Hazardous Solid Waste Management – Procurement Best Practices & Sourcing Strategies

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Hazardous Solid Waste Management Market Global Size:

ELINT Market Research’s latest hazardous solid waste management procurement market research report projects a global market size of $403.71 billion in 2021 and $410.57 billion in 2022. Also, it is expected to grow at 1.7% CAGR and reach $429.67 billion by 2025.

Market Definition:

The hazardous solid waste management market focuses on organized management, treatment, and dumping of solid trash, which can prove threatening to both human health and the environment. This solid garbage can be of different types like chemical, industrial, medicine, electronic, construction, and more. Hence, each waste type demands unique management methods like incineration, ground dumping, recycling, gasification, etc.

Major Hazardous Solid Waste Management Market Drivers:

1. Environment Safety Regulations – 

One of the major growth drivers for the hazardous solid waste management market is governmental waste management guidelines and standards to protect the environment. Hence, different worldwide industries are propelled to embrace sustainable approaches to dispose of solid garbage. 

2. Increasing Industrial Processes – 

As industrial activities are increasing on regional and global levels, the requirement for waste management also rising, since these manufactories release vast amounts of solid waste. Thus, effective junk control solutions are required. 

3. Technological Advancements – 

Nowadays, solid waste management companies are adopting intelligent technological methods like recycling, thermal treatment, disposal plans, etc., to minimize the severe impacts of trash on the environment. 

Hazardous Solid Waste Management Market Challenges:

1. Diverse Solid Wastes –

Solid wastes contain materials of multiple types, sizes, and characteristics, which makes their disposal difficult, and imposes a huge challenge among waste handling firms. Thus, waste handlers are required to invest in distinct and specialized kind of trash-handling methods.

2. Scarcity of Proper Waste Treatment Facilities – 

Several worldwide regions face difficulty in solid waste control due to the scarcity of proper treatment infrastructures and disposal sites. Hence, waste controllers experience challenges in the safe handling of hazardous solid garbage.

3. Resistance of Local Communities –

Various local communities resist waste handlers, constructing junk disposal plants near their surroundings, due to their families’ health and safety. Therefore, this is also a prominent challenge for waste dumping companies.

Hazardous Solid Waste Management Market Opportunities:

1. Environment-Friendly Waste Handling Methods – 

The hazardous solid waste management market experiences a great opportunity due to growing environmental safety awareness among people. Consequently, industries are embracing eco-friendly solutions to manage hazardous solid trash. 

2. Recycling Techniques – 

As a vast amount of garbage is released from residential or industrial places, the requirement for recycling and reuse movements also expanding. Thus, waste management firms are investing in the regeneration of particular solid trash, instead of dumping them. 

3. Global Collaborations for Solid Waste Handling –

Worldwide solid waste handling companies are making alliances to solve this massive problem. Therefore, it is an amazing opportunity for the solid waste management market, since these global partnerships will enable the exchange of expertise, the latest dumping techniques, technologies, and more. 

Hazardous Solid Waste Management Market Segmentation:

1. Type of Solid Wastes – 

One of the key segmenting factors for the waste management market is the type of hazardous garbage generated from factories, which includes industrial, chemical, pharmaceutic, electronic, construction, and more. 

2. Distinct Waste Treatment Methods – 

Multiple methods assist in proper solid waste treatment such as incineration, ground dumping, recycling, gasification, and more. Hence, this is another key segmenting factor for the solid waste management market. 

3. Type of End-User Industries – 

Various industries like electronics, construction, machinery, manufacturing, medicine, etc., use effective handling methods for hazardous solid garbage, which they are generating on a daily basis. 

Negotiation Factors in the Hazardous Solid Waste Management Market:

Waste management service providers and their consumers employ prominent negotiation factors to form long-term alliances. These factors include administrative costs, recycling expenses, and rebates. In this context, administrative costs are linked with managerial and functional operations. Further, the recycling expenses are related to the amount of trash that goes through recycling methods. Additionally, rebates imply financial incentives or returns, which waste-handling companies offer to clients to appreciate their efforts for junk treatment. 

Pricing Models in the Hazardous Solid Waste Management Market:

Pricing models assist in forming financial agreements between waste handlers and consumers. The fixed price model helps in setting a pre-decided and fixed cost for trash treatment services. This method provides expenditure-related transparency and predictability to both partakers.

Conversely, the volume-based model helps determine costs depending on the quantity of waste generated. This way, waste handling firms can set pricing structures, according to the actual waste disposal operations, that are performed.

Emerging Engagement Strategies in the Hazardous Solid Waste Management Market:

In the hazardous solid waste management market, the TWM/IWM is a prominent engagement strategy, that works as a comprehensive waste management system in which waste handlers employ recycling, remodeling, and removal operations. Also, this strategy enables customized waste accumulation and disposal functions, depending on clients’  unique needs.

KPIs in the Hazardous Solid Waste Management Market:

The foremost KPI is on-site waste segregation and collection, which helps customers check the garbage segregating capabilities of the waste-handling company. The next KPI is sustainable waste disposal using which consumers try to examine whether waste handlers are employing environment-friendly practices for disposal or not.

Further, an effective waste-treating KPI helps in evaluating a trash control firm’s ability to balance or treat hazardous solids safely. Moreover, regulatory compliance KPI assists in examining whether the waste handlers are adhering to legal environmental protection regulations or not. Additionally, the last KPI is the extent of area coverage, which helps in measuring the reach of waste-controlling companies, it implies that whether they can serve services in diverse geographical regions. 

Buyer Power For Small Contracts in the Solid Waste Management Market:

The buyer power can differ depending on the contract’s size in the hazardous solid waste management market. In this sense, small contracts have $5 to $25 million value and offer moderately lower bargaining power to buyers. Further, larger contracts have $25 million worth and give huge bargaining power to purchasers; so they can add favorable terms, pricing, and type of services in the agreement. 

Maturity Regions in the Hazardous Solid Waste Management Market:

The global hazardous solid waste management market’s high-maturity regions include Austria, Germany, the Netherlands, Japan, the U.S., the UK, and Western Europe, which implies that these countries leading in the waste handling industry and executing vast levels of trash disposal activities. 

On the other hand, the medium market maturity territories include Eastern Europe, Canada, Singapore, and New Zealand, which means these domains are actively developing and putting in a lot of effort In the field of solid waste treatment. 

Contract Period in the Hazardous Solid Waste Management Market:

In the global hazardous solid waste management market, the waste management service providers and their consumers employ an average contract period of 5 years. This extended partnership mentioned in the agreement helps both parties promote strong relations, and also customers can be assured about receiving consistent trash treatment and disposal services.

Leading Suppliers in the Hazardous Solid Waste Management Market:

Some of the leading solid waste management market participants include Geocycle​, DOWA ECO-SYSTEM​, Sembcorp​, Keppel Seghers​, Shanghai Environment Group​, Urbaser​, Veolia​, Cleanaway​, Promotora Ambiental​, CEAMSE​, Foz do Brasil​, Waste Management Inc.​, Republic Services​, Progressive Waste Solutions​, Clean Harbors​, Waste Connections Inc​, Covanta Energy Corporation​, GFL Environmental Inc​, Heritage, DS Smith Recycling​, Renewi​, Tradebe Environmental Services​, Alba​, Saubermacher, FCC​, Indaver​, Remondis.