PLASTIC WASTE MANAGEMENT MARKET ANALYSIS

The global plastic waste management market size was valued at US$ 35.71 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 3.3% from 2023 to 2030. The use of plastic waste management solutions is expanding rapidly due to the rapid pace of economic development and urbanization across developing countries. The scope of plastic waste management market is wide, ranging from single use packaging and food containers to construction materials, automobiles, and medical devices. Plastics are the primary material in these applications, as they provide a combination of lightness, durability, and low cost, making them competitive with other materials such as wood or metal. Moreover, growing government initiatives to reduce the plastic waste on landfill is further anticipated to augment the market growth.

Global Plastic Waste Management Market: Regional Insights

Based on geography, the global plastic waste management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Asia Pacific is expected to dominate the global plastic waste management market over the forecast period. This is due to high per capita plastic waste generation and implementation of strict environment policies. The regional market is likely to register a rapid growth over the forecast period as a result of rapid industrialization and urbanization in the countries such as China, India, Japan and Australia. In addition, the increasing demand for recycled plastics in various applications such as consumer products and building and construction is again bolstering the market growth in this region.

Europe is expected to grow at the fastest pace in the global plastic waste management market, owing to strict environmental regulations and increased recycling rates in these countries. Furthermore, implementation of a new 'Circular Economy Action Plan' in the European Union is also likely to boost the market in this region

Figure 1. Global Plastic Waste Management Market by Region, 2022

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Global Plastic Waste Management Market Drivers:

Growing plastic production and pollution is augmenting plastic waste management market growth

Plastics are non- biodegradable materials that do not easily degrade. They are also toxic to humans, terrestrial and aquatic organisms, and cause ecological problems. In addition, they can absorb and leach chemicals into the soil, water, and air. This makes them a threat to human health and environment, especially in areas with high population density and a lack of public awareness. According to United Nations Environment Programme, the packaging sector is the largest consumer of plastics, followed by building and construction, textiles, consumer and institutional products, transportation, electrical & electronics, and industrial machinery. According to PlasticsEurope, China accounted for around 30% of the global plastics production in 2018.

Increasing demand for plastic waste recycling infrastructure to foster market growth

The majority of plastic wastes are mechanically recycled, which involves melting and reforming the material into different items. This process causes polymer decomposition at a molecular level and requires that waste be sorted according to color and polymer type, which is difficult and time-consuming. This method also generates a large amount of heat and requires high energy costs. In addition, it can produce toxic chemicals during the melting and reforming processes. This factor is creating demand for plastic waste management facility. In order to reduce the pollution caused by plastic waste, it is require to promote closed-loop recycling and encourage the use of recycled materials in manufacturing. This will help to protect the environment and prevent the spread of diseases that can be transmitted by contaminated food or water.

Global Plastic Waste Management Market Opportunities:

Growing demand for recycled products and increasing adoption of circular economy models are expected to offer significant growth opportunities global plastic waste management market. Moreover, surging initiatives taken by government to control carbon footprints are also fueling the growth of this industry. Further, surging urbanization and industrialization are opening up new avenues for the market growth.

Technological advancements in the plastic waste management market are creating ample opportunities for market growth. For instance, the use of AI-enabled plastic waste sorting machines has gained popularity recently. This technology enables the machine to identify different types of plastic waste and sort it accordingly. This will ensure the safe and efficient processing of the waste, thereby improving the overall efficiency of the plant.

Global Plastic Waste Management Market Trends:

Increasing disposable income of people and rapid urbanization

The global plastic waste management market is projected to witness significant growth over the forecast period. This can be attributed to various factors such as rising per capita plastic waste generation, increasing disposable income of people, and government policies promoting greener lifestyles.

Advancements in the field of satellite technology

Advancements in the field of satellite technology helps in identifying plastic trash in ocean water bodies which can aid companies to save time as well as resources for collecting this waste. Moreover, increased awareness among people about the impact of plastic waste on environment and human health is further expected to open new avenues for market growth.

