Plastic Waste Management Market Dynamics
Plastic waste management refers to the methods used for reprocessing plastic material instead of dumping it into landfills or left to pollute the environment. The use of plastic generates non-degradable plastic waste, which leads to a huge ecological crisis. Thus, the need for proper management of plastic waste is projected to drive market growth. The prominent factor fuelling the market growth is less use of virgin plastics to produce different products. With the growing concerns about the harmful effects of plastic, the government has enforced several norms to manage plastic waste effectively.
The use of advanced technologies for the reprocessing, arrangement, and an assortment of recyclable plastics has encouraged research and development activities, which is likely to offer new opportunities to the market. Moreover, the accelerating population, rising income levels, and rapid urbanization are some other factors contributing to the market growth. Several public and private forces have joined hands to reduce plastic pollution by promoting waste management.
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However, plastic waste management is a complicated process and needs huge capital investment to operate the tasks of waste collection and disposal. Also, the process demands highly skilled laborers to process the waste. This has increased the operating costs and impacted the profit margins, which hampers the plastic waste management market size.
Polymer Type Segment Analysis
The Polypropylene (PP) segment is anticipated to hold a larger share during the forecast period. Polypropylene is readily available, economical, and can adapt to different fabrication methods making it highly suitable for household and industrial applications. Also, the increasing adoption of this polymer to produce plastic is attributed to its outstanding properties such as chemical and fatigue resistance, high flexural strength, and weldability.
End-Use Application Analysis
The Packaging segment in the plastic waste management market is expected to expand at a higher CAGR, in terms of value, over the forecast period. The rising demand for plastics for the packaging of products to preserve, protect and transport. With the growing concerns among consumers about the harmful effects, the adoption of recycled plastics has increased. Several benefits of recycled wastes, such as less reliance on fossil fuels and reduced pollution, and the increasing demand for packed food across various nations, will drive the plastic waste management market share.
The Asia-Pacific region is projected to lead the market over the forecast period on account of increasing industrialization and the imposition of strict norms concerning plastic waste management in countries like China and India. Moreover, as per the plastic waste management market report, the surge in disposable income and the growing prominence of waste management will further fuel the market growth.
Various key players operating in the market include Veolia, SUEZ, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Stericycle, Covanta Holding Corporation, Clean Harbors, Inc., Waste Connections, Biffa, and REMONDIS SE & Co. KG, among others.
In 2019, SUEZ introduced a more advanced packaging sorting facility for lightweight packaging in Germany. This facility is integrated with cutting-edge technology with an annual processing capacity of 100,000 tonnes to optimize the sorting of the waste streams for enhanced waste recovery.
In 2019, Veolia entered into a partnership with Nestle that covers the plastic waste collection, sorting, and recycling. The focus of the companies is on flexible plastic packaging across eleven major counties in Asia, Africa, Latin America, and Europe.
Plastic Waste Management Market Segmentation:
Plastic Waste Management Market by Service
• Collection & Transportation
Plastic Waste Management Market by Polymer Type
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• High-Density Polyethylene (HDPE)
• Polystyrene (PS)
• Polyurethane (PUR)
• Polyethylene Terephthalate (PET)
Plastic Waste Management Market by Source
• Commercial & Institutional
Plastic Waste Management Market by End-Use Application
• Building & Construction
• Textile & Clothing
• Recycled Plastics in Other End-Use Applications
Segmentation by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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