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The traditional model of waste management is changing. Collection methods, waste-to-energy solutions, and innovations are all essential elements directing us to a circular economy model (an economic system aimed at eliminating waste and the continual use of resources). Focus on waste is impacting all companies that produce products, and they all need to consider how they take greater ownership of the waste they produce throughout their production cycle. As populations have grown and urbanization has increased, the work of waste management companies has become increasingly vital. The market size of global waste management is anticipated to grow at a compound annual rate of 5.5 percent from 2020 to 2027, becoming a US$2.34 billion marketplace (go to www.alliedmarketresearch.com/waste-management-market for more information). The market can be broken down into municipal, industrial, and hazardous wastes, where collection and disposal services are provided. The collection services include areas such as storage, handling, and sorting, while disposal services focus on landfills and recycling.

The key mantra of waste management companies should be to take care of the environment by managing and reducing waste (some refer to this as the 3Rs: the reduce, reuse, and recycle approach). Their main objective, assuming a sustainability focus, is to reduce and reuse waste materials wherever possible, thereby avoiding further waste, minimizing pollution, and endorsing recycling. Ideally, they should encourage waste-to-energy development by converting waste to energy when it’s not recyclable. Finally, they need to ensure and promote proper solid waste management, especially when removing and safely managing toxic or environmentally harmful materials like solvents and industrial waste.

However, the continuing introduction of new legislation and regulation will drive new policies that will demand new technologies and products, particularly in helping to achieve net-zero carbon emissions and to protect biodiversity. Governments have played a key role in many OECD (Organization for Economic Co-operation and Development) countries by providing support for waste management investments, including grants, loans, and tax exemptions that support investments made by businesses and specialized producers. But major investments in a range of new technologies will be required, such as chemical recycling and turning residual waste into fuels and chemicals, while new systems of data collection will be needed to monitor the fulfillment of obligations.