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In 2019, The Global Plastic Waste Management Market Was Valued At US$ 31.7 Bn in 2019 And It Is Expected To Witness A CAGR Of 2.8% During The Forecast Period
Rising awareness programs for sustainable waste management and high focus on plastic recycling are major factors driving the plastic waste management market growth. Stringent government laws & regulations across various nations are expected to further boost the market growth over the forecast period.
Growing demand from emerging nations and increasing industrialization & urbanization are some other key factors anticipated to drive the market growth. Moreover, Rapid growth of private & public sector partnership in developed nations coupled with increased recycling plans globally are prominent factors boosting the growth of the market in years to come.
In addition to this, the use of recycled plastic for manufacturing numerous products (such as clothes, garbage bags, bottles, containers, carpets, and others) is expected to drive the market.
Rising consumer awareness for plastic recycling is anticipated to support market growth. However, the high cost of recycled plastic and complicated supply chain management are some of the factors expected to hinder market growth during the forecast period.
By Service, recycling expected to grow with the highest CAGR in Global Plastic Waste Management Market. However, Landfills accounted for the highest share of XX% in Global Plastic Waste Management Market in 2019.
The landfill segment contributed to significant share in the global market in both revenue and volume terms. Less number of incinerators and recycling plants for waste management are contributing to surge in plastic waste landfills and disposals. On the contrary, the recycling segment is expected to grow with the fastest CAGR in terms of revenue and volume during the forecast period. The rise in infrastructural development for recycling plants in developed and emerging countries coupled with stringent government regulations are anticipated to enhance the segment growth over the forecast period.
By End-use, Packaging is anticipated to grow at a rapid pace in Global Plastic Waste Management Market
In 2019, the packaging segment dominated the global market with a significant share of xx%. Growth of the packaging industry across the globe and rise in the use of recycled plastic for packaging are the major factors responsible for segment dominance. Recycled plastic has various benefits such as less dependence on fossil fuels, pollution reduction and others. These benefits offered by recycled plastics are expected to support the segment growth over the forecast period. Wide application of recycled plastic in sustainable packaging solutions include bags, films, containers, bottles, and others are anticipated to further drive the segment over the forecast period. As a result of the aforementioned factors, the packaging segment is projected to expand with the highest CAGR and continue its dominance in the market throughout the forecast period in terms of volume and value both.
Demand for Packaging Waste Management is anticipated to expand Rapidly in Asia Pacific Region
Asia Pacific accounted for a significant share in the global plastic waste management market in both volume and revenue terms in 2019. Rising awareness of waste management coupled with increased urbanization and industrialization in developing countries of Asia Pacific such as China and India are the major factors responsible for regional dominance. Stringent government regulations and a surge in disposable income are some other factors expected to drive the market over the forecast period. A rise in the development of plastic recycling plants is one of the key factors anticipated to support regional growth during the forecast period. Thus, Asia Pacific is projected to continue its dominance in years to come.
North America has a significant share in the global market in 2019. Government regulations to reduce plastic use and growing consumer awareness for plastic recycling are expected to enhance regional growth during the forecast period.
Global Plastic Waste Management Market is moderately consolidated with presence of a large number of global and local/regional manufacturers. Remondis SE & Co. KG, Veolia Environnement, Stericycle, SUEZ Environment Company, Covanta Holding Corporation, Waste Management, Inc., Biffa, Republic Services, Clean Harbors, Hawkvale Limited and Waste Connections Inc are some key players operating at regional as well as at country level. Partnerships and mergers & acquisitions are projected to be the major strategies followed by key market players over the forecast period.
- Transportation & Collection
- Polypropylene (PP)
- High-density Polyethylene (HDPE)
- Low-density Polyethylene (LDPE)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Polyurethane (PUR)
- Commercial & Institutional
- Building & Construction
- Textile & Clothing
- North America
- Latin America
- Asia Pacific
- Middle East and Africa