ALBANY, New York, March 30, 2020 /PRNewswire/ -- Threat of chemical weapons is constantly lurking over various countries across the globe. The effective counter measure for such affects is the implementation effective hazardous waste management system around oil and gas refineries. Owing to these demands, the global hazardous waste management market is expected to grow substantially in the forecast period of 2019 to 2027, says a recent report by Transparency Market Research. As per the report, the hazardous waste management market is projected to experience 5% CAGR during the tenure. Moreover, the market is also anticipated to reach to the value of ~US$ 19.3 Bn by the end of 2027.
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Major Finding from Hazardous Waste Management Market Study
- The chemical segment under wastes category held a significant share of the global hazardous waste management market in 2018. Investments in the global chemical industry have been increasing over the last few years. According to the International Council of Chemical Associations (ICCA), the chemical industry's contribution to global GDP was valued at US$ 5.7 Tn in 2017.
- Among the disposal methods, the deep well injection segment held a leading share of the global hazardous waste management market in 2018.
- The solid segment under physical state category accounted for a major share of the global hazardous waste management market in 2018 and is expected to continue its dominance in coming years from 2019 to 2027.
Explore the latest study on global hazardous waste management market under the title: Hazardous Waste Management Market (Physical State: Solid, Liquid, and Sludge; Waste: Nuclear, Chemical, Biomedical (Infectious and Radioactive), Explosive, Flammable, and Others; Chemical Composition: Organic and Inorganic; Treatment: Physical & Chemical, Thermal, and Biological; and Disposal Method: Deep Well Injection, Detonation, Engineered Storage, Land Burial, and Ocean Dumping) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/hazardous-waste-management-market.html
Major Drivers Propelling the Growth of Global Hazardous Waste Management Market
- Several government organizations such as the Food and Drug Administration (FDA), Environment Protection Agency (EPA), and Drug Enforcement Administration (DEA) are consistently working toward the proper management of waste in order to ensure safety from hazardous medical, chemical, and radioactive wastes. Several non-government organizations (NGOs) and community-based organizations (CBOs) are stepping in to help hospitals and other healthcare facilities in the collection, recycle, and disposal of medical waste.
- Increase in R&D activities, rise in the number of patients suffering from chronic diseases, and rapid growth of healthcare and pharmaceutical industries worldwide are factors likely to fuel the demand for the collection of medical wastes from large as well as small medical waste generators across the globe in the near future. Statistics from a study conducted by the University of Leeds in 2015 indicate that, the U.S. produces an average of 8.4 kilogram/bed/day of medical wastes. This is the maximum rate of hospital medical waste generation across the world. These factors are expected to propel the global hazardous waste management market during the forecast period.
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Major Challenges Impeding the Growth of Global Hazardous Waste Management Market
The report on global hazardous waste management market by Transparency Market Research not just enlightens the readers with positive aspects of the market. It also helps them to cautiously monitor the challenges that might impede their personal growth. With the help of these insights, the players can deduce certain strategies that might help them withstand the impacts that these challenges might put in front of players of global hazardous waste management market.
Global Hazardous Waste Management Market: Regional Analysis
The hazardous waste management market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period. Asia Pacific is the leading generator of wastes across the globe. Increase in the prevalence of diseases, growth of chemical and nuclear industries, and initiatives taken by governments regarding the management of hazardous waste are expected to boost the hazardous waste management market in Asia Pacific during the forecast period.
The global hazardous waste management market is highly competitive and moderately fragmented. This nature of the market is the result of the presence of a handful of prominent players that are dominating the dynamics of the market. However, due to this scenario, the new players might find it difficult to enter the global hazardous waste management market.
Analyze Hazardous Waste Management Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Therefore, these players are indulging in strategies such as mergers and collaborations to acquire adequate resources that can help them gain sustainability in the global hazardous waste management market.
The global hazardous waste management market is segmented on the basis of:
Hazardous Waste Management Market by Physical State
Hazardous Waste Management Market by Waste
Hazardous Waste Management Market by Chemical Composition
Hazardous Waste Management Market by Treatment
- Physical & Chemical
Hazardous Waste Management Market by Disposal Method
- Deep Well Injection
- Engineered Storage
- Land Burial
- Ocean Dumping
Hazardous Waste Management Market by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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