June 18, 2024
Plastic Waste Management Market

Plastic Waste Management Market to Grow Significantly owing to Stringent Government Regulations Promoting Sustainable Materials

The plastic waste management market handles recycling and disposing of unusable plastics. Plastics provide many advantages as materials but create waste issues. The market offers collection, transportation, and processing of plastic waste for disposal or recycling. Global plastic production has increased exponentially but without proper waste management systems. Improper plastic disposal pollutes land and water bodies and harms wildlife. The Global plastic waste management market is estimated to be valued at US$ 640.6 Mn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 To 2031.

Key Takeaways

Key players: Key players operating in the plastic waste management market include Wolfe Heavy Equipment, EZ-Trench, Tesmec, Ditch Witch, Marais, Vermeer, Toro, UNAC, Port Industries, Guntert & Zimmerman, Mastenbroek, Shandong Gaotang trencher, Rongcheng Shenyuan, and Inter-Drain among others.

Key opportunities: Investments in advanced Plastic Waste Management Market Trends technologies present opportunities for market players. Also, developing economies seeing rising plastic consumption offer growth potential through public-private partnerships promoting waste management.

Global expansion: Leading companies are exploring global partnerships and acquisitions to expand plastic waste collection and processing infrastructure across worldwide. Strict regulations in EU and developing Asian countries also drive foreign investments.

Market drivers:

Stringent government regulations promoting sustainable materials and banning single-use plastics are major drivers. Regulations incentivize plastic recycling industry growth. Industries also face penalties and bans for using virgin plastics. This boosts demand for recycled plastics and waste management services.

PEST Analysis

Political: Regulations regarding plastic waste disposal and recycling are becoming stricter across various countries to promote sustainability. This is driving more organizations to actively invest in effective plastic waste management solutions.
Economic: With rising plastic waste volumes and stringent rules, plastic waste processing is emerging as a cost-effective business opportunity. Growing investments are being made in technologies that can help recover resources from plastic waste on a large scale.
Social: Rising environmental awareness among the public is increasing demand for sustainable and environment-friendly business practices. People are more inclined to support companies and brands that use recycling as a part of their operations or supply chain.
Technological: Advanced sorting and recycling technologies allow for better separation and recovery of resources from mixed plastic waste. Technologies like chemical recycling are also gaining traction as they facilitate recycling of plastic waste otherwise deemed non-recyclable.

Geographical regions with high plastic waste generation

North America accounts for the largest share of the global plastic waste management market in terms of value, led by the US. This is due to overall high plastic consumption in the region along with implemented regulations supporting plastic recycling and waste reduction. Asia Pacific follows next with China generating the maximum plastic waste globally. The region witnesses rapid industrialization and urbanization resulting in rising plastic use across various sectors.

Fastest growing region

Europe is expected to record the fastest growth in the plastic waste management market during the forecast period. This can be attributed to stringent EU rules around plastic waste recycling and proposals to ban certain single-use plastic items. Countries across Europe are proactively investing in advanced recycling infrastructure to meet evolving regulatory targets, driving higher adoption of plastic waste management solutions.

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