle East and Africa, and Europe. Analyze of all these segments provide competitive outlook towards the global industry and also makes the businesses aware about the growth prospects, in terms of revenue channels, expansion opportunities and introduction to innovative products.
Trends, Drivers and Forecasts
According to the expert researchers, the global industrial waste management market is driven by the rising demand, which is mainly triggered by the increasing industrial activities, growth of industrial region in the emerging markets like Asia Pacific, Middle East, Latin America and Africa. Growth in the rate of urbanization and growing waste products is also contributing to the demand for the waste management solutions. Governmental concerns towards green living and projected adverse effects of toxic and radioactive products are also triggering the demand in the market. Technological advancements in the industry also play a vital role, which is contributing to the growing applications of these methods to manage all kinds of industrial byproducts.
The industrial waste management market is set to grow at a projected CAGR 8.9% from 2014, to reach $685.0 billion by the end of the year 2019. According to the experts, the industry was poised at $398.6 billion back in the year 2013. Based on the size of the industry, Asia Pacific was dominating the global market, which was followed by Europe and the Americas. Asia Pacific is projected to dominate the global market during the forecasting period as well. This dominance is attributed to the growth in the industrialization, urbanization and innovative techniques available in the industrial waste management industry. Potential as well as established businesses are looking for expansion across the emerging markets, which will create strong growth prospects for the global market.
