Soaring pollution levels due to plastic waste accumulation in the forms of landfills and ocean debris and a rise in government initiatives to promote awareness about health hazards associated with plastic waste have majorly influenced Plastic Waste Management market growth.
The global plastic waste management market is expected to be valued at USD 40.80 Billion in 2027 from USD 32.46 Million in 2019, registering a CAGR of 2.8% through the forecast period. Plastic waste management involves various approaches and strategies towards reprocessing plastic waste or scrap rather than dumping it into land or waterways in order to prevent environmental pollution. It is an umbrella term for numerous methodologies implemented to reuse and recycle plastic products to safeguard our natural surroundings from plastic waste accumulation, such as landfills and ocean debris, which otherwise leads to the contamination of the environment. Hence, several countries globally are increasingly adopting innovative plastic waste management techniques, such as chemical recycling, mechanical recycling, and integrated waste management solutions. These countries also encourage the adoption of various environmentally safe and sustainable waste disposal methods.
The global plastic waste management market revenue is expected to register rapid growth over the forecast period, owing to fast-paced industrialization worldwide, the expanding residential and commercial sectors leading to increased plastic waste generation, and the growing significance of plastic waste management due to augmented health concerns. Increasing use of non-degradable plastic, the consequent rise in greenhouse gas emissions due to environmental pollution, rising government focus on promoting sustainable waste management practices, and high investment in advancing recycling technologies are the other vital factors fueling the market growth.
Key Highlights from Report:
- The polypropylene(PP) sub-segment has evolved as the leading market segment based on polymer type due to its outstanding contribution to market revenue generation. Plastics made of PP exhibit excellent properties, such as high chemical resistance and weldability, and they are also easily available at low costs. Hence, they have the highest demand for industrial and residential applications.
- Based on service, the recycling sub-segment is poised to record the fastest growth over the forecast period. The rising focus on plastic recycling and stringent government mandates have boosted the growth of this segment.
- In terms of application, the packaging sub-segment dominates the global plastic waste management market, with the largest market share. Increasing use of plastic in the packaging sector to protect and preserve products during their transportation is a pivotal factor contributing to this segment’s growth.
- The Asia Pacific plastic waste management market is the most dominant regional segment, owing to rapid industrialization, rigid norms regarding plastic waste disposal and management, and the growing focus of governments on reducing the carbon footprint across the region.
- The established market players include Veolia Environment, Clean Harbors, Waste Management, Inc., Stericycle, Waste Connections, Inc., SUEZ, Covanta Holding Corporation, Republic Services, Biffa, and United Plastic Recycling, Inc.
- In December 2020, Circulate Capital, a leading investment management firm, invested around USD 19 million in up to four India-based waste management companies via its Circulate Capital Ocean Fund (CCOF). The company, backed by conglomerates like PepsiCo and Unilever, strengthened its efficient waste management and recycling goals with the latest investment.
- In October 2020, Dow Chemical International Pvt. Ltd., in collaboration with Recykal, introduced its first-ever digital waste management platform, dubbed Rethink+. The new plastics take-back program digitally connects waste aggregators, waste processors, and recyclers and prevents consumer plastic waste from generating landfills.
For the purpose of this study, Emergen Research has segmented the global plastic waste management market based on polymer type, source, service type, application range, and region:
By Polymer Type (Revenue: USD Billion; 2017–2027)
- Polypropylene (PP)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Low-density Polyethylene (LDPE)
By Source (Revenue: USD Billion; 2017–2027)
By Service Type (Revenue: USD Billion; 2017–2027)
- Energy Recovery
By Application Range (Revenue: USD Billion; 2017–2027)
- Building & Construction
- Food & Beverages
By Region (Revenue: USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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