The plastic waste management market is estimated to be valued at US$ 35.71 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plastic waste management involves the collection, recovery, disposal and treatment of varied forms of plastic waste. Plastic is a versatile material that provides lightweight and durable solution for packaging and other applications. However, its accumulation in the environment poses serious health and environmental hazards. There is growing focus on deploying sustainable solutions for plastic waste collection and treatment.
Market Dynamics:
Rising environmental concerns over plastic accumulation in landfills and oceans is a key factor driving growth of plastic waste management market. According to United Nations Environment Programme, nearly 300 million tons of plastic waste are produced globally each year of which around 50-80% enters oceans as marine plastic pollution.Moreover, improper disposal of plastic waste increases risk of air and water pollution and poses health hazards. This has necessitated adoption of efficient waste collection and recycling systems. Furthermore, increasing legislation banning single use plastic and landfill dumping is prompting industries and municipalities to invest in sustainable plastic waste treatment facilities. For instance, over 180 nations have signed a resolution to develop an internationally binding agreement by 2024 to curb plastic pollution. Additionally, growing focus on development of circular economy models wherein plastic is recovered and converted into secondary products is fueling market growth. However, high costs associated with plastic waste recycling and complexities in segregation and treatment processesremain a major obstacle.
Segment Analysis
The plastic waste management market is driven by rising environmental concerns over plastic pollution. According to United Nations, around 50-80% of global plastic waste enters oceans posing serious threat to marine life. Moreover, improper disposal increases risk of air and water pollution. This has necessitated adoption of efficient waste collection and recycling systems. Furthermore, increasing government legislation banning single use plastic and landfill dumping is prompting industries to invest in sustainable treatment facilities. For instance, over 180 nations have signed a resolution to curb plastic pollution by 2024. Additionally, growing focus on circular economy models wherein plastic is converted into secondary products is fueling market growth. However, high costs associated with recycling and complex treatment processes remain a challenge.
SWOT Analysis
Strength: Plastic waste management provides an opportunity to generate renewable energy. It has well established collection and processing infrastructure. Stringent government regulations favor the growth of plastic waste management industry.
Weakness: Collection of plastic waste from urban and rural areas is a challenge. Segregation of different types of plastics at source is difficult. High cost of establishing plastic waste treatment facilities.
Opportunity: Rising awareness regarding environmental protection and sustainability provides growth opportunity. Technological advancements in plastic waste recycling methods open new avenues. Growth of e-commerce sector increases plastic packaging waste.
Threats: Unorganized plastic waste collectors cause diversion of material from legal recycling routes. Substitution threat from alternative materials like paper reduces plastic consumption. Trade policies and restrictions affect plastic waste import/export.
Key Takeaways
The Global Plastic Waste Management Market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing environmental regulations against plastic pollution. Stringent norms in major economies like Europe and China favors market growth.
Regional analysis - Asia Pacific dominates the global market with over 35% share due to large plastic waste generation in countries like China and India. China is the world's largest plastic waste generator as well as importer. Europe is the second largest market driven by well-established waste management directives. Stringent norms and landfill bans stimulate plastic recycling in the region.
Key players - Key players operating in the plastic waste management market are Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa, Covanta Holding Corporation, Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., Cleanaway, Hawkvale Limited, FCC Environment, Rumpke, DS Smith, Hitachi Transport System, Ltd., Marius Pedersen a.s., Environmental Recovery Corporation of PA, Shell, Montello S.p.A., The Shakti Plastic Industries, Daya Charan Company, Thermowaste Solutions, Banyan Sustainable Waste Management Pvt. Ltd., Premium Recycled Plastics, VITAL WASTE, SAMKI GROUP, and 99P Recycling.
