Plastic Waste Management Market

Global Plastic Waste Management Market

Plastic Waste Management Market- By Service, Type, Source, Application and Region.

Market Synopsis:

The Global Plastic Waste Management Market is valued at USD 33.86 Billion in the year 2022 and is projected to reach a value of USD 41.58 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 2.60% over the forecast period.

Plastic waste is described as an accumulation of used plastic things in the environment. Single-serve plastic accounts for more than half of all plastic produced worldwide. When thrown, such plastic is non-biodegradable and can last for a long time. Improper disposal of plastic garbage has major consequences for the environment and human health. Plastic emits dangerous toxins and is easily polluting land and water resources. Plastic waste is consumed by marine creatures, and when humans consume these species through the food chain, it causes immunological problems, birth deformities, and cancer. As a result of the increased use of plastic products, this waste management strategy for plastics has become necessary.

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Market storage, collection, distribution, and transportation issuance are all part of Plastic Waste Management. This is in line with worldwide health, financial, commercial, and environmental objectives. The majority of the plastic waste management market items that are used on a regular basis are either factory-made or packed in plastic. These waste items are generated at home, in industries, and in businesses. Recycling plastics, sifting plastic debris, and segregating useable plastic are some of the efforts being done to control waste material. The use of plastic rubbish is the most effective method of reducing plastic pollution among all of these.

The rising demand for Plastic Waste Management Market services is attributed to an increase in awareness schemes related to property waste management practices, strict enforcement by governments for the management of plastic waste, which reduces solid waste collection in garbage dumps, and the growing urban population. Furthermore, the high cost of using recycled plastics and the difficulties in regulating the supply chain are projected to impede the market's growth.

Market Segmentation:

The Plastic Waste Management Market is segmented on the basis of Service, Polymer Type, Source, and End-Use Application. On the basis of Service, the market is segmented into Collection & transportation, Recycling, Incineration and Landfills. On the basis of Polymer Type, the market is segmented into Polypropylene (PP), Low-density polyethylene (LDPE), High-density polyethylene (HDPE), Polyvinyl chloride (PVC), Polyurethane (PUR), Polystyrene (PS), Polyethylene, terephthalate (PET) and others. On the basis of Source, the market is segmented Commercial & institutional, Residential, Industrial and Others. On the basis of End-Use Application, the market is segmented into Packaging.

Based on Service:

The market for Plastic Waste Management is divided into four segments based on service: collection, recycling, incineration, and landfills. Due to strict government rules and a large increase in infrastructure for recycling plastic, the recycling category is expected to develop at the quickest rate over the projected period. Cloths, rugs, waste bags, films, containers, and bottles are among the many products made from recycled plastic.

As there are fewer incineration and recycling operations, the landfill category is expected to account for the largest share of the plastic waste management market. The landfill is the most used treatment option for garbage disposal worldwide. Landfills are used to dispose of a wide range of trash, with some constructed specifically for the management of municipal solid waste and others for the disposal of commercial and institutional waste.

Based on Polymer Type:

Polypropylene (PP) is expected to increase at the fastest rate among polymers over the projected period owing to its exceptional features such as high chemical resistance, fatigue resistance, and weld ability. Polypropylene is readily available, inexpensive, and adaptable to a variety of production techniques, making it ideal for both domestic and industrial uses. In the market for plastic waste management, polyvinyl chloride (PVC) generates a major revenue share from end-use industries such as building and construction, electrical and electronics, and automotive. PVC is extremely robust and resistant to abrasion and moisture, making it ideal for a variety of applications such as pipes, cables and wires, toys, windows, raincoats, shower curtains, and many other home and technical items.

Asia Pacific to Continue Witnessing Fastest Adoption of Plastic Waste Management

Asia Pacific is projected to acquire the largest market share with a share of 33.9%. The need for this form of waste management for plastics in Asia Pacific is being driven by rising per capita plastic trash creation and fast urbanization and industrialization. China is the leading source of plastic garbage, accounting for more than 60% of regional production. During the projection period, India is expected to have the fastest growth in the regional market. Plastic waste management market growth is being driven by rigorous environmental legislation and high collection rates of plastic garbage in developed countries like as Japan, South Korea, Australia, and New Zealand. However, in the developing nations of Asia Pacific, the absence of proper collection and administration, as well as the persistence of a throwaway culture, pose significant barriers to industry expansion.

Competitive Landscape:

Key players operating 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.

Segmentation of the Global Plastic Waste Management Market: