July 23, 2024

Plastic Waste Management Market Is Estimated To Witness High Growth Owing To Increasing Environmental Concerns

The global Plastic Waste Management Market is estimated to be valued at US$35.71 billion in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

 

The plastic waste management market refers to the processes and techniques used to recycle and manage plastic waste to reduce its environmental impact. With the increasing concerns regarding plastic pollution and its adverse effects on the environment, there is a growing demand for effective plastic waste management solutions. These solutions help in reducing the accumulation of plastic waste in landfills and oceans, and promote the recycling and reuse of plastic materials. Plastic waste management products and services provide numerous advantages, including resource conservation, pollution reduction, energy savings, and economic benefits. The need for such products and services is driven by the urgent need to find sustainable solutions for tackling the global plastic waste problem.

Market key trends:

 

One key trend in the plastic waste management market is the adoption of advanced recycling technologies. Traditional recycling processes have limitations in terms of the types of plastic materials that can be recycled and the quality of the recycled products. As a result, advanced recycling technologies, such as chemical recycling and pyrolysis, are gaining traction. These technologies enable the recycling of a wider range of plastic materials, including mixed plastic waste and contaminated plastics. They also offer the potential to produce higher-quality recycled products that can be used in various applications, including packaging, construction, and automotive industries. The adoption of advanced recycling technologies is expected to drive the growth of the plastic waste management market by improving the efficiency and effectiveness of recycling processes.

PEST Analysis:

Political: The political factors affecting the plastic waste management market include government regulations and policies related to waste management and environmental protection. This can include laws governing waste disposal, recycling incentives, and landfill restrictions.

Economic: The economic factors impacting the market involve the cost of waste management and recycling processes, as well as the availability of funding and investments in sustainable waste management solutions. The market growth is also influenced by the overall economic conditions of the countries where these services are provided.

Social: The social factors affecting the plastic waste management market include public awareness and attitudes towards waste disposal and recycling. The demand for sustainable waste management solutions is driven by increasing environmental consciousness among consumers and the desire to reduce plastic pollution.

Technological: The technological factors influencing the market include advancements in waste management technologies and recycling processes. Innovations such as plastic-to-fuel conversion, chemical recycling, and smart waste management systems are driving the efficiency and effectiveness of plastic waste management.

Key Takeaways:

The global plastic waste management market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing awareness about plastic pollution and the need for effective waste management solutions.

In terms of regional analysis, the Asia-Pacific region is expected to be the fastest-growing and dominating region in the plastic waste management market. This is primarily due to the high population density, rapid industrialization, and urbanization in countries like China and India, leading to increased plastic waste generation.

Key players operating in the plastic waste management market include 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. These key players have a significant market presence and play a crucial role in driving innovation and sustainable practices in plastic waste management.

 

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it