waste material vs waste product

waste material and waste product both are nouns.

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

As nouns, waste material and waste product are synonyms defined as:

waste material and waste product: any materials unused and rejected as worthless or unwanted

Other synonyms of waste material include waste, waste matter.

waste material (noun)	waste product (noun)
any materials unused and rejected as worthless or unwanted	any materials unused and rejected as worthless or unwanted