by Hazardous waste bags are made from thick and durable plastic materials to safely collect and transport chemicals, medical and industrial waste that pose harm to the environment and human health. These bags provide an efficient and low-cost solution for contained disposal of hazardous products and meet regulatory standards.
The global Hazardous Waste Bag Market is estimated to be valued at US$ 942.2 Million in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing environmental regulations regarding safe disposal of hazardous chemical and medical waste is a key trend shaping the market. Stringent norms by environmental agencies aim to prevent soil, water and air pollution from hazardous substances. This has increased demand for certified hazardous waste bags certified to securely hold contaminated waste during transportation and final treatment. Additionally, increasing generation of industrial hazardous by-products and expansion of the pharmaceutical and chemical industries production capacity is expected to drive the need for hazardous waste containment solutions over the forecast period.
SWOT Analysis
Strength: Hazardous waste bags have high strength and durability to contain hazardous materials safely. They are leak-proof and prevent exposure during handling and transportation.
Weakness: High cost of these specialized bags make it tougher for small waste generators to afford. Strict regulations around hazardous waste disposal also increase compliance costs.
Opportunity: Growing global awareness about safe disposal of industrial and medical wastes is driving demand. Stringent norms in developed nations also mandate proper hazardous waste containment and tracking.
Threats: Availability of cheaper substitutes like drums and IBCs poses competition. Economic slowdowns can decrease waste volumes from manufacturing and healthcare sectors.
Key Takeaways
The global hazardous waste bag market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing regulations around safe waste disposal globally.
Regional analysis: North America dominates currently due to stringent EPA protocols. Asia Pacific is the fastest growing region led by China, due to growing healthcare industry and manufacturing hubs. Countries like India are also imposing stricter norms for hazardous waste tracking.
Key players operating in the hazardous waste bag market are Stericycle, Inc., Clean Harbors, Inc., Veolia Environnement S.A., Waste Management, Inc., SUEZ – Water Technologies & Solutions, Republic Services, Inc., Safety-Kleen Systems, Inc., Heritage-Crystal Clean, LLC, Daniels Health, Sharps Compliance, Inc., Thermo Fisher Scientific Inc., U.S. Ecology, Inc., EnviroSolutions, Inc., Remondis SE & Co. KG, GFL Environmental Inc.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
