Plastic Waste Management Market
Plastic Waste Management Market By Type, By Process, By End User Industry, By Source, and By Region and Segment Forecast to 2031

Plastic Waste Management Market By Type, By Process, By End User Industry, By Source, and By Region and Segment Forecast to 2031

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Reports and Insights

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April 2023

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Plastic Waste Management Market Introduction:     

As per Reports and Insights Analysis, the global plastic waste management market is expected to grow at a CAGR of 4.2% during the forecast period of 2023 to 2031. To expand the market for plastic waste management, a new recycling technique that can handle a wide variety of plastic delivery methods has been developed, which has increased the demand for plastic waste management. As the more health-conscious people increase, the demand for plastic waste management market is expected to grow.

Plastic Waste Management Market Growth Chart, 2023-2031

 

The Reports and Insights team has prepared a comprehensive market research report on the plastic waste management market, with a focus on identifying the key drivers, trends, challenges, and opportunities that business owners face. The report includes a market segmentation forecast, a geographic perspective, and an analysis of recent plastic waste management market developments. Moreover, it provides detailed information on the market size, market share, industry, and product insights, as well as SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market forecast, and major players operating in the plastic waste management market.

The plastic waste management market refers to the business of managing and disposing of plastic waste in an environmentally sustainable manner. The market for plastic waste management has grown rapidly in recent years as the global problem of plastic pollution has gained greater attention and concern. The market includes a range of companies involved in waste collection, sorting, processing, and recycling, as well as those involved in the development and marketing of biodegradable plastics and other sustainable materials.

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Scope of the Report:

Report Metric            

Report Details            

Market size available for the years            

2021-2031            

Base year             

2022            

Forecast Period            

2023-2031            

CAGR     

4.2%     

Segment covered      

By Type, By Process, By End User Industry, By Source, and By Region      

Regions Covered

North America:The U.S., & Canada   

      

Latin America:Brazil, Mexico, Argentina, & Rest of Latin America   

       

Asia Pacific:China, India, Japan, Australia, New Zealand, ASEAN, & Rest of Asia Pacific  

        

Europe:The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe    

      

Africa:North Africa, Egypt, & Rest of Africa        

       

The Middle East:GCC Countries, Israel, & Rest of the Middle East   

   

Fastest Growing Region     

 Asia Pacific  

Largest Market     

 North America   

Key Players            

Advanced Environmental Recycling Technologies Inc. (AERT), Biffa plc, Clean Harbors Inc., Covanta Holding Corporation, Plasgran Ltd., Remondis SE & Co. KG, Republic Services Inc., Stericycle Inc, SUEZ, Veolia Environnement S.A., and Waste Management Inc., among others.     

            

Plastic Waste Management Market Drivers:      

Government Regulations and Policies:

Governments around the world are implementing regulations and policies to reduce plastic waste, which is driving the demand for plastic waste management services. These policies include bans on single-use plastics, taxes on plastic bags, and extended producer responsibility (EPR) programs that require producers to take responsibility for the disposal of their products. Furthermore, growing awareness among consumers and businesses about the negative impact of plastic waste on the environment is also triggering demand for plastic waste management. These factors are driving demand for plastic waste management solutions that can help reduce waste and minimize its impact on the environment.

Technological Advancements:

Technological advancements are making it easier and more cost-effective to collect, sort, and process plastic waste. This is driving the growth of the plastic waste management market, as more businesses and governments can implement effective waste management solutions. Additionally, the demand for recycled plastics is increase in as businesses and consumers seek to reduce their reliance on virgin plastics. This is driving the need for plastic waste management services that can collect, sort, and process plastic waste into high-quality recycled plastics.

Plastic Waste Management Market challenges:      

Limited Recycling Technology:

The current technology for recycling plastic is limited, making it difficult to recycle certain types of plastics, such as those that have been contaminated or are difficult to separate from other materials. This is due to current recycling technology is limited and unable to effectively recycle certain types of plastics, making it difficult to achieve high rates of plastic recycling. This led to increased cost barriers for many businesses and governments. Analyzing these factors, the demand for the plastic waste market is anticipated to be hampered.

Plastic Waste Management Market Opportunities:      

Development of New Recycling Technologies:

The development of new recycling technologies offers significant opportunities for the plastic waste management market. New technologies could make it possible to recycle more types of plastics and improve the efficiency and quality of recycled materials, also expanding the range of recycling materials which would increase the economic value of these materials. Owing to such factors, the demand for the plastic waste market is anticipated to create new opportunities.

