The global hazardous waste bag market has witness significant growth in recent years owing to increasing production of toxic and hazardous substances from various industrial activities such as chemical manufacturing, oil and gas refineries, pharmaceutical manufacturing and others. Hazardous waste bags are heavy duty bags made up of various materials such as HDPE, LDPE, LLDPE and polypropylene, which are used for packaging, containerization, storage and transportation of hazardous wastes generated from such industrial operations. These bags have high strength and chemical resistance properties to prevent any leakage of toxic contents. Stringent regulations around the world pertaining to hazardous waste handling and disposal have pushed the demand for appropriate packaging of such materials.
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:
One of the key trends in the hazardous waste bag market is the increasing adoption of Radio Frequency Identification (RFID) tags. RFID tags provide real time monitoring of hazardous waste during transportation and storage. They help track the location and other critical parameters of hazardous waste shipments. This enables compliance with regulations and prevent incidents of mishandling or theft. Major players are focusing on integrating RFID technology into their hazardous waste bag product offerings to tap into the benefits and gain an edge over competition. For instance, in 2019 Stericycle partnered with RFID provider RF Code to provide new RFID-enabled hazardous waste tracking solutions to customers across North America and Europe.
- Threat of new entrants: Low, High costs associated with complex waste handling and regulatory requirements create barriers for new entrants.
- Bargaining power of buyers: High, Large buyers can negotiate lower prices due to their high purchase volumes.
- Bargaining power of suppliers: Low, Market has many established suppliers of hazardous waste bags making it difficult for any single supplier to influence prices.
- Threat of new substitutes: Low, No close substitutes exist for purpose-made hazardous waste bags.
- Competitive rivalry: High, Market dominated by few major players resulting in high competition on factors like pricing and innovation.
The global hazardous waste bag market is expected to witness high growth.
Regional analysis: North America dominates the market currently owing to stringent regulations regarding hazardous waste disposal. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising industrialization in countries like China and India.
Key players operating in the hazardous waste bag market are Stericycle, Inc., Waste Management Inc., Clean Harbors Inc., Rethink Waste Ltd., and Suez Environment S.A. Stericycle Inc. is one of the leading players globally, providing comprehensive waste management services. Waste Management Inc. offers sustainable waste and recycling services to millions of customers.