Overview Of Plastic Waste Management Market:
Waste disposal and recycling are two of the most important aspects of managing plastics sustainably. Incineration, recycling, and other methods are all available for dealing with plastic trash. At USD 33.1 billion in 2019, the worldwide plastic waste management market is predicted to grow at a CAGR of 3.1% over the forecast period. Over the projected period, the market is expected to be driven by rapid industrialization, expanding urbanization, and growing concern about the environmental impact of incorrect plastic waste management.
Consumer’s preference for recycled plastic over conventional plastic is driving the Plastic Waste Management Market to new heights of expansion.
It is expected that the worldwide Plastic Waste Management industry will grow as a result of the increasing demand for recycled plastic. As part of their new sustainable strategy, a number of food and beverage companies are boosting the quantity of recycled plastic in their bottles. Coca-Cola, for example, declared in July 2017 that it will increase the recycled plastic content in its bottles by a factor of two. Bottles currently include 25% recycled material. By the end of 2020, this will be increased by half to 50%.
A major development in the Plastic Waste Management industry is recycling plastics for use in road construction.
As a result of its long-term use, plastic is an extremely hazardous substance. MSW (municipal solid waste) is 5 percent comprised of this substance, which poses a serious environmental risk. Plastics are now ubiquitous in our daily lives, and this has resulted in massive amounts of plastic trash piling up in the environment. It is possible to cut building costs and environmental damage by using plastic debris in road construction.
Global plastic waste management market participants
B. SCHOENBERG & CO., INC., Advanced Environmental Recycling Technologies Inc, REPLAS, Custom Polymers Inc, CarbonLITE Industries, LUXUS Ltd., wTe Corporation, KW Plastic Inc., Kuusakoski Group, Clear Path Recycling, PLASgran Ltd., Shanghai Pret Composites Co. Ltd., Republic Services Inc., Reprocesses Plastic Inc., 4G Recycling Inc., Vanden Global Ltd., The WasteCare Group,
TerraCycle, and Veolia Environmental SA.
Major participants in the worldwide plastic waste management industry are concentrating on expanding their processing facilities in developing economies in order to fulfill the rising demand and acquire market share. Local players play a big role in plastic trash recycling and disposal, making it one of the most fragmented marketplaces in the world.
A higher than average CAGR for recycling as a market segment is true for all types of plastic waste management service providers in the market.
This market for Plastic Waste Management may be broken down into two main categories: disposal and processing. In the plastic waste management industry, the processing segment is further subdivided into incineration, recycling, and several other methods of disposal. Processing accounted for more than half of the global plastic waste management market by year’s end in 2018. Demand for plastic waste recycling operations is predicted to increase in the near future due to a growing prohibition on landfills in many European countries
As a source of information,
The Plastic Waste Management Market is divided into residential, commercial, and industrial segments based on the source of the garbage. Because of the rising population and urbanization, the residential segment is expected to account for the majority of market growth over the next five years at a CAGR of 3.4 percent.
Everyday life relies heavily on plastics, which are widely utilized in household appliances and products. The increased use of plastics in the residential sector as a result of changing lifestyles, rising populations, and rising disposable money has generated enormous amounts of waste that must be dealt with.
When it comes to plastic trash generation, the commercial is the second-biggest source. Demand for plastic is expected to rise as more commercial places like malls and educational institutes, as well as hospitals and office buildings, are built around the world. This would result in a significant amount of waste.
Also Read: PLASTIC WASTE MANAGEMENT; ISSUE, PLASTIC WASTE AS A CHEMICAL FEEDSTOCK- SHELL GLOBAL
Over the projected period, the industrial segment is expected to grow at a CAGR of more than 2.1 percent due to the rising industrialization of developing economies such as India, China, Brazil, and Argentina. Plastic containers, pipes, cables, wires, packaging foams, and other industrial items are the most common types of industrial plastic trash.
