February 26, 2024

Increasing Industrialization To Drive The Growth Of The Global Hazardous Waste Bag Market

Hazardous waste bags are specifically designed packaging solutions for waste materials that pose potential risk to health, safety, or environment such as medical waste, chemicals, toxic, and other hazardous byproducts. These bags have high strength, are chemically resistant, and are clearly marked and labeled to easily identify the hazardous contents. They play a vital role in protecting human health and environment during the collection, transfer, transportation, storage, treatment, and disposal of hazardous waste.

The global Hazardous Waste Bag Market is estimated to be valued at US$ 942.2 Mn 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:
Rising generation of hazardous medical waste from healthcare industry due to increasing aging population and growing prevalence of chronic diseases is a major driver of this market. Moreover, rapid industrialization and urbanization in emerging economies is further augmenting the generation of toxic industrial waste which contains heavy metals, solvents, and other hazardous chemicals. Stringent government regulations regarding safe handling and disposal of hazardous waste is also fueling the demand for appropriate packaging such as hazardous waste bags. Various companies are focusing on developing advanced bags using latest materials that provide leakproof and puncture resistant barrier for hazardous contents. Some bags also have printed identification labels, antistatic properties, and tear resistance quality.
Porter’s Analysis

Threat of new entrants: The hazardous waste bag industry requires high investment for plant and machinery and compliance with strict environmental regulations which creates entry barriers for new players.

Bargaining power of buyers: The presence of numerous suppliers in the industry has resulted in low bargaining power of buyers. However, compliance with regulations is non-negotiable for buyers.

Bargaining power of suppliers: The availability of substitutes keeps the suppliers’ power in check. Large buyers can force prices down by playing suppliers against each other.

Threat of new substitutes: Novel technologies for hazardous waste treatment can emerge as substitutes. However, changing existing treatment methods requires huge investments.

Competitive rivalry: The hazardous waste bag industry sees moderate to high competition due to large number of players globally. Players compete on quality, pricing and service offerings.

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 industrial waste generation and stringent regulations for hazardous waste handling.

Regional analysis: North America dominates the hazardous waste bag market currently owing to stringent regulations regarding hazardous waste management and disposal. Asia Pacific is expected to exhibit fastest growth due to rapid industrialization and growing awareness about scientific waste handling in the region.

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. Players compete on offering sustainable and customized solutions as per client’s requirements.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it