A volume-based analysis method to determine the economic value of mixed industrial waste

Abstract

In this study, a new method was introduced to analyze industrial mixed waste based on volume. The method was applied to characterize the composition, quantities, and potential economic value of waste generated in the Biyagama Export Processing Zone (BEPZ). It was observed that the composition of industrial mixed waste varied across different industries and processes using the proposed method. Moreover, the investigation into the potential economic value of industrial mixed waste revealed that most waste categories generated were recyclable materials accounting for approximately 89.4% of the total waste generated. As a result, the expected revenue generated from the waste was estimated to vary from USD 0.47–0.67 million per year. The study emphasized the significance of a volume-based approach for analyzing industrial mixed waste, along with the significant potential economic value that can be derived from proper management and valorization of these waste streams within a framework aligned with the principles of Circular Economy. The method will identify the hidden potential to regenerate resource to an optimum utility and value aligned with principles of circular economy potential considering industrial waste. The outcome would be helpful for decision-making on different alternatives as the opportunity cost of not having alternatives gets revealed as an estimated value.