NEW YORK, May 18, 2023 /PRNewswire/ -- As per Facts and Factors study, the global plastic waste management market size is valued at USD 36.87 billion in 2022 and is likely to surpass USD 46.87 billion from 2023-2030.
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Plastic Waste Management Market: Overview
Plastic waste is the accumulation of plastic objects on the earth's surface, largely affecting humans, wildlife & their habitat. It is the amount of waste that is not recycled yet and is in unregulated dump sites or landfills. However, this non-recycled waste enters our living environment and damages our ecosystem. Plastic degrades slowly owing to its chemical nature.
Therefore, it is a major obstruction in front of society and the government. However, the growing awareness among people regarding the management of plastic waste is expected to help in overcoming such a big challenge.
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Key Insights:
Facts and Factors published the latest report titled "Plastic Waste Management Market Size, Share, Growth Analysis Report By Service Type ( Landfills, Incinerations, Recycling, And Collection), By Polymer Type (Terephthalate, Polyurethane, Polyvinyl Chloride, High-Density Polyethylene, Low-Density Polyethylene, And Polypropylene), By Source (Industrial, Commercial, And Residential), By End Users (Consumer Products, Electrical & Electronics, Transportation, Building & Construction, Textile, And Packaging), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 ? 2030" into their research database.
Industry Dynamics:
Global Plastic Waste Management Market: Growth Drivers
The global plastic market is likely to grow significantly due to the growing plastic waste. Plastic waste is increasing globally because of its wide number of applications in different sectors due to its unique property and chemical nature. But, such surging usages are piling up plastic waste as it is a non-degradable substance. As a result, it leads to increased greenhouse emissions, causing several global ecological issues. Consequently, the requirement for proper plastic waste disposal and management is likely to boost the growth of the global market.
Furthermore, the increasing number of initiatives on national and international levels will pave the way for a positive growth trajectory in the global market. Many food and beverage firms, as a part of their new sustainable strategy, are shifting their focus on accelerating the adoption of recycled waste in their bottles. The growing global urbanization and industrialization are also anticipated to propel the growth of the global market.
Global Plastic Waste Management Market: Restraints
The high cost of recycling plastic waste is likely to impede the growth of the global plastic waste management market. Separating plastic from different types of waste streams is complicated, time-consuming, and costly, particularly when compared to the production of new plastic elements. Therefore, it is likely to slow down the growth of the global market.
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Plastic Waste Management Market: Opportunities
The private and public sectors are taking several initiatives to partner with each other to manage the piled-up plastic waste in the environment, which is anticipated to open new growth opportunities in the plastic waste management industry. Additionally, the strict rules and regulations imposed by the government to efficiently manage the growing plastic waste and dispose of toxic materials will also boost the growth of the global market in the forthcoming years.
Plastic Waste Management Market: Challenges
The companies serving in the plastic waste management industry face a major drawback due to the absence of a proper framework for waste disposal and collection process. Improper waste disposal poses a severe impact on the people living near landfills and dump sites. Incomplete waste disposal causes several health-related problems like reproductive issues, growth disorders, respiratory issues, blood infections, skin irritations, etc.
Global Plastic Waste Management Market: Segmentation
By service type, the market can be segmented into landfills, incinerations, recycling, and collection. The recycling segment accounts for the largest share of the global plastic waste management market due to the improved recycling infrastructure and strict government rules and regulations. Recycled plastic waste is used to manufacture diverse applications like bottles, containers, bags, films, carpets, and cloths. The collection segment is also expected to see huge growth in the coming years due to increasing plastic collection services in industrial, commercial, and residential areas.
By polymer type, the plastic waste management market can be segmented into terephthalate, polyurethane, polyvinyl chloride, high-density polyethylene, low-density polyethylene, and polypropylene. The polypropylene segment dominates the global market due to its unique properties like weldability, fatigue, and chemical resistance. Low-density polyethylene (LDPE) accounts for the second largest share of the global market due to its high recyclability nature. LDPE is used to manufacture flexible items like stretch films, toys, container lids, and squeezable bottles.
By source, the plastic waste management industry can be segmented into industrial, commercial, and residential. The residential segment holds the largest share of the global market due to its rising population and increasing urbanization. The commercial segment is likely to grow significantly during the forecast period due to the growing commercial zones like restaurants, hotels, office buildings, hospitals, and educational institutes.
By end-user segment, the market can be segmented into electrical & electronics, building & construction, transportation, consumer product, textile, and packaging. The packaging segment accounts for the largest global market share due to the high demand for packaging items to display information, protect, transport, and preserve. The textiles segment is expected to witness high growth rates during the forecast period due to its surging applications in tenter frames, looms, templates, etc.
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List of Key Players in Plastic Waste Management Market:
Key questions answered in this report:
Report Scope:
Report Attribute | Details |
Market size value in 2022 | USD 36.87 Billion |
Revenue forecast in 2030 | USD 46.87 Billion |
Growth Rate | CAGR of almost 4.5% 2023-2030 |
Base Year | 2022 |
Historic Years | 2016 ? 2021 |
Forecast Years | 2023-2030 |
Segments Covered | By Service Type, Polymer Type, Source, End Users, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Clean Harbors Inc., Republic Services Inc., Suez Environnement Company, Waste Management Inc., Veolia Environnement S.A, Remondis SE & Co. K.G., Stericycle, Covanta Holding Corporation, Biffa, The WasteCare Group, TerraCycle, Vadeb Global Ltd., 4G Recycling Inc., Reprocesses Plastic Inc, and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Regional Dominance:
Asia Pacific holds the largest share of the global plastic waste management market due to the growing industrialization and strict regulations regarding proper plastic waste disposal in the region. Also, the growing awareness among people regarding plastic waste management, along with the increasing disposable income of the people in the region, like China, Japan, and India, is further supporting the growth of the regional market.
North America is anticipated to see huge growth in the global plastic waste management market due to the surging initiatives to control the carbon footprints caused by growing plastic waste. Also, the presence of leading market players in the region will contribute to the growth of the regional market. The US is the largest waste provider to other regions for waste recycling and disposal.
Global Plastic Waste Management Market is segmented as follows:
Plastic Waste Management Market: By Service Type Outlook (2023-2030)
Plastic Waste Management Market: By Polymer Type Outlook (2023-2030)
Plastic Waste Management Market: By Source Outlook (2023-2030)
Plastic Waste Management Market: By End Users Outlook (2023-2030)
Plastic Waste Management Market: By Region Outlook (2023-2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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