The plastic waste management market consists of services and equipment required for collection, transportation, and recycling of plastic waste. Effective plastic waste management helps reduce greenhouse gas emissions and prevent plastic from polluting water bodies and landfills. It facilitates recovery of materials that can be reused, thus promoting circular economy.
The global plastic waste management market is estimated to be valued at US$ 42.5 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing concerns regarding environmental pollution coupled with stringent government regulations have driven sustainable practices across industries in recent years. More companies are adopting sustainable business models and enforcing responsible plastic policies to reduce single-use plastic footprint. Partnerships between plastic recycling companies and corporations generating Global Plastic Waste Management Market Size have also emerged. For instance, major companies such as Coca Cola, PepsiCo, Nestle and Unilever have partnered with plastic waste management service providers to implement strategies like customized collection of plastic waste from offices and local communities for efficient recycling. Such collaborations are helping divert more plastic from landfills and boosting plastic recycling rates globally. Furthermore, advancements in post-consumer plastic recycling technologies allow recovering more types of plastic which were earlier considered unrecyclable. This is expected to expedite plastic circulation in the economy going forward.
SWOT Analysis
Strength: Plastic waste management helps reduce adverse environmental impact of plastic. It enables effective reuse and recycling of plastic waste.
Weakness: Collection and segregation of plastic waste is a challenge. Improper waste management can lead to pollution.
Opportunity: Rising environmental awareness is driving demand for eco-friendly plastic waste management solutions. Developing regions offer growth potential.
Threats: Alternatives to plastic packaging are emerging which can reduce plastic waste. Stringent regulations around plastic use pose challenges.
Key Takeaways
The global plastic waste management market is expected to witness high growth. plastic waste management market is estimated to be valued at US$ 42.5 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.
The Asia Pacific region dominates the plastic waste management market currently. The region generates significant plastic waste and countries like China, Indonesia are focusing on effective plastic waste collection and recycling. North America and Europe are also major markets for plastic waste management.
Key players
Key players operating in the plastic waste management market are 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. These players are focusing on developing advanced plastic recycling technologies and solutions to cater to the growing needs of effective 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