April 22, 2024

The Rising “Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market” Driven by Stringent Government Regulations on Waste Management

The Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market involves converting waste into useful products and energy. It helps reduce landfill waste and pollution from improper waste disposal. The process involves collecting municipal solid waste, agricultural residue, sewage sludge and industrial waste to produce renewable fuels, heat, power and chemicals through various thermal, biological and physicochemical conversion techniques. The growing population and rapid urbanization in Asia has led to a surge in waste generation, putting pressure on governments to develop sustainable waste management solutions.

The global Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market is estimated to be valued at US$ 36.84 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market are Hitachi Zosen Corporation, Mitsubishi Heavy Industries Engineering, Ltd., Sumitomo Corporation, Suez Asia, China Everbright International Limited, Beijing Enterprises Water Group Limited, EnviTec Biogas AG, Green Eco-Manufacturer Co., Ltd., LG Chem (South Korea), Hanwha Solutions, GAIL (India) Limited, Thermax Limited, Ramky Enviro Engineers Limited (India), Sime Darby Berhad, PTT Public Company Limited. There is immense opportunity for companies involved in technologies like waste-to-energy, biogas production, agricultural and forest residue conversion. Many Asian countries are encouraging private participation in waste management projects through various incentives. The market is also witnessing aggressive expansion strategies by global players tapping into opportunities across Japan, South Korea, China, India and ASEAN nations.

Stringent government regulations regarding waste management and landfill diversion targets are major drivers for the Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market. Countries like India, China, Indonesia and Vietnam have introduced regulations banning waste disposal in landfills or rivers and set minimum waste diversion requirements. This is prompting local authorities to implement advanced waste treatment facilities. Government subsidies for new projects and feed-in-tariffs for renewable energy also encourage the development of waste-to-energy and waste-derived fuel production plants. Growing societal awareness about environmental protection has increased the impetus on scientific waste handling.

PEST ANALYSIS

  • Political: Changes in government policies and regulations especially those related to environment protection and waste management can have a significant impact on this market. Some countries are focusing more on renewable energy generation which benefits the growth.
  • Economic: Risin GDP and disposable income levels in economies like China and India is driving more waste generation which needs proper treatment and management. Economic growth results in higher industrial production and urbanization leading to more waste.
  • Social: Rising awareness among public regarding environment protection and focus on sustainability is prompting more waste segregation and its proper treatment. People are willing to pay higher costs for scientifically managed waste disposal systems.
  • Technological: Advanced technologies for converting waste into useful outputs like biogas, fertilizers etc. are helping increase revenues for plant operators. Technologies like IoT enable remote monitoring of systems helping improve efficiencies. Developments in renewable energy also support the growth of this market.

The market in terms of value is highly concentrated in East Asia led by China, Japan and South Korea. China dominates with over 40% market share owing to its large population and rapid industrialization resulting in massive waste generation. These countries have stringent policies regarding waste treatment along with availability of advanced technologies driving higher adoption of waste to energy plants.

The fastest growing region for this market is expected to be Southeast Asia led by countries like Indonesia, Vietnam, Philippines and Thailand. The ASEAN region is witnessing strong economic growth and rising urbanization prompting the need for proper waste management systems. Also, supportive government policies and incentives regarding renewable energy promotion are fueling new project setups in the biomass and biogas sectors across Southeast Asian nations.