Global Plastic Waste Management Market – Industry Trends and Forecast to 2029

Global Plastic Waste Management Market, By Polymer Type (Thermosetting, Thermoplastic), Services (Landfills, Collection, Recycling, Energy Recovery), Source (Industrial, Residential, Commercial and Institutional, Others), End-Use Sector (Wood and Furniture, Textiles, Construction, Packaging, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The global plastic waste management market has been largely growing owing to the increased integration of new and innovative technologies in recycling plants and trash management systems, such as big data and machine learning (ML). Furthermore, rising awareness of the environmental consequences of improperly dumping plastic trash, notably its influence on marine ecosystems, is estimated to fuel the worldwide plastic waste management market's expansion over the forecasted period.

Global Plastic Waste Management Market was valued at USD 34.85 billion in 2021 and is expected to reach USD 45.54 billion by 2029, registering a CAGR of 3.40% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Market Definition

Plastic waste management refers to methods and procedures for recycling plastic waste instead of depositing it in landfills or polluting the environment in other ways. Plastic waste management is aided by a reduction in the usage of virgin plastic in product manufacturing.

Report Scope and Market Segmentation

Plastic Waste Management Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Surge in Various Initiatives

The growth in various initiatives by government as well as the manufacturers are estimated to carve a way for the growth of the market. As part of their new sustainable strategy, a number of food and beverage firms are focusing on increasing the proportion of recycled plastic in their bottles. Coca-Cola, for example, declared in July 2017 that it will treble the amount of recycled plastic in its bottles. Currently, 25% of bottles are made of recycled plastic. By the end of 2020, this will have quadrupled to 50%. Therefore, these factors will aid the market growth over the forecasted period.

Furthermore, the surge in industrialization and urbanization will further propel the growth rate of plastic waste management market. There has been growing awareness about environmental issues caused by the plastics which has largely create demand for plastic waste management across the globe. Additionally, the growing population, the emergence of circular economy and the growing income levels of people will also drive market value growth. The acceptance of bottles made of recycled plastics over those made of polymers using oil products, which produce less CO2, and the packaging industry's increased demand for recyclable raw materials, are also propelling the market forward.

Opportunities

• Partnerships and Regulations

Furthermore, the initiation of private and public sector partnership in regards of waste management extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the stringent regulations implemented by government regarding the plastic disposal and management as well as the recycling of toxic materials will further expand the future growth of the plastic waste management market.

Restraints/Challenges

• Lack of the Required Framework for Segregation and Collection

The municipalities and other waste management stakeholders face a significant threat from improper garbage disposal. Improper garbage disposal can have a significant impact on the health of those who live near polluted areas or landfills. Skin irritations, blood infections, respiratory problems, growth disorders, and even reproductive issues can all be caused by inadequately treated plastic wastes. Unscientific treatment, inappropriate garbage collection, and ethical issues such as dumping e-waste are all key issues affecting plastic waste management. As a result, environmental degradation, water pollution, soil pollution, and air pollution become a problem, limiting the waste management market's growth.

• Recycling Plastic is Expensive Procedure

The petrochemicals, such as oil and natural gas, are the primary raw resources used to make virgin plastics. Several additives are used in the production of plastic products, including fillers and colorants. Most recycling firms are unaware of what is added to plastic, which has an impact on plastic recycling. Moreover, separating plastic from various types of waste streams is a difficult task when using thermochemical techniques to recover energy. Plastic sorting is an important stage in various waste management systems. Furthermore, sorting and segregating plastic (according to its many grades, types, and the mix of additives employed) is time-consuming and costly when compared to the production of fresh plastic from petrochemicals, which is far less expensive. Therefore, this factor will challenge the plastic waste management market growth rate.

Additionally, the factors such as the fewer treatment plants coupled with the lack of expertise for the recycling of plastic waste also hampers the market growth. The less participation of source sectors in the management of plastic waste also impedes the growth of the market over forecast period.

This plastic waste management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the plastic waste management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Plastic Waste Management Market

The recent outbreak of coronavirus had a huge impact on the plastic waste management market.  As the number of COVID-19 cases in the region increased, so did the amount of plastic garbage generated, particularly in healthcare facilities. As a result, in 2020, there will be a higher need for plastic waste management services. This largely boosted the market’s growth during the pandemic.

Furthermore, the increased demand for plastic waste management services in the region during the outbreak was fueled by the rising danger of unintentional infection as a result of poor garbage disposal, which included hazardous medical waste. Furthermore, throughout the projection period, favorable government waste management activities are expected to promote sales of plastic waste management services in Asia-Pacific. Over the forecast period, the aforementioned determinants will largely boost on the market's revenue trajectory.

Global Plastic Waste Management Market Scope

The plastic waste management market is segmented on the basis of polymer type, services, source and end-use sector. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Polymer Type

• Thermosetting
• Polyurethane
• Epoxy
• Polyester
• Others
• Polyimide
• Silicone
• Thermoplastic
• Polyethylene Terephthalate (PET)
• Polyethylene (PE)
• Polyvinyl Chloride (PVC)
• Polystyrene (PS)
• Polypropylene (PP)
• Others

• Nylon
• PC

 Services

• Landfills
• Collection
• Recycling
• Energy Recovery

Source

• Industrial
• Residential
• Commercial and Institutional
• Others

End-Use Sector

• Wood and Furniture
• Textiles
• Construction
• Packaging
• Others

Plastic Waste Management Market Regional Analysis/Insights

The plastic waste management market is analyzed and market size insights and trends are provided by country, polymer type, services, source and end-use sector as referenced above.

The countries covered in the plastic waste management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the plastic waste management market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rapid industrialization and disposable income.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the various governmental initiatives and stringent regulation associated with carbon emissions within the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Plastic Waste Management Market Share Analysis

The plastic waste management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plastic waste management market.

Some of the major players operating in the plastic waste management market are

• Veolia (France)
• SUEZ (France)
• WM Intellectual Property Holdings, L.L.C. (U.S.)
• LUXUS Ltd. (UK)
• Reprocessed Plastics, Inc. (U.S.)
• Republic Services, Inc., (U.S.)
• Waste Connections (Canada)
• Clean Harbors, Inc., (U.S.)
• Biffa (UK)
• Covanta Holding Corporation (U.S.)
• Stericycle, Inc., (U.S.)
• Remondis SE & Co. KG (Germany)
• B. Schoenberg & Co., Inc. (U.S.)
• REPLAS (Australia)
• Clear Path Recycling (U.S.)
• CUSTOM POLYMERS (U.S.)
• Vanden Global Ltd. (China)
• WasteCare (UK)
• PLASgran Ltd. (UK)
• REMONDIS SE & Co. KG (Germany)