June 16, 2024

Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market is Estimated to Witness High Growth Owing to Technological Advancements in Waste to Energy Conversion Processes

The Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market is involved in the process of energy recovery from waste and biomass. The waste and biomass considered includes municipal solid waste, agricultural waste, industrial waste, forest residues and Animal waste. Waste and biomass valorization converts waste into usable products like biogas, compost and renewable energy. The process involves collection, sorting and Pretreatment of waste followed by mechanical biological treatment or thermal treatment to produce energy outputs. The growing population and rapid urbanization in Asia have increased the generation of waste requiring proper treatment and disposal. Waste to energy conversion provides a sustainable solution to manage waste while also producing renewable energy.

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 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

Key opportunities in the market include rising focus on renewable energy, government initiatives promoting waste management protocols and growing demand for compost and fertilizers from the agricultural sector. Countries like China, India and ASEAN nations have implemented policies to encourage private participation in waste management projects.

Technological advancements like plasma gasification, pyrolysis and anaerobic digestion processes have improved the efficiency of waste to energy conversion. Countries are increasingly adopting advanced thermal and biological treatment technologies to maximize energy recovery from waste.

Market Drivers
The key driver for the Asia waste and biomass valorization market is strong government support through favorable policies and financial incentives for private players. Renewable purchase obligations mandate energy suppliers to source a certain percentage of supply from renewables. This creates long term contracts and assured offtake for biomass and waste to energy projects. Secondly, growing environmental awareness among public regarding sustainable waste management practices has increased acceptance of waste to energy plants. Thirdly, need for alternative energy sources to reduce dependence on fossil fuels and achieve energy security drives the market.

Challenges in the Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market

The Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market faces numerous challenges. Firstly, concerns around air and water pollution from improper waste management are widespread across the region. Secondly, the low cost of disposing waste in landfills compared to more advanced treatment technologies has slowed adoption of biomass and waste valorization. Thirdly, lack of public awareness about the benefits of waste segregation and valorization hinders growth. Lastly, lack of coordination among municipalities and the private sector for integrated waste management solutions remains a key hurdle.

Current Challenges in the Industry

The Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization industry currently faces several challenges. One major issue is the lack of standardized regulations and policies around waste management across countries in the region. Different rules and definitions of waste types creates ambiguity. Secondly, high initial investments required for setting up modern waste-to-energy and biomass gasification plants deters many smaller players. Thirdly, lack of technical know-how and skilled workforce for operating complex valorization technologies is prevalent. Access to low-cost financing also remains limited for this emerging industry.

SWOT Analysis

Strength: Growing volumes of urban and municipal solid waste in the region present a large and sustainable feedstock. Weakness: Fragmented waste collection systems lead to poor waste segregation. Opportunity: Rising energy demands and environmental awareness is driving the need for alternative energy from waste. Threats: Lower oil prices impact the commercial viability of some biomass energy projects in the short-term.

Geographical Regions

In terms of value, China dominates the Asia waste and biomass valorization market currently holding over 30% share. This is due to the country’s massive population and rapid industrialization leading to huge waste volumes. Japan is another major market led by stringent recycling laws and space constraints forcing waste diversion.

Fastest Growing Region

The ASEAN region comprising of Indonesia, Thailand, Malaysia, Philippines and Vietnam is projected to be the fastest growing market during the forecast period. This is because of fast GDP growth, ongoing urbanization and government initiatives to adopt integrated sustainable waste management practices in these nations. Rapid industrial and economic expansion will fuel the need for waste-to-energy solutions.

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1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it