The global waste recycling services market size is expected to reach USD 84.87 billion by 2028 according to a new study by Polaris Market Research. The report “Waste Recycling Services Market Share, Size, Trends, Industry Analysis Report, By Application (Municipal, Industrial, Others); By Product; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global services market will be driven by increasing urbanization, rapid industrialization, and a growing global population. The increasing adoption of environmentally friendly practices and advancement in technologies will provide an opportunity for the market to grow in the coming years.
An enormous amount of garbage is being generated across the globe due to rapid urbanization and industrialization in many parts of the world. Globally nearly 2 billion tons of municipal waste is generated. In the U.S. alone, 292.4 million tons of municipal waste were generated in 2018. India is also significantly contributing to municipal trash due to its large population and rapid economic progress.
The country produces more than 275 million tons, more than 10% of the global waste generated every year. India also has recyclable hazardous industrial waste of 33.5 lakh tons. Nearly 12,000 business entities are involved in the U.S. garbage collection services industry, which shows the increasing popularity of recycling. All these factors have driven the services market to grow in recent years.
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Numerous developments have been taking place in the global industry in recent times. Sanofi Consumer Healthcare entered into a partnership with US-based recycling initiative TerraCycle in April 2021 to make product packaging and aerosol containers produced by Sanofi recyclable. Alibaba and Unilever collaborated to launch an artificial intelligence-powered system in January 2021. The machines that use AI will automatically identify and sort plastic packaging.
The emergence of COVID-19 is expected to hinder the growth of the global services industry due to the lockdown in many parts of the world. The decrease in industrial activity has decreased the generation of industrial sludge. The situation is expected to stabilize with the rapid vaccination programs around the globe that will help in the complete opening up of various economic activities in the coming periods.
Industry participants such as Biffa plc, BioMedical Waste Solutions, LLC, Clean Harbors, Inc, Covanta Holding Corporation, Daiseki Co., Ltd, Eurokey Recycling, Ltd., FCC Environment Limited, Hitachi Zosen Corporation, Northstar Recycling, REMONDIS SE & Co. KG, Republic Services, Stericycle, SUEZ, Triple M Metal LP, Urbaser, Veolia Environnement S.A., Waste Connections, Waste Management, Inc. are some of the key players operating in the global.
Polaris Market Research has segmented the waste recycling services market report on the basis of product, application, and region:
Waste Recycling Services, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Paper & Paperboard
- Bulbs, Batteries & Electronics
- Yard Trimmings
Waste Recycling Services, Application Outlook (Revenue – USD Million, 2016 – 2028)
Waste Recycling Services, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa