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      Plastic Waste Management Market Size Expected to Be Valued at $30.5 Billion by 2026

      admin by admin
      February 12, 2022
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      (EMAILWIRE.COM, February 12, 2022 ) Plastic Waste Management Market size is expected to be valued at US$30.5 billion by the end of the year 2026 and the market is set to grow at a CAGR of 3.05% during the forecast period from 2021-2026. Plastic recycling helps in providing value-added benefits to the plastic by making them less toxic. Recycled plastics can also be used for various sustainable packaging solutions such as bottles, containers, bags, films and other packaging products. The trend of reprocessing waste materials and recovering waste plastics has been on the increase, owing to the many benefits associated such as reduced number of wastes sent to landfills & incinerators, conserving natural resources and preventing environmental pollution. Furthermore, the increase in government initiatives for developing an efficient integrated waste management system for the conservation of natural resources and protecting the soil from contaminants is also one of the significant factors driving the plastic waste management market. The increasing contribution by government and other regulatory bodies towards building an effective waste management infrastructure facility across the globe is giving rise to the creation of an efficient disposal management system. This is further driving the plastic waste management market.

      COVID-19 impact

      Amid the Covid-19 pandemic, the plastic waste management market witnessed a major downfall in the growth and demand owing to the various economic and legal restrictions imposed in countries across the world. There were heavy impositions and ban on various trade activities such as imports and exports. These restrictions were in effect for the major part of the year 2020. However, the restrictions were eased out and the bans were lifted during the beginning of the year 2021 when the Covid-19 cases were decreasing. Plastic waste management market may improve by the year end 2021.

      Plastic Waste Management Market Segment Analysis – By Source

      Industrial waste segment held the largest share of 43% in the plastic waste management market in the year 2020. Industrial waste is the waste and unused items generated by manufacturing or industrial process. The increase in the presence of factories and manufacturing units across the globe is one of the biggest factors contributing to the creation of plastic wastes and other industrial wastes. Industrial wastes also generate plastic waste solution which produces highly toxic contaminants and pollutants into the type of resource, it is released into such as water, air and soil. The increase in the number of plastic production across the world is increasing the plastic waste generated from such manufacturing units. According to UN Environment Programme report, more than 300 million tonnes of plastic waste is produced every year.

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      Plastic Waste Management Market Segment Analysis – By Polymer Type

      Polypropylene segment held the largest share of 32% in the plastic waste management market in the year 2020. Polypropylene is used in a wide range of applications such as plastic packaging, plastic parts for machinery & equipment, fibers and textiles. The increase in the use of such applications is one of the major factors contributing to the production of polypropylene polymer. According to Plastics Europe Market Research Group (PEMRG), the total world production of plastics stood at 368 million tonnes in the year 2019, an increase of 2.5% from the previous year 2018 production of 359 million tonnes. Furthermore, the increase in the production of plastics is also leading to the increase in the presence of plastic waste solution in the environment. The increase in the production of industrial plastic and increase in the need for plastic parts from the automotive industry is one of the major factors driving the polypropylene segment in the plastic waste management market.

      Plastic Waste Management Market Segment Analysis – By Treatment

      Collection segment held the largest share of 36% in the plastic waste management market in the year 2020. According to Plastics Europe, in 2018, 9.4 million tonnes of plastic postconsumer waste were collected in Europe. This is driving the segment of collection in the plastic waste management market. The presence of lesser number of recycling plants and incinerators across the globe is one of the major reasons as to why there is no proper disposal management of plastic wastes. According to UN Environment Programme report, only 9% of all plastic waste ever produced is recycled, about 12% of plastic waste has been incinerated and the rest 79% has been accumulated in landfills, dumps or natural environment. This leads to a very less scope for plastic recycling, recovering waste plastic and have a proper waste management infrastructure.

      Plastic Waste Management Market Segment Analysis – By Equipment

      Plastic granulator segment held the largest share of 30% in the plastic waste management market in the year 2020. Plastic granulators are recycling equipment widely used in cutting a stream of plastic scrap into small uniform flakes, which is used in plastic recycling. Therefore, the increase in the need and demand for plastic recycling is one of the major factors driving the demand for plastic granulator in the recycling equipment segment. This type of recycling equipment can also be used in recycling wet plastics as well as dry plastics. Therefore, this is one of the significant factors driving the demand for plastic granulators in the recycling equipment segment of the plastic waste management market.

      Plastic Waste Management Market Segment Analysis – By End-Use Industry

      Packaging segment held the largest share in the plastic waste management market growing at a CAGR of 5.11% during the year 2020. The increase in the use of thermosetting plastics and polypropylene polymer in the packaging industry is highly driving the packaging segment in the plastic waste management market. According to data from a global organization and regulatory body of the packaging industry called World Packaging Organization (WPO), during the year 2019 the annual turnover of the global packaging industry crossed the value of US$500 billion, which served as an important factor driving the demand for packaging segment in the plastic waste management market. Furthermore, according to British Plastics Federation (Plastics and Flexible Packaging Group), 50% of recycled plastic in the world would be used for packaging by the year 2025. This is further driving the demand for recycled plastic in the packaging industry.

