Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market Growth Accelerated by Developing Renewable Energy Sector

 

Waste and biomass valorization refer to the process of converting waste and biomass resources, such as municipal solid waste (MSW), agricultural waste and forestry residues into valuable products that include chemicals, materials and fuels through various thermochemical and biochemical processes. The rising awareness regarding sustainable waste management and increasing focus on development of renewable energy have accelerated the production of fuels and materials from waste and biomass. The global Asia (Japan, South Korea, China, India, ASEAN) Waste and Biomass Valorization Market is estimated to be valued at US$ 118.9 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing utilization of biomass and municipal solid waste for energy production in developing renewable energy sector across Asia Pacific countries has been a key market trend. Countries like China, India, Japan, and South Korea are emphasizing on the development of renewable sources of energy to address energy security concerns and mitigate environmental challenges arising from conventional fuel usage. For instance, the Chinese government aims to increase the share of non-fossil fuels in primary energy consumption to around 20% by 2030. This is boosting the adoption of advanced waste to energy technologies for renewable power generation from urban and agricultural waste in the region.

Segment Analysis

The Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market is dominated by the energy recovery segment. Energy recovery being the most viable application for waste-to-energy conversion, utilizes various waste streams like municipal solid waste, biomass, plastic waste etc to generate energy through processes like incineration, pyrolysis and gasification. Municipal solid waste accounts for the largest share within the energy recovery segment. Rapid urbanization and changing consumption patterns in Asia have led to substantial increase in municipal waste generation outpacing existing waste management infrastructure, thereby driving the adoption of waste-to-energy technologies for sustainable waste management.

Key Takeaways

The Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market is expected to witness high growth on account of rising environmental awareness, stringent regulations around waste management and growing need for sustainable alternatives to fossil fuels.

Regional analysis: China dominates the Asia waste and biomass valorization market backed by supportive government policies and initiatives promoting waste-to-energy projects over the last decade. Countries like India and Indonesia are emerging as fast growing markets driven by growing urbanization and industrialization.

Key players: Key players operating in the Asia (Japan, South Korea, China, India, ASEAN) waste and biomass valorization market are Hitachi Zosen Inova, China Everbright, Covanta, Veolia, Suez, Keppel Seghers Belgium NV.

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