According to a report, “Plastic Waste Management Market Size, Share & Trends Analysis Report By Service (Collection, Recycling, Incineration, Landfills), By Polymer (PP, PET, PVC), By Source, By End Use, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc. The global plastic waste management market size is anticipated to reach USD 42.2 billion by 2027, expanding at a CAGR of 3.1%, according to a new report by Grand View Research, Inc. Economic growth, rising industrialization, increasing urbanization, and growing health awareness are the major factors, which are likely to boost market growth over the forecast period.
Growing awareness regarding the environment among people and stricter regulations being adopted by several end-use industries, along with many specifications pertaining to plastic waste management are going to create demands in the market. Also, due to rapid urbanization and industrialization, there has been a surge observed in the adoption of sustainable efforts and processes to manage waste in an eco-friendly way, leading the way for plastic waste management services.
Plastic waste management is a collective approach to recycle the plastic or to generate energy through incineration. There are several highly beneficial aspects of recycling, such as it helps save resources and protects the environment. Also, it can help reduce the manufacturing cost of companies by recycling the materials, leading to better revenue generation for the companies. These benefits provide a huge fillip to the demands in the market and boost the growth rate of the market.
Majority of the players operating the industry cater to commercial, residential, and industrial sectors. The market concentration in developed economies is growing through consolidation and companies are outsourcing the waste treatment and disposal services. This, in turn, is expected to drive the plastic waste management market over the forecast period.
Further key findings from the report suggest:
- Collaborations play a great role in creating demands in the market. For instance, in March 2019, Nestlé and Veolia announced a partnership covering plastic waste collection, sorting and recycling, focusing in particular on flexible plastic packaging, in eleven priority countries in Asia, Africa, Latin America and Europe.
- New alliances between major players are forged to reduce plastic waste. For example, in January 2019, companies from across the plastics value chain have launched a new global Alliance to End Plastic Waste in the environment, especially in the ocean. The Alliance has committed over $1.0 billion USD to this mission.
- Based on service, recycling is anticipated to be the fastest growing service segment, registering a CAGR of 4.9% over the forecast period owing to the growing number of recycling plants and stringent regulations for recycling of plastic
- Based on polymer, the Polypropylene (PP) segment is anticipated to dominate the market over the forecast period owing to its increasing in automotive, packaging, and textile industries on account of excellent chemical resistance
- Based on End-use, the packaging end-use segment is anticipated to be the largest contributor in the market on account of increasing application of recycled plastics in the form of bottles, containers, bags, and other packaging products
- Based on region, in Asia Pacific, the plastic waste management market is anticipated to register fastest growth of 3.4% over the forecast period owing to rising GDP, growing population, and increasing disposable income in the developing economies such as India, China, and Japan
- Key players in the market are focusing on several strategies including new product developments, new service developments, expansions, contracts, partnerships, and joint ventures. Some of the players are Veolia Environnement S.A., Waste Management, Inc., Suez Environnement Company, Republic Services, Inc., and Clean Harbors, Inc.
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Grand View Research has segmented the global plastic waste management market on the basis of service, polymer, source, end use, and region:
Plastic Waste Management Service Outlook (Revenue, USD Million, 2016 – 2027)
Plastic Waste Management Polymer Outlook (Revenue, USD Million, 2016 – 2027)
- Polypropylene (PP)
- Low-density Polyethylene (LDPE)
- High-density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polyurethane (PUR)
- Terephthalate (PET)
Plastic Waste Management Source Outlook (Revenue, USD Million, 2016 – 2027)
Plastic Waste Management End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Consumer Product
- Building & Construction
- Electrical & Electronics
Plastic Waste Management Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
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Polymer Market for Waste Management – The global polymer market for waste management size was valued at USD 3.69 billion in 2017 and is projected to expand at a CAGR of 4.0% over the forecast period.
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