Due to causes like economic growth, escalating urbanisation, industrialization, and people's changing lifestyles, the amount of plastic waste produced has surged, posing an increasing threat to the environment.
plastic waste management Market Size – USD 36.96 Billion in 2021, Growth – at a CAGR of 5.4%, Trends – As the population and average income levels of people have increased, the plastic waste management industry has recognised new opportunities.
The global plastic waste management market size was USD 36.96 Billion in 2021 and is expected to register a revenue CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data.
Due to the fact that it not only provides energy recovery but also lowers carbon emissions, plastic recycling is a crucial need in society. Seven yards of land could be kept out of landfills for every tonne of recycled plastic, and almost 80% of the energy used to make new plastic could be spared. Carpets, trash bags, textiles, films, bottles, and containers are just a few examples of the numerous things that may be made from plastic, which is a relatively affordable and versatile material. This plastic recycling method will be improved during the anticipated time period to expand the plastic waste management market.
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Top Companies: Veolia Environment, Waste Connections Inc., Covanta Holding Corporation, Stericycle, SUEZ, Waste Management Inc., Clean Harbors, Waste Connections Inc., Remondis SE, Biffa
Further Key Finding from the Report Suggestion:
- The plastic waste management market was dominated by the recycling segment in 2021. Government regulations that are strict and a significant expansion of recycling infrastructure are credited with this. There are several uses for recycled plastic. In the coming years, it is anticipated that the collecting segment would grow the fastest. The most important and challenging service is collecting. Key participants in the plastic waste management market offer collection services for residential, commercial, and industrial plastic waste.
- In 2021, the plastic waste management market was dominated by Asia-Pacific. This is a result of escalating industrialisation and the strict enforcement of laws governing the disposal of plastic garbage and other materials. North America is anticipated to grow at the quickest rate and achieve a CAGR of 15.5% during the projected period. This is attributable to growing awareness of the need to lessen the carbon footprint that plastic trash has on the environment.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Plastic Waste Management market is segmented into:
Service Outlook (Revenue, USD Billion; 2019-2030)
Polymer Outlook (Revenue, USD Billion; 2019-2030)
- Low density polyethylene
- High density polyethylene
- Polyvinyl chloride
Source Outlook (Revenue, USD Billion; 2019-2030)
End Use Outlook (Revenue, USD Billion; 2019-2030)
- Consumer product
- Building construction
- Electrical electronics
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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