The global hazardous waste treatment and management market was valued at USD 35.9 billion in 2018 and is expected to reach USD 55.4 billion in 2026, growing at a CAGR of 5.5% during the forecast period.
Governments are taking various initiatives to curb the waste management of hazardous materials. Installation of nuclear disposable facilities, collection of toxic waste and its treatment to recycle into other forms, and various other management methods are some of the measures taken by governments to reduce the impact of hazardous waste on people, and the environment. Due to growing hazardous waste which includes inflammable, explosive, oxidizing, infectious, radioactive, poisonous, reactive or toxic waste; health concerns are reported to increase among humans and animals. The hazardous waste exposes human health to various carcinogenic substances, which as a result makes people vulnerable to various cancers, respiratory problems, and other diseases. According to the French government, 2 kg of radioactive waste is being produced per year per inhabitant. Therefore, governments are making an arrangement by procuring waste disposable techniques and equipment, thus, supporting the hazardous waste treatment and management market across the globe.
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Additionally, regulations by the government agencies are propelling the adoption of waste management techniques. For instance, the Resource Conservation and Recovery Act (RCRA), which is a guideline drafted by USEPA (the United States Environment Protection Agency) has drafted a set of guidelines for the proper management of hazardous and non-hazardous solid waste in the US. The agency has drafted regulations for various hazardous wastes which include academic laboratory waste, cathode ray tube waste, and household hazardous waste, mixed radiological waste, pharmaceutical hazardous waste, polychlorinated biphenyls, and other wastes. Moreover, waste disposable facilities are being developed by governments in various countries for the proper disposal of waste. Additionally, an international organization such as the United Nations is compelling countries to take initiatives to curb the health concerns by hazardous waste.