The global Plastic Waste Management Market is estimated to be valued at US$ 35.71 Bn in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Plastic Waste Management Market Size i involves the collection, transportation and recycling or disposal of plastics. Effective plastic waste management is necessary due to the surge in plastic production and consumption globally. It helps prevent plastic pollution and allows for the recovery of resources from discarded plastics.
Market key trends:
One of the key trends in the plastic waste management market is the growing adoption of advanced recycling technologies. Advanced recycling technologies such as chemical recycling are gaining popularity as they can break down difficult-to-recycle multi-material plastics into their basic chemical components and reintroduce them as virgin-quality feedstock for new plastic production. This helps boost plastic recycling rates. However, the high capital costs involved remain a challenge for widespread adoption of advanced recycling technologies.
Market key trends:
Plastic waste management market is witnessing growing adoption of advanced waste treatment technologies like gasification and pyrolysis to convert mixed plastic waste into fuels, gases, and chemicals. These techniques allow effective recycling of multi-layer plastic waste that was traditionally difficult to recycle through conventional methods. Furthermore, initiatives of leading plastic waste management companies to build plastic recycling plants in different regions are enabling higher plastic waste recovery rates.
SWOT Analysis:
Strength: Presence of stringent regulations across countries for proper plastic waste disposal and recycling.
Weakness: Collection and segregation of plastic waste remains a challenge especially in developing nations.
Opportunity: Rising global focus on adoption of circular economy principles for plastics provides growth opportunities for waste management firms.
Threats: Volatility in prices of recycled plastics makes businesses highly dependent on oil prices.
Key Takeaways:
The global Plastic Waste Management Market expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing regulations regarding plastic waste disposal across regions.
Regional analysis: Asia Pacific dominates the global plastic waste management market currently and is expected to continue its dominance over the forecast period. Countries like China, India, and Indonesia have been generating significant plastic waste volumes owing rapid industrialization and urbanization in recent years.
Key players operating in the Plastic Waste Management market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it