Europe and North America are projected to be lucrative markets for polyfluoroalkyl substances (PFAS) waste management, driven by collaborative efforts by industry players to adopt best practices
Wilmington, Delaware, United States, March 16, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Governments in several countries regularly update regulations pertaining to PFAS waste management and disposal methods. Stringent implementation of these regulations has created demand for effective treatment and disposal methods in the polyfluoroalkyl substances (PFAS) waste management market. Strict restrictions on PFAS compounds imposed under Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) and other regulations are likely to increase demand for PFAS waste management services. The polyfluoroalkyl substances (PFAS) waste management market size stood at US$ 1.8 Bn in 2022 and is projected to reach US$ 2.9 Bn by 2031.
R&D of new technologies to recycle PFAS-containing materials is expected to bolster market development. The study on the polyfluoroalkyl substances (PFAS) waste management industry indicates that the incineration process is a popular method of PFAS management. It has emerged as the best demonstrated available technology (BDAT) for PFAS.
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Several regulations are aimed at safe management of hazardous chemicals, which has increased demand for PFAS management services globally. The Stockholm Convention on Persistent Organic Pollutants is a case in point. Clients seek best practices for PFAS waste disposal as recent market trends indicate. Customers are becoming aware of commercial viability of PFAS treatment technologies, which is likely to propel market development.
Key Findings of Study
- Rise in Utilization of Incineration: Incineration is one of the most preferred methods to dispose of PFAS. Advancements in hazardous waste incineration are likely to lead to the adoption of cost-effective incineration methods for a range of PFAS waste. Incineration facilities are preferred due to the fact that large volumes of PFAS waste can be disposed of. The incineration segment held major market share in 2022 in terms of process used to manage PFAS waste. Furthermore, thermal destruction via incineration has been found to be effective to destroy most hazardous constituents of the PFAS waste. Additionally, incineration is a safe and reliable method to dispose of the PFAS waste.
- Surge in Awareness about Potential Risks to Human Health and Environment to Bolster Market Development: All stakeholders in the polyfluoroalkyl substances (PFAS) waste management industry are collaborating to adopt best practices to manage the waste. Many PFASs are found to persist in the environment as the compounds are extensively utilized in wide range of everyday consumer products. An example is perfluorooctanoic acid (PFOA) found in several nonstick cooking and household products. Regulatory agencies are informing stakeholders about the health risks of PFAS-contaminated food in humans and animals. Numerous initiatives to spread awareness about safe management of PFAS waste are expected to bolster market progress. The Human Biomonitoring Initiative (HBM4EU) promotes human biomonitoring in Europe.
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- Increase in efforts by regulatory agencies in several countries are driving utilization of multiple methods to treat and dispose of PFAS waste. This is expected to propel the PFAS waste management market. Countries in Europe and North America have stringent regulations that restrict exposure of numerous common PFAS in the environment.
- Increase in awareness about risks of exposure of perfluorooctane sulfonate (PFOS) and PFOA to human health and the environment is likely to propel R&D in PFAS waste management technologies, and broaden PFAS waste management market outlook
Regional Growth Dynamics
Rapid pace of industrialization is anticipated to drive polyfluoroalkyl substances (PFAS) waste management market development in Asia Pacific. PFASs are used in a number of industrial and consumer products. The market in the region is projected to account for leading share of the global market during the forecast period from 2023 to 2031.
The market in North America and Europe has witnessed substantial growth in terms of revenue in the past few years. The U.S. is a prominent market in North America. Regulatory agencies in the country are updating guidelines to regulate PFAS. For instance, the U.S. Environmental Protection Agency spreads awareness about effective methods to dispose of certain PFAS and PFAS-containing materials. The Centers for Disease Control and Prevention (CDC) is also active in promoting awareness about health impact of PFAS exposure in people through the consumption of PFAS-contaminated water or food.
The European Union is likely to offer significant opportunities to PFAS waste management service providers owing to stringent regulatory actions to address PFAS waste concerns.
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Companies strive to offer wide range of site remediation planning and contaminated land services to clients in order to consolidate position in the polyfluoroalkyl substances (PFAS) waste management market. Several market players are expected to gain market share due to widespread demand for risk assessment and remediation technologies.
Prominent companies in the polyfluoroalkyl substances (PFAS) waste management market are Clean Harbors, Veolia, Eurofins Scientific, Chemviron, Newterra, PerkinElmer, Republic Services, Evoqua Water Technologies, and GHD.
Polyfluoroalkyl Substances (PFAS) Waste Management Market Segmentation
- Perfluorooctane Sulfonate (PFOS)
- Perfluorooctanoic Acid (PFOA)
- Perfluorobutanoic Acid (PFBA)
- Perfluorodecanoic Acid (PFDA)
- Chemical Oxidation
- Municipal Solid Waste
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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