Collaboration and Partnerships:

Collaboration and partnerships between businesses, governments, and other stakeholders can help to drive growth and innovation in the plastic waste management market. By working together, stakeholders can share knowledge, asses to new resources, and improve market share and expertise to develop effective waste management solutions. By working together, stakeholders can create new opportunities for growth and innovation and help to address the complex challenges associated with plastic waste management and effective waste management solutions. Analyzing these factors, the demand for plastic waste management market is expected to grow for the forecasted period.

Plastic Waste Management Market Trend:        

There is a great demand for plastic waste management since environmental pollution problems are on the rise, which has led to other environmental concerns like climate change and global warming, as well as an increase in the number of chronic diseases.  To minimize these issue, plastic waste should be minimized, and proper recycling facilities should be provided.

Plastic Waste Management Market Growth:       

The need for the plastic waste management market is predicted to develop over the course of the forecast period due to the rise in consumer demand for minimizing environmental impact. Also, technological development helps to gain new recycling process methods, which provides a wider range of competitive advantages.

Plastic Waste Management Market Segmentation Outlook:  

The plastic waste management market is segmented based on type, process, end-user industry, source, and region.

Plastic Waste Management Market Segmentation

By Type:

  • Polyethylene
  • Polypropylene
  • Polyethylene Terephthalate (PET)
  • Polyvinyl Chloride (PVC)
  • Others

By Process:

  • Recycling
  • Landfill
  • Incineration
  • Others

By End-User Industry:

  • Packaging
  • Construction
  • Automotive
  • Electronics
  • Others

By Source:

  • Commercial and Institutional
  • Residential
  • Industrial
  • Other

By Region:  

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East
  • Africa 

Plastic Waste Management Market Regional Outlook:

The U.S. and Canada have well-developed waste management infrastructure and regulations but also generate large amounts of plastic waste. The region has seen a rise in focus on circular economy and sustainability, which could drive demand for plastic waste management solutions.

The European Union has set ambitious targets for plastic waste reduction and recycling and has implemented policies such as the Single-Use Plastics Directive. The region also has a well-established recycling infrastructure and a strong emphasis on sustainability.

Many countries in the Asia-Pacific region, including China and India, are major contributors to the global plastic waste problem. The region is also seeing rapid economic growth and an increase in consumerism, which could lead to higher demand for plastic waste management solutions.

Contemporary Developments by the Key Players:   

  • In February 2022, Veolia Group released a new sorting center for plastic waste in France, which will enable the recycling of over 50,000 tons of plastic waste each year.
  • In January 2022, SUEZ Group and the Abu Dhabi National Oil Company (ADNOC) introduced a joint venture to build a world-elegance recycling facility in the UAE.
  • In December 2021, Borealis and Agilyx Corporation announced the expansion of their joint venture to expand the manufacturing of post-customer recycled plastics.
  • In October 2021, Dow introduced the expansion of its recycling facility in Spain to increase the production of recycled plastic resins.
  • In September 2021, BASF announced the development of a new plastic recycling plant in Germany, which will produce up to 60,000 tons of recycled material per year.
  • In August 2021, RecycleGO and Tomra Sorting Recycling announced a partnership to develop blockchain technology for plastic recycling.
  • In July 2021, TerraCycle introduced the launch of Loop in Canada, a program that allows consumers to purchase products in reusable containers.
  • In June 2021, Waste Management announced a partnership with Nestle to use renewable diesel in its collection vehicles.
  • In May 2021, LyondellBasell introduced a partnership with Karlsruhe Institute of Technology to develop a new recycling technique for plastics.
  • In April 2021, GreenMantra and INEOS Styrolution introduced a partnership to develop a brand-new technology for the chemical recycling of polystyrene waste.

Frequently Asked Question

What is the projected market size & Compound Annual Growth Rate (CAGR) of the plastic waste management market?

The plastic waste management market is estimated to reach at a value of US$ *** Mn by the end of 2023 and expected to reach at a value of US$ *** Mn by 2031 with a significant CAGR of 4.2%.

Which base year is used in the plastic waste management market report?

The base year for the report is 2022 in plastic waste management market.

What segments are covered in plastic waste management market report?

By Type, By Process, By End User Industry, By Source, and By Region     

What are the key participating players in the plastic waste management market?

Advanced Environmental Recycling Technologies Inc. (AERT), Biffa plc, Clean Harbors Inc., Covanta Holding Corporation, Plasgran Ltd., Remondis SE & Co. KG, Republic Services Inc., Stericycle Inc, SUEZ, Veolia Environnement S.A., and Waste Management Inc., among others.