PUBLISHER: The Business Research Company | PRODUCT CODE: 1429909
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429909
Plastic waste management involves the management and processing of plastic waste to make it reusable, with the goal of encouraging circular plastic production and ensuring a high uptake of recycled plastics. This approach helps reduce waste in the ecosystem, minimize atmospheric pollution, and eliminate harmful germs and chemicals.
The primary types of plastic waste management include polyethylene terephthalate (PET or PETE), high-density polyethylene (HDPE), polyvinyl chloride (PVC or Vinyl), low-density polyethylene (LDPE), polypropylene (PP), polystyrene (PS or Styrofoam), and others. Polyethylene terephthalate, commonly known as PET, is a versatile thermoplastic polymer resin belonging to the polyester family. It possesses desirable properties such as transparency, lightweight nature, and resistance to chemicals. The services associated with plastic waste management include collection, recycling, incineration, and landfills, sourced from various places such as residential, commercial and institutional, and industrial sectors. Plastic waste management services are utilized by end-users in diverse industries, including packaging, textiles, consumer products, transportation, building and construction, electrical and electronics, and other sectors.
The plastic waste management market research report is one of a series of new reports from The Business Research Company that provides plastic waste management market statistics, including the plastic waste management industry global market size, regional shares, competitors with a plastic waste management market share, detailed plastic waste management market segments, market trends and opportunities, and any further data you may need to thrive in the plastic waste management industry. This plastic waste management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The plastic waste management market size has grown steadily in recent years. It will grow from $37.36 billion in 2023 to $39.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, corporate initiatives for plastic waste management, technological advancements, and an increased utilization of plastics across various industrial sectors.
The plastic waste management market size is expected to see strong growth in the next few years. It will grow to $48.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to strong economic growth in emerging markets, corporate initiatives for plastic waste management, technological advancements, and an increased utilization of plastics across various industrial sectors. Key trends expected in the forecast period include the development of new technological solutions, a focus on zero-waste packaging platforms, leveraging artificial intelligence for efficient recycling management, concentration on upcycle process technologies, and the adoption of eco-friendly viable technologies.
The surge in awareness about plastic management is anticipated to play a pivotal role in propelling the growth of the plastic waste management industry. The increased consciousness regarding plastic management motivates various end-users to opt for recycled plastic, thereby fostering the expansion of the plastic waste management sector. Notably, numerous companies are taking substantial strides towards adopting reusable plastics as part of their commitment to sustainable practices. A noteworthy example is Coca-Cola, a prominent US-based beverage company, which, in February 2022, announced an industry-leading objective to significantly enhance its use of reusable packaging. The company aims to have a minimum of 25% of all beverages sold in refillable plastic bottles or containers by 2030. This heightened awareness is poised to contribute to more effective plastic waste management practices, thereby driving industry growth.
The increasing demand for packaged food is expected to be a key driver for the growth of the plastic waste management market in the foreseeable future. The escalating volume of food packaging waste is viewed as a pressing issue that urgently requires a solution, particularly in industrialized nations. Shifting consumer preferences towards packaged products, driven by changes in eating habits and evolving lifestyles, significantly impact this trend. For instance, in November 2021, according to Bizom data, sales of packaged foods witnessed a 95% year-on-year increase in the lead-up to the holiday season in India, driven by the popularity of ready-to-eat products and growing out-of-home consumption. Consequently, the rising demand for packaged foods is poised to be a driving force behind the growth of the plastic waste management market.
Technological advancement emerges as a pivotal trend in the plastic waste management market, with key players incorporating innovative technologies to fortify their market positions. These companies are leveraging advanced technologies such as machine learning, artificial intelligence (AI), satellite mapping, blockchain, nanotechnology, and genetic modification of chemicals to mitigate plastic waste and enhance waste management, thereby minimizing environmental impact. In a noteworthy example, Unilever partnered with Alibaba Group in January 2021 to introduce China's first large-scale closed-loop plastic recycling system powered by AI. The AI-driven technology facilitates the automatic recognition of various types of plastic bottles, promoting efficient recycling and reuse.
The use of artificial intelligence represents a significant trend gaining traction in the plastic waste management market. AI is instrumental in streamlining the management of recycling and waste sorting plants, with smart recycling bins employing AI, computer vision, robotics, and machine learning to facilitate efficient and accurate waste sorting. Unilever and Alibaba Group's collaboration in January 2021 resulted in an AI-enabled recycling system capable of automatically identifying and sorting plastic packaging. This innovative approach aims to expedite the reintroduction of high-grade plastic into the circular economy, steering companies and consumers in China towards a waste-free world.
In February 2022, Republic Services, Inc., a prominent US-based waste disposal company, acquired US Ecology for an undisclosed amount. This acquisition bolstered Republic Services, Inc.'s geographic footprint across the USA and Canada, enhancing its vertical integration capabilities in the environmental solutions sector. US Ecology, a leading provider of environmental solutions, specializes in the treatment, recycling, and disposal of hazardous, non-hazardous, and specialty waste.
Major companies operating in the plastic waste management market report are Waste Management Inc., Veolia Environnement S.A, Suez SA, Republic Services Inc., Waste Connections Inc., Stericycle Inc., Biffa PLC, Hitachi Zosen Corporation, ALBA Group, Remondis A/S, Replas, LG Chem, BioPak, UFlex, EsselPropack, Balson Industries, Kingfa Sci. & Tech Co., Ltd., GuangDong Huazhilu Biological Material Co., Ltd., Mitsubishi Chemical Corporation, Plantic Technologies Limited, Total Corbion PLA, Xinghua Xinfeng Plastic Co, Ltd., PLASgran Ltd Remondis SE & Co KG, Covanta Holdings, KW Plastics, Biochemtex, Novamont S.p.A, Avantium N.V, Sulapac, Amsilk GmBH, Carbios Amcor, Clean Harbors, TerraCycle, WM Intellectual Property Holdings, United Plastic Recycling, GFL Environmental Inc., ENF Recycling, Braskem, Fluxana GmbH Co. KG, New Hope Ecotech, Boomera, Flottweg SE, PDL software ambiental, EcoMachine, Mundo Livres, Lamor Corporation Ab, Andritz AG, Amandus Kahl GmbH & Co. KG, Bee'ah, Trident Trackway, Master Skip Services, Globalex Group of companies, RecycleHub Company, Averda, Al Dhafra Recycling, Suhul al Beeah pvt Ltd., Mr. Green Africa, Dow Packaging and Specialty Plastics, FabricAid, GreenRepublic, Kudoti, WeCyclers, Jumeni, Coliba Ghana Ltd., Premier Waste Services
North America was the largest region in the plastic waste management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the plastic waste management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The plastic waste management market includes revenues earned by entities by providing services such as pyrolysis, bioremediation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Plastic Waste Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on plastic waste management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for plastic waste management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The plastic waste management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.