Plastic waste management market size will exceed US$59.24

Ottawa, April 25, 2022 (GLOBE NEWSWIRE) — The world plastic waste management market is developing due to extraordinary characteristics and wide applications. Plastic is very harmful from an environmental and ecological point of view. Plastic waste does not break down easily. This results in increased global warming and also releases greenhouse gases.

Plastic waste management refers to methods and techniques for reprocessing plastic waste rather than dumping it in landfills or waterways or otherwise contaminating the environment. The reduced use of virgin plastic in the manufacture of products is an important factor encouraging the management of plastic waste.

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During the projected period, the plastic waste management market is expected to be driven by rapid industrialization, increasing urbanization, and growing concern over the environmental impact of improper plastic waste management. Major players in the plastic waste management market are using advanced technologies for plastic waste management. Government guidelines on cleanliness and hygiene are also paving the way for the growth of the global plastic waste management market. For example, the Indian government introduced the cleanliness program called “Swachh Bharat Abhiyan”. Under this program, it has been observed that plastic waste and garbage have been reduced over the decade.

Additionally, the strict guidelines imposed by the government on the oil and gas industries are driving the growth of the global plastic waste management market. These strict guidelines help reduce plastic waste from factories. This also leads to the decline of global warming worldwide.

Scope of the Plastic Waste Management Market

Report attributes Details
Market size in 2021 $36.96 billion
CAGR 5.4% from 2022 to 2030
The biggest market Asia Pacific
Fastest growing region North America
base year 2021
Forecast data 2022 to 2030
Companies covered Veolia Environnement, Remondis SE, Waste Connections Inc., Covanta Holding Corporation, Stericycle, SUEZ, Waste Management Inc., Clean Harbors, Waste Connections Inc., Biffa

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Report Highlights:

  • Based on polymer type, polypropylene segment dominated the global plastic waste management market in 2020 with the largest market share. Polypropylene is widely used in a variety of end use industries including packaging, construction and electronics due to its high performance characteristics.
  • Based on end use, the packaging segment holds the largest market share in the global plastic waste management market in 2020. The segment is expected to grow at the fastest rate during the forecast period, due to the increasing use of plastic in the creation of packaging. some products.
  • Asia-Pacific is the largest segment of the plastic waste management market in terms of region. The need for this form of plastic waste management in Asia-Pacific is driven by the increase in the creation of plastic waste per capita as well as increasing urbanization and industrialization.
  • The North America region is the fastest growing region in the plastic waste management market. The main driver of growth in the North American market is the significant presence of solid waste management companies and their distribution network.

future of Plastic waste management Market

End-user demand for a higher percentage of reused plastic in containers is expected to contribute to the growth of the plastic waste management market over the forecast period. Using reused content in the grouping reduces the natural look of the group while increasing reusability. With a growing preference for reused plastic, interest in repurposed plastic is expected to grow, propelling the global plastic waste management industry. As part of their new cost-cutting strategy, some food companies are focusing on increasing the amount of reused plastic in their containers. One of the prominent patterns seen in the global plastic waste management industry is the use of plastic waste for street improvement.

COVID-19 impact analysis:

  • The COVID-19 outbreak has had a substantial impact on the growth of the global plastic waste management market.
  • Due to the supply chain disruption, 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 expected to grow at a slower pace this year.

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Main market developments:

  • In July 2019, SUEZ opened a packaging sorting plant in Germany, Europe. It is the most advanced parcel sorting plant in Europe. German waste management systems are expected to improve as a result of this development.
  • In May 2019, LC Packaging and Veolia Netherlands entered into a strategic partnership to minimize flexible packaging waste globally.
  • In June 2021, Biffa PLC purchased Green Circle Polymers’ only post-consumer plastic recycling operation in Scotland. The strategic purchase was undertaken to help the company achieve its 2030 goal of increasing plastic recycling capacity.
  • In May 2021, UPS Healthcare and Stericycle partnered to offer medical waste sorting and disposal services. Both companies believe that by working together, they can protect people’s health while simultaneously contributing to the circular plastic economy.

Market segmentation

By service

  • Collection
  • Recycling
  • Incineration
  • Landfills

By polymer

  • Polypropylene
  • Low density polyethylene
  • High density polyethylene
  • Polyvinyl chloride
  • Terephthalate
  • Others

By origin

  • Residential
  • Commercial
  • Industrial

By end use

  • Packaging
  • Textile
  • Consumer Product
  • Transportation
  • Building construction
  • Electrics and electronics
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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