by The Plastic Waste Management Market is estimated to be valued at US$ 35.71 billion in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plastic waste management involves the collection, transportation and processing of plastics that are no longer useful. Common plastic waste management practices include recycling, incineration and landfilling. Recycled plastics are used in the manufacture of an array of products like plastic bottles, insulation materials, plastic bags, containers, transportation parts and others. The growing focus on reducing the environmental impact of plastic waste is promoting the adoption of plastics waste management solutions globally.
Market Dynamics:
The growth of the plastic waste management market is driven by the stringent environmental regulations regarding plastic waste disposal and the rise in awareness about negative impacts of plastic pollution. Various governments across regions are implementing regulations to restrict single-use plastics and promote recyclability and reuse, especially of packaging plastics. For instance, the European Union has introduced directives to ensure that 50% of all plastic packaging waste is recycled by 2025 and 55% is recycled by 2030. Additionally, sustainable business practices adopted by various industries are also fueling the demand for plastic waste recycling services. However, high operational costs associated with plastic waste collection and recycling activities hamper the market growth.
Segment Analysis
The plastic waste management market is segmented on the basis of type into polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyethylene terephthalate (PET), and others. The PP segment dominates the market as PP is used widely in packaging applications such as caps & closures, containers and bottles. It accounts for over 25% of total plastic waste generated globally.
PEST Analysis
Political: Stringent regulations regarding plastic waste disposal and recycling are being enforced by governments worldwide which is driving market growth.
Economic: As plastic waste management provides cost-effective solutions, leveraging recycling can provide significant economic benefits.
Social: Rising awareness about environmental protection and the need for sustainable waste management practices are positively impacting the market.
Technological: Advanced automated sorting and recycling technologies are enabling higher recycling rates and boosting the revenue opportunities in plastic waste processing.
Key Takeaways
The global Plastic Waste Management Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing stringent plastic waste disposal regulations worldwide. Regionally, Asia Pacific market is expected to dominate the market and exhibit the highest CAGR during the forecast period owing to rapid industrialization and rising plastic waste in countries such as China and India. Key players operating in the Plastic Waste Management market are Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa, Covanta Holding Corporation, Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., Cleanaway, Hawkvale Limited, FCC Environment, Rumpke, DS Smith, Hitachi Transport System, Ltd., Marius Pedersen a.s., Environmental Recovery Corporation of PA, Shell, Montello S.p.A., The Shakti Plastic Industries, Daya Charan Company, Thermowaste Solutions, Banyan Sustainable Waste Management Pvt. Ltd., Premium Recycled Plastics, VITAL WASTE, SAMKI GROUP, and 99P Recycling.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
