May 28, 2024

The Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market is driven by growing environmental concerns

The waste and biomass valorization involves the recovery and processing of waste materials into valuable products and energy resources. This includes organic municipal solid waste, sewage sludge, food waste, agricultural residues, forestry residues and many more. Conversion of waste biomass into renewable fuels, biochemicals and bioenergy through thermal, biological and chemical processing routes helps in reducing reliance on fossil fuels. Countries in Asia such as Japan, China and India have been deploying advanced integrated waste management systems and promoting technologies for converting waste into biogas, biofuels and other valuable by-products. For example, China has implemented projects converting agricultural straw residues into cellulosic ethanol. The global Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market is estimated to be valued at US$ 32.5 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increasing focus on renewable resources utilization: Governments across Asia are focusing on developing a sustainable circular economy by promoting technologies and business models for effective waste management and utilization of renewable biomass resources. Policies are being introduced to encourage private investments in waste-to-energy projects and biorefineries. For example, Japan has set targets to increase waste-derived renewable energy to 30% by 2030.

The increasing focus on renewable resources utilization as highlighted in the market heading is one of the key drivers propelling the growth of Asia waste and biomass valorization market. Governments are promoting policies to leverage available waste resources and develop indigenous renewable energy supply chains.

Segment Analysis

The Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization market is segmented into municipal waste and industrial/agricultural wastes. The municipal waste segment dominates the market as increasing urban population has led to rising waste generation in cities. Effective waste management is the need of the hour to handle growing municipal waste volumes.

PEST Analysis

  • Political: Biomass and waste management policies are being strengthened across Asia to improve waste treatment and encourage energy recovery. Subsidies are provided for valorization projects.
  • Economic: High waste generation rates coupled with economic growth present new business opportunities. Valorization supports the development of green and circular economies.
  • Social: Population density and lack of landfill space drives the need for alternative waste treatment methods. Valorization meets sustainability goals of reducing emissions and producing renewable resources.
  • Technological: Advanced thermal, biological and catalytic valorization techniques are gaining ground. Technologies for energy, fuels and high-value chemicals extraction help maximize resource utilization.

Key Takeaways

The Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization market is projected to grow steadily at a CAGR of 7.8% till 2030.

China dominates regional valorization with the largest waste volumes and continued infrastructure investments in modern facilities. Indian valorization sector is poised for growth on the back of strong policy push and waste management initiatives in major cities.

Key players operating in the Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization market are Veolia, Suez Environment SA, Waste Management Inc., Stericycle Inc., Covanta, REMONDIS SE & Co. Kg, Hitachi Zosen Corporation, Mitsubishi Heavy Industries Environmental & Chemical Engineering Co., Ltd., Kawasaki Heavy Industries, Ltd.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it