The global plastic waste management is presumed to register a moderate CAGR of 3 % during the forecast period (2017-2023) owing to the growing ecological concern, asserts Market Research Future (MRFR). Plastic waste is non-degradable and can result in huge ecological crises. Plastic has become one of the crucial parts of our daily life, with every product we consume are either packaged or manufactured in a plastic material. Recycling of plastic is essential as it not only safeguards energy recovery but also eradicates carbon footprint.
The noteworthy players operating the global market are Hawkvale Limited (UK), ADS Waste Holdings Inc. (U.S.), United Plastic Recycling Inc. (U.S.), Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), Veolia Environnement S.A. (France), Stericycle Inc. (U.S.), PLASgran Ltd. (U.K.), Progressive Waste Solutions Ltd. (Canada), SUEZ Environnement Company (France), Covanta Holding Corporation (U.S.), Remondis SE & Co. KG (Germany), Hahn Plastics Limited (UK), Clean Harbors Inc. (U.S.), and Luxus Limited (U.K.).
The global plastic waste management market is expected to grow at a CAGR of ~3% during the forecast period.
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Drivers and Constraints Impacting the Market
Plastic is cheap, versatile, and recycled plastic is used to manufacture a wide range of products such as garbage bags, films, carpets, cloth, containers, and bottles. With the increasing recycling process for plastic, the global market for plastic waste management is likely to propel during the assessment period. With rapid industrialization, growing urbanization, and rising awareness associated with environmental hazards, the market is presumed to augment in the coming years. Advanced systems and technology used for sorting, reprocessing, and collection of recyclable plastics are further creating opportunities in accordance with the principles of public health, economics, industrial, and preservation. The increasing ecological concern has also led to the adoption of plastic waste management across the globe. Moreover, health hazards associated with the usage of plastic has created awareness among the people regarding its usage. Government of several nations is imposing strict regulations to reduce the carbon footprint, therefore propelling the plastic waste management market.
On the flip side, existing plastic recycling processes with complex procedures and high cost are presumed to impede the market growth in the coming years.
Global Plastic Waste Management Market: Segmental Analysis
The global plastic waste management market has been segmented on the basis of polymer, service and equipment, source, end-user, and region.
By mode of service and equipment, the global plastic waste management market has been segmented into incineration, recycling, disposal, and collection. Among these, the recycling segment is presumed dominate the global market and is estimated to maintain its dominance during the review period. The growth is attributed to the several advantages of recycling coupled with increasing government initiative to promote recycling.
By mode of polymer, the global plastic waste management market has been segmented into polyvinyl chloride (PVC), low-density polyethylene (LDPE), polypropylene (PP), and high-density polyethylene (HDPE). Among these, propylene is presumed to dominate the global market and is considered to be the fastest growing polymer segment. The growth is attributed to the cheap cost and high availability of propylene.
By mode of source, the global plastic waste management market has been segmented into industrial, commercial, and residential. Among all these, the residential segment is likely to dominate the global market and is considered to register a phenomenal growth during the review period. The growth is attributed to the rapid urbanization along with residential waste.
By mode of end-user, the global plastic waste management market has been segmented into automobile, packaging, textile & clothing, building & construction, and others. Among all these, the packaging segment is considered to dominate the global market and is considered to expand at the highest CAGR during the review period. The growth is attributed to the wide range of application in the packaging sector.
The plastic waste management span across four major regions such as Europe, North America, Asia Pacific, and Rest-of-the-World.
The market is well established in the North American and European regions owing to the several government initiatives and regulations in order to curb down carbon emissions. The Asia Pacific region is considered to witness a moderate growth rate due to reluctance and unawareness among the government to promote waste management. However, countries like India, Japan, China, and South Korea are showing positive steps towards waste management. For instance, India has launched Swachh Bharat campaign to reduce the amount of garbage produced on a regular basis and promote recycling.
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