Waste management is a process of collection, shipping, and disposal of garbage and other waste materials. Waste management involves treating of liquid and solid waste, recycling of useful items such as metals. Further, eight major groups of waste management are animal feeding, reduction, reuse, recycling, fermentation, composting, landfills, land application, and incineration. Apart from this, waste processing builds a healthy environment as this creates a disease-free environment. Also, a well-managed waste reduces the intensity of dangerous greenhouse gases such as carbon-dioxide, methane, and carbon monoxide that is often found in the landfills. Besides, waste management generates employment opportunities and boosts businesses as well.
Forecast Analysis of Waste Management Market
The global waste management market is expected to show tremendous growth in the coming years due to application of government rules and regulations on waste management techniques. For instance, an article published on downtoearth.org.in states that the Indian Union Ministry of Environment, forests, and climate change has made a few changes in plastic handling norms. The ministry has proposed this amendment rules to the plastic waste processors, brand-owners, co-processor, recycler, and many more. Further, the rules state that the thickness of carry bags made up of virgin plastic to 120 microns from 50 microns. Also, these rules includes ban on import, manufacture, stocking, sale, distribution, and use of single-use plastic from 1st January 2022.
Moreover, in April 2021, the Slovenian Government issued a decree on packaging and packaging waste handling, under the environmental protection act. The goal of this decree is to assure high level of environmental protection, reduction, and prevention. Furthermore, this decree outlines rules for usage, production, placement, distribution, and packaging waste management. Apart from this, Research Dive report on global waste management market states that the market is projected to reach $2,319.5 billion during 2020-2027 time period. Moreover, the market is estimated to surge in the Asia-Pacific region in the recent years due to rise in urban population of countries such as China and India, advance infrastructure management, and invocation of waste processing reforms in the area.
Latest Developments in the Market
The well-established participants of the global waste management market are concentrating on exclusive strategies such as constructing product portfolios, mergers and acquisitions of prospering companies, investments in research & development fields, new product declarations, and funding for the upcoming activities and innovations. These tactics are propelling the growth of numerous businesses across the world. For instance, in October 2020, Dow Chemical International Pvt. Ltd, a provider of science based products, declared the launch of its digital waste management platform called Rethink+. This initiative focuses to prevent post-consumer plastic waste from ending up in the landfills by digitally linking waste generators, processors, aggregators, and recyclers.
In addition, in November 2020, coalition of Hindustan Unilever Limited, a consumer goods company and India2022, led by Xynteo, a London based bank, announced tie-up with the Maharashtra Government, India to launch a one year initiative of ‘Waste No More’. This idea provides a digital school curriculum on waste management for students via Diksha app. Moreover, in October 2019, ITC, a MNC, launched the first MLP (multi-layered plastic) recycling and collection initiative in Pune. The company has tied-up with waste pickers like Swach and recyclers such as Shakti Plastic to assure sustainable waste management.
Covid-19 Impact on the Market
The global waste management market is predicted to experience a negative impact during the Covid-19 pandemic due to absence of human resources for efficient management of massive waste. In addition, lockdown scenario worldwide resulted in panic buying of goods and commodities, and rise in the use of single-use products. Moreover, disturbances in labor and acceleration in the quantity of waste is estimated to boost the global waste management market during the coronavirus outbreak.
Future Scope of the Market
Some of the emerging economies such as countries of LAMEA and Asia-Pacific are anticipated to create ample of growth opportunities in the global market. Furthermore, waste management stands as a priority for all the businesses, industries, and countries so as to work towards a safe and green environment. This market not only opens up a new business proposal of waste recycling but also creates employment for all.