Plastic Waste Management Market is Expected to Grow with a CAGR 2.9% from 2022 to 2028
As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Service, Type, Source, Application and Region); the Global Plastic Waste Management Market accounted for USD 33.5 Billion in the 2021.
“Key Factors Likely to Drive Growth of Plastic Waste Management Market”
The plastic waste management market includes factors that consist of financial growth, growing urbanization, industrialization, and changing lifestyles which have raised the levels of plastic waste generation, which has ended in an increasing warning to the environment. The awareness of plastic waste management has accelerated considerably with the improvement in consumer education and growing awareness of health & the environment. The growing population and the growing income levels of human beings have generated new opportunities for the plastic waste management industry.
The growing integration of the newest and revolutionary technologies, inclusive of large records in addition to system studying or ML, in recycling plant life and waste control structures is boosting the development of global plastic waste control. Additionally, increasing awareness bearing on the environmental effect of discarding plastic waste improperly, mainly its effect on the marine ecosystems, is motivating the increase in the worldwide plastic waste control market. However, the high cost of operations associated with those plastic waste control structures and the high cost of systems could also limit the increase in the plastic waste control market in the future.
Generation of Plastic Waste:
As the infrastructural activities across the globe expand, the generation of plastic waste has also rapidly increased. This further gives scope for disposal management. The increase in the number of commercial spaces such as hospitals, malls, theatres, educational institutions, restaurants, and others is increasing the amount of plastic waste being generated. This is further giving raise to awareness about plastic recycling, recovering waste plastic, and reprocessing waste material. This is one of the significant factors driving the demand for the plastic waste management market.
Fewer remedy plant life and less awareness:
The presence of a lower or lower variety of plant life throughout the globe is one of the main demanding situations posing the plastic waste control market. The awareness concerning plastic waste control and waste control infrastructure may be very less and many sources and manufacturing units constantly generally tend to unburden their plastic waste into water our bodies or land sites. There are very few effective regulations and frameworks concerning plastic waste control throughout the globe. This is one of all of the largest demanding situations limiting the boom of the plastic waste control market.
Asia Pacific is expected to grow at the highest Compound Annual Growth Rate (CAGR) due to growing population, rising GDP, and increasing disposable income which in turn is creating opportunities for the market.
Asia Pacific holds the largest revenue share due to several factors like growing demand for energy-efficient heating solutions in the residential and commercial industries coupled with the rising awareness about greenhouse gas emissions.
Some of the key players in the Global Plastic Waste Management Market include- Veolia Environnement (France), Suez (France), Waste Management Inc. (US), Republic Services (US), Waste Connections Inc (Canada), Clean Harbors (US), Biffa (UK), Covanta Holding Corporation (US), Stericycle (US), Remondis SE & Co. KG (Germany) and others.
Browse the full Report - Plastic Waste Management Market Size, Share & Trends Analysis Report by Service (Collection & transportation, Recycling, Incineration, Landfills), by Type (Polypropylene (PP), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC)), by Source (Commercial & Institutional, Residential, Industrial, Others), by Application (Packaging, Building & Construction, Textile & Clothing, Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)