toxic waste vs waste product

toxic waste and waste product both are nouns.

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

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

toxic waste: poisonous waste materials; can cause injury (especially by chemical means)
waste product: any materials unused and rejected as worthless or unwanted

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

toxic waste (noun)	waste product (noun)
poisonous waste materials; can cause injury (especially by chemical means)	any materials unused and rejected as worthless or unwanted