by Waste and biomass can be converted into various value-added products such as biofuels, biochemicals, and biosyngas through waste and biomass valorization processes. The waste and biomass valorization technologies provides sustainable alternatives to manage municipal solid wastes and agricultural residues in efficient way. The global Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market is estimated to be valued at US$ 34 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 key trends:
Increasing environmental concerns towards waste management in Asia
Countries in Asia such as China, India and countries of ASEAN are facing drastic environmental issues related to improper waste management practices. Piling up of municipal solid wastes at landfills and dumping sites have become serious environmental hazards. Growing awareness among people and governments regarding consequences of improper waste disposal is driving demand for sustainable waste management solutions in the region. Waste and biomass valorization technologies helps in effectively managing biodegradable wastes and producing renewable fuels, which is contributing to the growth of Asia waste and biomass valorization market.
SWOT Analysis
Strength: The Asia (Japan, South Korea, China, India, ASEAN) region generates a large amount of waste and biomass resources which provides abundance of raw materials.
Weakness: Lack of proper waste segregation and collection infrastructure in some parts of Asia leads to inefficient utilization of resources.
Opportunity: Government policies and initiatives focusing on renewable energy and circular economy provide an encouraging environment for waste and biomass valorization projects.
Threats: Fluctuations in raw material prices and availability can impact project feasibility. Strict environmental regulations increase compliance costs.
Key Takeaways
The Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market is expected to witness high growth.
With rapidly growing economies and population, the region generates vast quantities of municipal solid waste and agricultural/forestry residues annually. China alone accounts for over 50% of the market currently due to the size of its domestic waste streams and active push for alternative energy under its renewable portfolio goals. Other high potential markets include India, Indonesia and Vietnam driven by support for waste-to-energy and biomass power projects.
Key players operating in the Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market are Hitachi Zosen Inova, Mitshubishi, China Everbright, Tianren, and ThermoChem Recovery International. These companies have a large presence across Asia and are involved in developing various waste and biomass treatment technologies as well as building and operating related projects. While China and Japan currently lead with an established industry, other Southeast Asian markets are witnessing increased investment from global players to tap the opportunities arising from their “waste-to-wealth” agendas.
