The global waste management market size was valued at $1,612.0 billion in 2020, and is expected to reach $2,483.0 billion by 2030, registering a CAGR of 3.4% from 2021 to 2030. Waste management is the collection, transportation and disposable of garbage, sewage, and other waste products. It involves treating solid waste and disposing unwanted products and substances in a safe and efficient manner. Waste management includes all types of waste including solid, liquid, or gas. Waste management deals with municipal, industrial, and hazardous waste. Municipal waste generally refers to residential waste and non-hazardous waste generated in towns and cities. Industrial waste refers to waste generated in industries while production and manufacturing processes. Hazardous waste refers to waste generated in pharmaceuticals, medicals, chemicals, and paint manufacturing industries. Furthermore, major activities performed on waste are its collection and disposal. Collection services refer to collection & transportation, storage & handling, and sorting of waste. Whereas, disposable services refer to segregation of waste into landfills, recycling, compositing, and anaerobic digestion.
Due to lockdown, owing to coronavirus, the waste production drastically declined from industries and commercial sector as industries and offices were partially or completely shut down. However, the municipal waste increased from residential areas. Furthermore, due to decline in manufacturing operations of new goods, led to fall in demand for recyclable material such as rubber and plastic. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-initiation of waste management companies and waste recycles industry at their full-scale capacities.
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