scrap vs waste product

scrap and waste product both are nouns.

Word	Noun	Adjective	Verb	Adverb
scrap	Yes	No	Yes	No
waste product	Yes	No	No	No

As nouns, waste product is a hypernym of scrap; that is, waste product is a word with a broader meaning than scrap:

Other hypernyms of scrap include waste, waste material, waste matter.

scrap (noun)	waste product (noun)
the act of fighting; any contest or struggle	any materials unused and rejected as worthless or unwanted
a small piece of something that is left over after the rest has been used
a small fragment of something broken off from the whole
worthless material that is to be disposed of

scrap (verb)	waste product (verb)
make into scrap or refuse
have a disagreement over something
dispose of (something useless or old)