The global market for waste management is estimated to experience a negative growth amid the COVID-19 pandemic. The growth is declining amidst the pandemic times due to shortage of labors, rapid increase in the amount of generated waste, and lack of efficient waste management to handle huge amount of waste generated from municipal, industrial and hazardous segments. Further, hazardous waste production increased from medical and pharmaceutical sectors. The existing waste management system was completely overwhelmed leading to stock piling of waste, inadequate disposal, open dumping, or burning of waste. Also, the recycling of plastic waste slowed down due to perceived risk of COVID-19 transmission and the use of single-use plastics increased rapidly. All these factors have greatly affected the waste management market.
Certain key vendors operating in waste management market, such as Biffa Plc, Clean Harbors Inc. are adopting acquisitions and capacity expansion strategies for staying ahead in the competitive environment. For instance, in March 2021, Biffa Plc, a leading UK-based integrated waste management company, had increased its recycling capacity to further recycle 14,000 tons of HDPE via $15.21 million Washington investment. With this investment the total annual recycling capacity of Biffa Plc increased to 39,000 tons each year.
Waste management is important as it reduces the environmental pollution and 70% of all the generated waste can be recycled into new materials or objects that can be used. This reduces the emission of greenhouse gases and large amount of waste being dumped into the landfill. Also, waste-to-energy process involves generating energy in the form of electricity by heating the waste at high temperatures. This is the renewable source of energy generated from waste. These factors are anticipated to create lucrative investment opportunities during the forecast period.
Global Waste Management Market Analysis
The enormous growth of the global waste management market is mainly attributed to large amount of waste generated due to rapid urbanization, economic growth, and migration of people to urban areas. For instance, stated in the International Finance Corporation which is a part of World Bank Group, the world generates over 2 billion metric tonnes of Municipal Solid Waste (MSW) and by 2050 this amount will increase upto 3.4 billion metric tonnes. These estimates state the importance of effective waste management. The waste generated in developing countries is subjected to poor waste collection methods, insufficient tariffs, and improperly managed dumping sites. With rapid urbanization the developing countries are also focusing on waste management to reduce the environmental and health impact. For instance, as stated in International Journal of Scientific & Technology Research, an international open access journal that focuses on sciences, technology & engineering, on December 12, 2019, the waste management in India focuses on the motto Refuse, Reduce, Reuse and Recycle. This indicates using fewer resources, reusing the products whichever are possible, and recycling the products to generate new materials. All these aspects are estimated to drive the market for waste management and fuel the growth of the market.