According to Precedence Research, the global plastic waste management market size is predicted to surpass around US$ 59.24 billion by 2030 from valued at US$ 36.96 billion in 2021, growing at a CAGR of 5.4% from 2022 to 2030.
The global plastic waste management market is growing due to extraordinary characteristics and wide applications. The plastic is very harmful for the environmental and ecological perspective. The plastic waste cannot be decomposed easily. This results into rise in global warming and also releases greenhouse gases.
The plastic waste management refers to methods and techniques for reprocessing plastic trash rather than dumping it in landfills or waterways or otherwise contaminating the environment. The reduced use of virgin plastic in product manufacturing is an important factor encouraging plastic waste management.
Over the projected period, the plastic waste management market is expected to be driven by rapid industrialization, expanding urbanization, and growing concern about the environmental impact of incorrect plastic waste management. The major market players in the plastic waste management market are utilizing advanced technologies for the management of plastic waste. The government guidelines for cleanliness and hygiene are also paving way for the growth of the global plastic waste management market. For instance, Indian government introduced the cleanliness program called as ‘Swachh Bharat Abhiyan’. Under this program, it has been observed that the plastic litter and garbage has been reduced over the decade.
Furthermore, the strict guidelines imposed by government against oil and gas industries, is boosting the growth of the global plastic waste management market. These strict guidelines help to reduce plastic waste from factories. This is also leading in decline of global warming all around the globe.
Future of Plastic waste management Market
The enduser demand for a higher percentage of reused plastic in containers is expected to aid the growth of the plastic waste management market over the forecast period. The usage of reused content in bundling reduces the bundle's natural appearance while increasing reusability. With a growing preference for reused plastic, interest in reused plastic is expected to grow, propelling the global plastic waste management industry. As part of their new cost-cutting strategy, some food and beverage companies are focusing on increasing the amount of reused plastic in their containers. One of the important patterns noticed in the global plastic waste management industry is the use of plastic garbage for street improvement.
COVID-19 Impact Analysis:
- The outbreak of COVID-19 had a substantial impact on global plastic waste management market growth.
- Due to supply chain interruption, the year-on-year growth rate is expected to be lower this year than in previous years.
- As a result, the plastic waste management market is likely to develop at a slower rate this year.
Key Developments in the Marketplace:
- In July 2019, SUEZ opened a packaging sorting plant in Germany, Europe. It is Europe's most advanced package sorting plant. Germany's waste management systems are expected to improve as a result of this development.
- In May 2019, LC Packaging and Veolia Netherlands struck a strategic partnership to minimize flexible packaging waste globally.
- In June 2021, Biffa PLC bought Green Circle Polymers' only post-consumer plastic recycling operation in Scotland. The strategic purchase was undertaken in order to help the corporation accomplish its 2030 goal of boosting plastic recycling capacity.
- In May 2021, UPS Healthcare and Stericycle established a partnership to offer medical waste sorting and disposal services. Both companies think that by working together, they will be able to protect people's health while simultaneously contributing to the circular economy of plastic.
Market Segmentation
By Service
- Collection
- Recycling
- Incineration
- Landfills
By Polymer
- Polypropylene
- Low density polyethylene
- High density polyethylene
- Polyvinyl chloride
- Terephthalate
- Others
By Source
- Residential
- Commercial
- Industrial
By End Use
- Packaging
- Textile
- Consumer product
- Transportation
- Building & construction
- Electrical & electronics
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Source: https://www.globenewswire.com/
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