According to a report from Transparency Market Research, the industrial waste management market is expected to be valued at R16 trillion by the end of 2031.

The report further states that the market is expected to expand at a compound annual growth rate (CAGR) of 10.4% from 2021 through 2031.

The growth of the market is reportedly due to technology and advancing processes in the industry and the growing awareness of the impacts of industrial waste in emerging markets.

Industrial waste refers to solid, liquid, and gaseous waste generated from the construction, chemical, mining, agriculture, oil, and gas industries. According to the report, the growing industrialisation impacts of such waste will increase.

The Transparency Market Research asserts that the increase could prompt more providers to penetrate the market while incentives and government regulations and support will also encourage growth.

The demand for energy will increase potential waste in coal, oil and gas, and nuclear industries the report states.

The report emphasises that while Europe and North America have strict regulations on the collection, recycling, landfill, and incineration of industrial waste, countries such as India and China are starting to shift toward sustainable industrial waste practices.

However, some underdeveloped countries in the Middle East, Africa, and Latin America are lagging with regulations and management.