PUBLISHER: Grand View Research | PRODUCT CODE: 1530048
PUBLISHER: Grand View Research | PRODUCT CODE: 1530048
The global plastic waste management market size is anticipated to reach USD 46.84 billion by 2030 and is anticipated to expand at a CAGR of 3.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing significant growth, driven by increasing awareness about the environmental impact of plastic waste and the adoption of sustainable waste management practices. Governments worldwide are implementing stringent regulations to curb plastic pollution, which is compelling industries to adopt eco-friendly packaging and recycling practices.
The market is witnessing a shift towards recycling and the circular economy as key strategies to manage plastic waste effectively. Innovations in recycling technologies, such as chemical recycling, are gaining traction, offering new opportunities for the recovery of high-quality plastic materials from waste. This trend is expected to reduce reliance on virgin plastics, promoting the use of recycled plastics across various industries.
In addition, plastic production and consumption have been growing significantly across the globe, fueled by its affordability, versatility, and durability. This factor is directly impacting the demand for plastic waste management services. As plastic is used majorly in packaging and consumer goods, the resultant waste poses significant environmental challenges, including pollution and harm to marine life. These aforementioned factors are anticipated to drive the demand for the market over the forecast period.
Additionally, governments are enacting strict measures aimed at minimizing plastic consumption while encouraging recycling and reuse practices. These measures include prohibiting single-use plastics, offering rewards for recycling efforts, and setting ambitious targets for reducing plastic waste. Such initiatives are fueling the expansion of the plastic waste management market. Moreover, many countries have introduced bans on the manufacture, sale, and use of single-use plastic items such as plastic bags, straws, cups, and cutlery.
The EU, for instance, has banned single-use plastic cutlery, plates, straws, and stirrers. For instance, according to the World Economic Forum by 2030, the European Union (EU) is committed to decreasing plastic pollution by prohibiting single-use plastics. This move is a component of a wider strategy aimed at enhancing the sustainability of packaging throughout the EU. Additionally, some countries have introduced taxes on plastic packaging that do not meet a minimum threshold of recycled content. The UK, for example, has introduced a Plastic Packaging Tax on plastic packaging with less than 30% recycled content.