Plastic Waste Management Market

Plastic Waste Management Market size reached USD 35.4 billion in 2022 and is estimated to reach USD 46.6 billion in 2030 and the market is estimated to grow at a CAGR of 3.5% from 2023-2030.

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Plastic Waste Management Market Key Drivers

The global plastic waste management market is becoming more mainstream thanks to the stringent policies & regulations enforced by the governments to effectively manage plastic waste material, followed by the rising concerns related to the harmful effects of plastics caused to the environment. The growing level of carbon emission rate is encouraging the adoption of plastic waste management services to minimize the impact of plastics on the environment. The emerging need for proper disposable management of plastic waste is forecast to expand the market growth. The growing adoption of advanced technologies and norms used for arranging, reprocessing and assortment of recyclable plastics will pave the way for market. Furthermore, laws and guidelines enforced by the government and related agencies across the countries for plastic waste disposal management are anticipated to drive the market over the forecast period.

Additionally, the rapid urbanization, increasing population rate, and the growing penetration of the industries, especially in the developing economies such as China and India, is further accelerating the demand of the market in the coming years. The rising research & development activities and an increase in the technological advancements in the process of plastic waste management are leading to more efficient recycling of the plastics. In parallel, the rising pandemic of COVID-19 is resulting in the high use of plastics due to the increasing number of online fast food orders. The people are becoming more aware of the benefits associated with the use of plastic waste management methods, which in turn, is inclining the consumers to use recycled plastic rather than using conventional plastic. On the other hand, the lack of proper infrastructure for the plastic waste collection & segregation and high cost associated with the recycling of plastics are the two factors that will hamper the growth of the market. Moreover, the need for a skilled and highly motivated laborers to process the waste increases the operating costs and impacts profit margins, hindering the market growth.

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Polymer Type – Segment Analysis

Based on the polymer type, the Polypropylene (PP) segment is expected to increase at a higher CAGR during the forecast period owing to the increasing adoption of this polymer for the production of plastic driven by its exceptional properties including good chemical resistance across a diversified range of acids & bases, high flexural strength, resistance to moisture along with its reduced cost and enhanced impact strength. Moreover, the low cost, easy availability and ability to adapt numerous fabrication techniques makes it suitable for household and industrial applications, which will bolster the segment’s growth.The remarkable performance properties have augmented the adoption of polyethylene across various end-use industries like packaging, construction, and electronics, supporting the polyethylene polymer type.

End-Use Application – Segment Analysis

Based on the end-use application, the Packaging segment is anticipated to grow at a higher CAGR over the forecast period owing to the rising implementation of plastic in this application to preserve or transport products. The increasing concerns among the consumers related to the harmful effects of plastics is leading to the high adoption of recycled plastics. Furthermore, the rising demand for packaged food across several countries is further driving the growth of the market in this segment. Growing demand for plastics for the packaging of products to preserve, protect, transport, and display information, will boost the segment’s growth.

Source – Segment Analysis

Residential source is estimated to lead the market over the forecast period, owing to the changing lifestyle, increasing per capita income, rising population and increasing urbanization. A significant surge in the number of commercial spaces across the world which include office buildings, retail stores, malls, and restaurants have augmented the growth of commercial segment.

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Regional – Segment Analysis

Based on the region, Asia-Pacific is expected to dominate the market during the forecast period owing to the rising need for plastic waste management as a result of rising population and growth in the disposable income of the consumers, leading to a generation of a large amount of plastic waste. Moreover, the increasing government awareness and initiatives for the adoption of plastic waste management services in countries like India and China is also a key factor fuelling the growth of the plastic waste management market in this region.

North America is expected to hold a higher share over the upcoming years, owing to the strong presence of solid waste management companies and their distribution network. Growing awareness to minimize carbon emissions resulted from the rising amount of plastic waste generated has bolstered the segment’s growth

Top Market Players

Various notable players operating in the market include SUEZ, Veolia, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Clean Harbors, Inc., Stericycle, Covanta Holding Corporation, Waste Connections, Biffa, and REMONDIS SE & Co. KG, among others.

Key Developments:

• • In 2019, SUEZ opened an advanced packaging sorting facility for lightweight packaging in Germany. This facility is incorporated with cutting-edge technology along with having an annual processing capacity of 100,000 tonnes, and it helps in optimizing the sorting of the waste streams for enhanced recovery of waste.
  • In 2019, Veolia entered into a partnership with Nestle that covers the plastic waste collection, sorting, and recycling. The main focus of the companies is on the flexible plastic packaging across eleven priority counties in Asia, Africa, Latin America, and Europe.

The global plastic waste management market has been segmented on the basis of service, polymer type, source, end-use application, and region. Based on the service, the market is segmented into recycling, collection & transportation, landfills/disposal, and incineration. Based on the polymer type, the market is segmented into low-density polyethylene (LDPE), polypropylene (PP), polyvinyl chloride (PVC), high-density polyethylene (HDPE), polystyrene (PS), polyurethane (PUR), polyethylene terephthalate (PET), and others. Based on the source, the market is segmented into industrial, residential, commercial & institutional, and others. Based on the end-use application, the market is segmented into building & construction, packaging, automotive, textile & clothing, furniture, and recycled plastics in other end-use applications.

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Key questions answered in this research report:

• • At what pace is the global plastic waste management market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global plastic waste management market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global plastic waste management market?
  • Which polymer type generated maximum revenues in 2022 and identify the most promising polymer type during the forecast period?
  • What are the various end-use application areas of plastic waste management, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Plastic Waste Management Market by Service

• • Recycling
  • Collection & Transportation
  • Landfills/Disposal
  • Incineration

Global Plastic Waste Management Market by Polymer Type

• • Low-Density Polyethylene (LDPE)
  • Polypropylene (PP)
  • Polyvinyl Chloride (PVC)
  • High-Density Polyethylene (HDPE)
  • Polystyrene (PS)
  • Polyurethane (PUR)
  • Polyethylene Terephthalate (PET)
  • Others

Global Plastic Waste Management Market by Source

• • Industrial
  • Residential
  • Commercial & Institutional
  • Others

Global Plastic Waste Management Market by End-Use Application

• • Building & Construction
  • Packaging
  • Automotive
  • Textile & Clothing
  • Furniture
  • Recycled Plastics in Other End-Use Applications

Global Plastic Waste Management Market by Region

• • North America Plastic Waste Management Market (Option 1: As a part of the free 25% customization)
    • By Service
    • By Polymer Type
    • By Source
    • By End-Use Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Plastic Waste Management Market (Option 2: As a part of the free 25% Customization)
    • By Service
    • By Polymer Type
    • By Source
    • By End-Use Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Plastic Waste Management Market (Option 3: As a part of the free 25% Customization)
    • By Service
    • By Polymer Type
    • By Source
    • By End-Use Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Plastic Waste Management Market (Option 4: As a part of the free 25% Customization)
    • By Service
    • By Polymer Type
    • By Source
    • By End-Use Application
    • Brazil Market All-Up
    • South Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Plastic Waste Management Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • SUEZ
  • Veolia
  • Republic Services, Inc.
  • WM Intellectual Property Holdings, L.L.C.
  • Clean Harbors, Inc.
  • Stericycle
  • Covanta Holding Corporation
  • Waste Connections
  • Biffa
  • REMONDIS SE & Co. KG