Global Plastic Waste Management Market Restraints:

Lack of proper technique for waste disposal to hinder market growth

Various techniques for plastic waste management include adsorption, coagulation, photocatalysis, and microbial degradation. However, these methods have been limited by their low efficiency and inability to remove all types of plastics. Moreover, improper waste disposal poses serious health-related issues like reproductive problems, respiratory issues, blood infections, and skin irritations in people living near landfills and dump sites.

Lack of proper waste management facility

Another key restraint to the growth of this market is the lack of proper infrastructure for the management of plastic waste. The dumping of plastic waste in coastal regions and rivers causes pollution and affects the human health. This problem is causing serious issues in the developing countries and needs to be addressed by implementing smart solutions like recycling, banning plastic bags and promoting paper or fabric bags.

Figure 2. Global Plastic Waste Management Market by Service, 2022

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Global Plastic Waste Management Market Segmentation:

The global plastic waste management market report is segmented into service, polymer type, source, and region

Based on service, the market is segmented into collection, recycling, incineration, and landfills. Out of which, the recycling segment is anticipated to register the fastest growth during the forecast period owing to a shift from traditional plastic packaging to recycled plastic bags, bottles, films and containers.

Incineration segment is also a significant contributor to the growth of this market as it helps in reducing carbon footprints by converting the plastic into energy.

Based on polymer type, the market is segmented into Polypropylene (PP), Low density Polyethylene (LDPE), High-density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), and Others. Out of which, Polypropylene (PP) is expected to dominate the global market over the forecast period. According to the U.S. Environmental Protection Agency, approximately 20% of the municipal solid waste comprises some kind of plastics which include polypropylene. The recycling process for polypropylene involves five steps namely sorting, collection, cleaning, reprocessing, and producing new products.

Low density Polyethylene (LDPE) segment is also expected to witness significant growth in the near future. According to Plastic Expert, a specialist plastic recycling company, LDPE is the most common type of plastic used by manufacturers in the UK as LDPE plastic bags break at a faster rate than HDPE plastic bags. However, they are still threat to the environment, and hence recycling LDPE is important.

Based on source, the market is segmented into Residential, Commercial, and Industrial. Out of which, Residential is expected to dominate the global market over the forecast period and this is attributed to the growing population worldwide. By 2050, the region’s population is expected to rise to 5.3 billion according to the statistics provided by Our World in Data (OWID). The growing population is projected to increase the demand for packaged food and consumer goods, which, in turn, is expected to augment the generation of plastic waste in the near future.

Commercial segment is also expected to witness significant growth in the near future and this is owing to the growing hospitality sector along with the high demand for plastics from healthcare industry. Moreover, according to a report from the World Wildlife Fund, the demand for single-use plastic is projected to increase by 40% over the next 10 years.

Global Plastic Waste Management Market: Key Developments

In April 2019, Waste Management acquired Advanced Disposal Services, Inc., a disposal services provider in more than 15 states of the U.S., to expand its geographical reach to further states in the country and to gain access to sustainable waste management and recycling services of Advanced Disposal Services.

In October 2018, Veolia announced its partnership with Unilever to jointly work on emerging technologies that will help create a circular economy on plastics across various geographies, starting in India and Indonesia. This was undertaken primarily to improve the waste collection and recycling infrastructure of both the companies.

Global Plastic Waste Management Market: Key Companies Insights

The global plastic waste management market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global plastic waste management market are Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa, Covanta Holding Corporation, Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., Cleanaway, Hawkvale Limited, FCC Environment, Rumpke, DS Smith, Hitachi Transport System, Ltd., Marius Pedersen a.s., Environmental Recovery Corporation of PA, Shell, Montello S.p.A., The Shakti Plastic Industries, Daya Charan Company, Thermowaste Solutions, Banyan Sustainable Waste Management Pvt. Ltd., Premium Recycled Plastics, VITAL WASTE, SAMKI GROUP, and 99P Recycling

*Definition: Plastic waste management includes the revenues earned by entities providing plastic waste management services. It is segmented by service into collection, recycling, incineration and landfills; by polymer type into Polypropylene (PP), low-density polyethylene (LDPE), High-density polyethylene (HDPE), Polyvinyl chloride (PVC), Polyurethane (PU) and Terephthalate (PET); and by source into residential, commercial, industrial and other.