The rising volume of plastic waste is mandating the application of effective plastic waste management solution. Most plastic variants are non-degradable or take years to decompose, which make them a threat for the environment. Plastic waste volumes are increasing at an alarming rate. As a result, the demand for plastic waste management solutions is rising sharply. Market Research Future (MRFR) reports that global plastic waste management market is will exhibit a steady growth over the next couple of years.
Stricter regulations are being imposed on industrial vertical in order to reduce and manage plastic waste. Industries such as automobile, consumer goods, packaging, construction, electronic among others have a massive plastic waste output. These verticals are adopting advanced technologies to manage plastic waster. Such industry trends are influencing the global plastic waste management market.
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Global Plastic Waste Management Market: Competition Analysis
MRFR in its report has mentioned some of the leading companies, which include SUEZ Environnement Company (France), Republic Services Inc. (U.S.), ADS Waste Holdings, Inc. (U.S.), Clean Harbors Inc. (U.S.), Hahn Plastics Limited (UK), Progressive Waste Solutions Ltd. (Canada), United Plastic Recycling, Inc. (U.S.), Veolia Environnement S.A. (France), Covanta Holding Corporation (U.S.), PLASgran Ltd. (U.K.), Waste Management Inc. (U.S.), Stericycle Inc. (U.S.), Hawkvale Limited (UK), Remondis SE & Co. KG (Germany) and Luxus Limited (U.K.)
Global Plastic Waste Management Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of polymer, service & equipment, end-user sector, source and region.
By polymer, the market has been segmented into low-density polyethylene (LDPE), polyvinyl chloride (PVC), high-density polyethylene (HDPE), polypropylene (PP) and others. In terms of value, the polypropylene segmented currently accounts for the lion’s share of the market. The segment is likely to maintain a similar stance throughout the assessment period. Factors such as widespread availability and feasibility of polypropylene are supporting the segment’s growth.
On the basis of service & equipment, key segments include incineration, recycling, collection and disposal. The recycling segment is anticipated to remain high attractive during the forecast period. Increased focus to recycling due to its environmental benefits is reflecting favourably on the segment.
On the end-use sector, key segments include building & construction, automobile, packaging, textile & clothing and others. The packaging segment currently commands the largest market share. In addition, the segment is expected to exhibit a sound growth over the forecast period. The packaging industry is one of the largest users of plastic and thereby requires effective plastic management solutions.
On the basis of source, key segments include industrial, commercial and residential. The residential segment holds the predominant share of the market in terms of revenue. In addition, the segment is expected to witness a strong growth over the next couple of years. Rapid urbanization in third world countries is fuelling the segment’s growth.
Global Plastic Waste Management Market: Regional Analysis
On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), North America and South America. North America is the leading market for plastic waste management. Adoption of solution and technologies for plastic waste management is on the rise in the countries such the US and Canada. High level of awareness and stricter regulations are also factoring into the expansion of plastic waste management industry in the region.
Asia Pacific is viewed as a fast-emerging market for plastic waste management. Presence of vast consumer market in the region make its an important destination for market players. During the forecast period, countries such as China, South Korea, Japan and India are expected to make significant contribution to the APAC market in terms of value. Moreover, initiatives taken by governments in APAC to raise awareness about healthcare, hygiene and waste management are also favouring the market growth in APAC
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