Plastic Waste Management Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Plastic Waste Management Market Research Report, Service & Equipment , Polymer, Source , End-Use Sector and Region – Forecast till 2030” the market is projected to be worth USD 48.13 billion by 2030, registering a CAGR of 3.57% during the forecast period (2022 – 2030), The market was valued at USD 33.85 billion in 2022.
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Some of the key players in the worldwide plastic waste management market profiled are –
- Waste Management Inc. (U.S.)
- Veolia Environnement S.A. (France)
- SUEZ Environnement Company (France)
- Republic Services Inc. (U.S.)
- Stericycle Inc. (U.S.)
- Clean Harbors Inc. (U.S.)
- ADS Waste Holdings Inc. (U.S.)
- Remondis SE & Co. KG (Germany)
- Hawkvale Limited (UK)
- Hahn Plastics Limited (UK)
- Progressive Waste Solutions Ltd. (Canada)
- Luxus Limited (U.K.)
- Covanta Holding Corporation (U.S.)
- PLASgran Ltd. (U.K.)
- and United Plastic Recycling Inc. (U.S.).
Increased Awareness of Environmental Hazards
Plastic has become an essential part of daily life, with the majority of things consumed being manufactured or packaged in plastic material. Plastic waste is non-biodegradable and can cause massive ecological disasters. The entire globe generates a vast amount of plastic waste, most of which comes from households and industries such as packaging, automobiles, electronics, construction, and agriculture. Advanced technologies and systems for reprocessing, sorting, and collecting recyclable plastics are opening up new options in compliance with public health, industrial, economic, and preservation principles. Factors such as rising urbanization, industrialization, and increased awareness of environmental hazards are propelling the worldwide plastic waste management market forward. The numerous laws and regulations implemented by governments serve as a significant growth factor for the market. Furthermore, government initiatives for recycling plastic materials, as well as increased awareness about plastic waste disposal, are pushing the market.
Plastic recycling is a critical need in society since it not only protects energy recovery but also reduces the carbon footprint. For every ton of recycled plastic, around seven yards of landfill space may be saved, and nearly 80% of energy can be saved for the manufacturing of brand new plastic material. Plastic is relatively inexpensive and adaptable; recycled plastic is used to make a wide variety of products such as carpets, garbage bags, clothes, films, bottles, and containers. This plastic recycling procedure is being expanded in order to boost the plastic waste management market over the forecast period.
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The global plastic waste management industry has been segmented based on service & equipment, polymer, source, and end-user sectors.
Based on the service & equipment, the global plastic waste management market has been segmented into collection, recycling, incineration, and disposal. Recycling is estimated to dominate the plastic waste management market over the review period. The numerous benefits of recycling with a growing government initiative to promote recycling are propelling the growth of this segment.
Based on the polymer, the global plastic waste management market has been segmented into polypropylene (PP), polyvinyl chloride (PVC), low-density polyethylene (LDPE), high-density polyethylene (HDPE), and others. Polypropylene led the market in 2016 and is projected to be the fastest-growing polymer segment in the global plastic waste management market. Polypropylene holds the biggest share of the global plastic market due to its high availability and cheap cost.
Based on the source, the global plastic waste management market has been segmented into residential, commercial, and industrial. The residential segment led the product segment in 2016 and is anticipated to witness phenomenal growth over the review period. The dominant position of the segment is due to the increase in urbanization coupled with residential waste.
Based on the end-use sector, the global plastic waste management market has been segmented into packaging, building & construction, textile & clothing, automobile, and others. The packaging segment led the market with the highest share in 2016 and is projected to grow at the highest CAGR over the forecast period due to a wide range of applications of the plastic material in the packaging industry, which needs to recycle further after primary application.
North America and Europe to Dominate the Global Market
Plastic waste management is widely implemented in North America and Europe as a result of supportive policies and increased public awareness about the dangers of plastic waste. Increased recycling rates are predicted to give an ideal opportunity for new emerging economy activities and the creation of new jobs around the world. Furthermore, it is projected to enhance plastic waste management, minimize the usage of fossil fuels, and reduce greenhouse gas emissions.
APAC to Witness Steady Growth
The Asia Pacific currently experiencing steady growth due to unawareness and reluctance among the government to promote and implement waste management; nevertheless, few emerging economies such as China, Japan, South Korea, and India are currently promoting several beneficial programs to spread awareness among the population concerning hygiene, healthcare, and benefits of waste management.
Segmentation of Market covered in the research:
Plastic Waste Management Market Information: by Service & Equipment (Collection, Recycling, Incineration, Disposal), Polymer (PP, LDPE, HDPE), Source (Commercial, Residential, Industrial), End-Use Sector (Packaging, Construction, Textile) and by Region – Global Forecast to 2028
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