London, UK — The global industrial waste recycling and services market is projected to reach USD 232.5 billion by 2020, growing at a CAGR of more than 12, according to Technavio’s latest report. The report covers the market outlook and growth prospects of the global industrial waste recycling and services market for 2016-2020. Based on industry, the global industrial waste recycling and services market is segmented into construction and demolition, mining, metallurgical, oil and gas, agriculture, textile, chemicals, and others.
APAC: largest market for industrial waste recycling and services
In 2015, APAC (Asia Pacific) dominated the market with a 51 percent share, and this dominance is envisaged to continue over the next five years. “This region is expected to witness encouraging growth during the forecast period owing to exponential growth in industrial activities, resulting in the generation of huge amounts of industrial waste,” says Vishu Rai, a lead waste and waste management analyst from Technavio.
The key countries in this region that generate high amounts of industrial waste are South Korea, Japan, and China. This substantial amount of generated waste requires effective processing and disposal to minimize environmental and health hazards. This, in turn, drives the demand for the industrial recycling and services market. However, the lack of government regulations and poor enforcement of recycling processes result in the illegal dumping of waste.
North and South America: Industrial recycling services market 2015-2020
The industrial recycling services market in the Americas was USD 38.7 billion in 2015 and is likely to reach USD 65.1 billion in 2020. This region is expected to grow steadily during the forecast period owing to the widespread awareness among people about the hazardous effects of industrial waste on their health and the environment. Increased awareness leads to increased precautions by organizations to reduce their waste and implement proper recycling processes. In the US, sustainable materials management (SMM) is an initiative by the EPA to identify waste materials and reduce their environmental impact.
Industrial recycling services market in EMEA 2015-2020
In EMEA (Europe Middle East, Africa), the industrial recycling services market is expected to witness moderate growth owing to the increase in government support. For instance, in the UK, the Waste and Resources Action Program (WRAP) supports industries in reducing the amount of waste meant for disposal in landfills or incineration plants. Since 2000, over 800 companies have signed up with WRAP to reduce their waste. This initiative has resulted in 5.5 million tons of waste per year being diverted from landfills. Also, nearly USD 600 million in cost savings per year has been realized by these companies due to recycling.
“With increases in such initiatives by governments, the amount of recycled waste increases. In countries such as Dubai and Kuwait, there are limited resources and a lack of materials, which is driving the need for the proper management and recycling of construction wastes in these countries. The recycling of waste in these countries requires a lot of investment and technology,” says Vishu.
More information on the report are available under technavio.com.
Source: Business Wire