waste product vs waste material

waste product and waste material both are nouns.

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

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

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

Other synonyms of waste product include waste, waste matter.

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