      Plastic Waste Management Market Analysis – By Geography

      Asia-Pacific region held the largest share of 35% in the plastic waste management market in the year 2020. The rapid growth of population in countries like India and China is increasing the number of wastes produced in the region. This is further increasing the demand for integrated waste management in the region. According to United Nations ESCAP, economic and social commission for Asia and the pacific, the Asia-Pacific region produces nearly half of the plastics in the world and consumes 38% of it. According to data from World Bank, only 18%-28% of plastics are recycled, the rest of the plastics are gone as waste, which is giving the raise to the need for plastic waste management in the region. Furthermore, according to WWF Plastic Packaging in Southeast Asia and China, the plastic waste is estimated to increase by 300% in South Asian region by the year 2050. This is one of the major factors driving the need for waste management infrastructure in the Asia Pacific region which in turn is driving the plastic waste management market.

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      Plastic Waste Management Market Drivers

      Increasing initiatives by regulatory bodies and government

      United Nations has taken various initiatives to curb the total generation of plastic waste across the world. ‘PLAY IT OUT: A festival against plastic pollution’, ‘GETTING THE HOUSE IN ORDER: Addressing plastic waste at the UN’ are some of the initiatives taken to help raise awareness and beat plastic pollution across the globe. The president of general assembly of UN has partnered with the Governments of Antigua and Barbuda, and Norway, as well as UN Environment, UNOPS, the Krimm Group (TKG), Lonely Whale, and National Geographic to help raise awareness regarding the plastic waste management issue across the world. This is driving the demand for waste management infrastructure and proper policies on integrated waste management which is further driving the plastic waste management market.

      Generation of plastic waste

      As the infrastructural activities across the globe expands, the generation of plastic waste has also rapidly increased. This is further giving scope for disposal management. The increase in a number of commercial spaces such as hospitals, malls, theatres, educational institutions, restaurants and others is increasing the amount of plastic wastes being generated. This is further giving raise to awareness about plastic recycling, recovering waste plastic and reprocessing waste material. This is one of the significant factors driving the demand for plastic waste management market.

      Plastic Waste Management Market Challenges

      Fewer treatment plants and less awareness

      The presence of a very less or fewer number of treatment plants across the globe is one of the major challenges posing the plastic waste management market. The awareness regarding plastic waste management and waste management infrastructure is very less, and many sources and manufacturing units always tend to dump their plastic waste into water bodies or land sites. There are very fewer effective regulations and frameworks regarding plastic waste management across the globe. This is one of the biggest challenges restricting the growth of the plastic waste management market.

      Plastic Waste Management Market Industry Outlook

      Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Plastic Waste Management Market. Major players in the Plastic Waste Management Market are Advanced Environmental Recycling Technologies Inc., Custom Polymers Inc., KW Plastic Inc., Clear Path Recycling, Shanghai Pret Composites Co. Ltd., Republic Services Inc., Reprocessed Plastic Inc., Biffa Plc, 4G Recycling Inc., The WasteCare Group and B.Schoenberg & CO., INC. among others.

      Acquisitions/Technology Launches

      In 06 July 2021, UPS Healthcare and Stericycle entered into a strategic partnership to manage the reverse logistics of medical waste. According to the partnership a number of medical waste types including biohazardous, sharps, and pharmaceutical wastes will be transported, treated and disposed off.

      In 28 June 2021, Biffa plc, the UK’s leading sustainable waste management business acquired Green Circle Polymers Ltd (GCP) located in Grangemouth for £10m. This included the acquisition of Scotland’s only postconsumer plastics recycling facility (PRF) from Green Circle Polymers Ltd (GCP) located in Grangemouth. This acquisition builds and strengthens Biffa’s capacity to process and recycle more plastic waste in Scotland.

      In 07 December 2020, Lyondell Basell and SUEZ together acquired a Belgium based plastic recycling company called TIVACO. With this transaction, Quality Circular Polymers (QCP) will increase its production capacity for recycled materials to approximately 55,000 tonnes per year.

      Key Takeaways

      Asia-Pacific market held the largest share in the plastic waste management market owing to the growing population and increasing disposable income which is leading to the generation of solid waste in countries like India, China and Japan. This is increasing the scope for integrated waste management activities in the region.

      The growing commercial spaces such as malls, hospitals, educational institutions, restaurants and others is contributing to the creation of plastic wastes which is, in turn, increasing the opportunities for disposal management and plastic waste management market.

      The increase in government initiatives and regulatory body frameworks related to waste management infrastructure is increasing the demand for the plastic waste management market.

      Amid the Covid-19 pandemic, the plastic waste management market witnessed a major downfall due to the various restrictions laid down by countries across the globe.

      Related Reports:

      A. Wet Waste Management Market

      https://www.industryarc.com/Report/15148/wet-waste-management-market.html

      B. Liquid Waste Management Market

      https://www.industryarc.com/Research/Liquid-Waste-Management-Market-Research-503648

      For more Chemicals and Materials Market reports, please click here

      About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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