From the period of 2022 to 2028, the Global Plastic Waste Management Market is expected to reach USD 39.7 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 2.9%.
Plastic waste is defined as an environmental accumulation of used plastic items. More than half of all plastic manufactured worldwide is single-serve plastic. Such plastic is non-biodegradable and can endure a long time if thrown. Marine creatures ingest plastic waste, and when humans consume these species through the food chain, it causes immunological disorders, birth abnormalities, and cancer. This waste management plan for plastics has become important as a result of the rising use of plastic products. Plastic Waste Management includes market storage, collection, distribution, and transportation issuance. This is consistent with international health, financial, commercial, and environmental goals. The bulk of regularly used Plastic Waste Management Market items are either factory-made or packaged in plastic. 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 are all contributing to the rising demand for Plastic Waste Management Market services. Furthermore, the high cost of recycling plastics and the difficulty of regulating the supply chain are expected to stymie the market's expansion.
Key Highlights from the Report
- Plastic Waste Management is divided into three categories, according to the source: domestic, commercial, and industrial. Due to the sheer growing population and fast urbanization, the residential segment is expected to dominate the market and experience considerable expansion throughout the forecast period. Changing lifestyles, rising population, and rising disposable income have resulted in increased use of plastics in the residential sector, due to massive amounts of waste that must be disposed of.
- Over the forecast period, the packaging end-use segment is expected to be the largest and fastest-growing segment. Due to the rising use of plastics in textile mills for templates, work surfaces, looms, tender frames, and other miscellaneous components, the textile segment is expected to increase significantly. Furthermore, trash from plastic bottles is utilized to make polyester yarn, which is then used to make green clothes.
- Asia Pacific is the fastest regional segment in terms of growth. Due to growing industrialization and the application of severe legislation pertaining to Plastic Waste Management and disposal processes, Asia Pacific is likely to dominate the market over the forecast period. The market in the region is being driven by rising disposable income and the growing relevance of waste management in China, Japan, and India.
New Waste Treatment Innovations to Boost Market Growth
Machine Learning (ML) and big data are paving the way for new growth opportunities in the Plastic Waste Management industry. These technologies can save time and allow for more efficient resource planning. As a result, the overall cost of operation would be reduced. Additionally, satellite-based identification of ocean plastic debris could pinpoint the specific position of concentration locations. Companies are saving time and resources by using such devices to gather plastic trash.
High Operating Costs of Plastic Waste Management are a Major Barrier to Market Expansion
Plastic Waste Management is a complicated process that necessitates a significant amount of capital investment to effectively carry out the numerous activities, such as garbage collection and disposal. Furthermore, the waste must be processed by qualified and motivated workers. This increases operating costs and has an impact on profit margins. However, as new technologies become more widely adopted, the influence of this constraint is projected to diminish over time.