Construction Waste Management Market Worth USD 542.7 Billion by 2028 at 5.1% CAGR - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Construction Waste Management Market Insights and Industry Analysis by Waste Type (Hazardous and Non-Hazardous), Application (Residential and Non-Residential), Waste Management Process (Job Site Sorting, Collection & Hauling, Tipping, Sorting, Containerization, Transport & Disposal and others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2028
New York, USA, June 08, 2022 (GLOBE NEWSWIRE) -- Construction Waste Management Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Construction Waste Management Market Information by Application and Region - Forecast till 2028”, the market is estimated to grow at a 5.1% CAGR to reach USD 542.7 Billion by 2028.
Market Synopsis
Construction waste is waste produced post-construction, and then disposed of, regardless of whether it has been stockpiled or processed. Construction is the core of every demand, i.e., energy, material, and water, but it also leads to waste. This waste resulting from the construction, disposal, and maintenance phases of a building, is known as construction and demolition waste.
The construction waste management market covers managing waste from demolished structures, construction, and repair of flyovers, bridges, and roads, as well as renovations in the real estate sector. The World Bank in 2015 said that worldwide, cities produce a total of 2.4 billion tons of waste annually. This colossal volume will continue to rise up to 3.2 billion tons each year until 2025. Building materials account for more than half of the total solid waste produced every year across the world.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Application and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Growth of their construction and real-estate industries
Rising economy and rapid growth in industrialization
Market Competitive Landscape:
The important vendors in the construction waste management industry include
WM Intellectual Property Holdings
L.L.C. Inc.
Republic Services
IEISL
Krause Manufacturing Inc.
Kajima Corporation
Market USP Covered:
Market Drivers:
The utilization of recycled construction raw materials has gained immense popularity among renowned construction and building developers. These materials provide numerous benefits, such as eco-friendliness, cost-effectiveness, higher flexibility in procurement, and easy availability. Industry experts say that recycled coarse concrete help bring down the costs incurred for conventional construction. Therefore, the cost-effectiveness advantage of recycling is sparking the interest of a lot of consumers.
The fast urbanization rate is giving rise to a number of infrastructure activities, thereby bridging the supply and demand gap. Several vendors working on providing recycling machines at an affordable price to the customers in various regions, enhancing recycled waste in multiple construction projects.
The extensive deployment of artificial intelligence technology, as well as IoT-based devices within the construction industry, is offering a host of lucrative opportunities to the players. The surging use of AI-based robots in sorting and segregating debris to offer high-value and high purity materials from mixed construction will favor the market. The expanding application range of AI integrated recycling facilities, IoT-based devices, and robotic technology are emerging as significant trends in the worldwide market. To illustrate, Eberhard Group (Switzerland) has planned to invest substantially in the development and use of AI-based intelligent robots for recovering mixed construction waste at a notable rate of 200 tons per hour.
Market Restraints:
The management and recovery of waste is a challenging task to be carried out in a sustainable manner owing to illegal dumping as well as resource hoarding. To eliminate incorrect and unlawful trash disposal, various government bodies are establishing strict regulations and laws. Owing to data shortages along with poor data management techniques, it is tough to review the whole magnitude of illegal dumping. Estimates confirm that Australia, in 2017, spent over USD 65 million to manage and monitor illegal dumping activities. This is proving to be a very expensive method and can, therefore, arise as a significant challenge for the players in the years to come.
The construction waste management industry has been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth. Also, the emergence of vaccines for the novel coronavirus and the reopening of several recycling units worldwide would result in the re-initiation of the construction waste management market at its full-scale capacity.
Market Segmentation
By Waste Type
Building material wastes, hazardous waste, dredging material waste as well as non-hazardous waste are the key waste types are the segments covered in the study.
By Application
Residential as well as non-residential are the application-based segments in the report.
By Waste Management Process
Depending on waste management process, collection and hauling, job site sorting, sorting, tipping, transport and disposal, and containerization are the major segments.
The APAC market is the global leader, owing to the mounting awareness among government and public agencies regarding recycling as well as reusing waste materials. The emergence and use of innovative waste recycling solutions will also offer lucrative opportunities to the players in the years ahead. Thanks to the surging number of opportunities, numerous construction waste recycling firms are adopting strategies like acquisitions, business expansion, partnership, and joint ventures to provide improved services and gain an upper hand in the market.
The government in the US, owing to the rising environmental concerns, has introduced strict regulations to bring down the illegal disposal of construction waste materials. This is one of the many reasons for North America’s relentless growth in the worldwide market. Other than this, NGOs in the region are actively backing the government’s efforts to propagate awareness regarding the toxic impact of expanding waste volume. The establishment of green buildings will be a huge growth-inducing factor as well. such buildings have effective waste management systems that use several environmentally responsible and resource-efficient all throughout the building’s lifecycle.
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