Plastic Waste Management Market Overview:

In 2021, the global plastic waste management market was valued at USD 35,412 million. It is forecast to grow by 3.2% during the forecast period.

The market is expected to grow due to rapid industrialization, increasing urbanization, and growing concern about the environmental consequences of improper plastic waste management.

Global Plastic Waste Management Market:

Service Analysis

The market for plastic waste management can be divided into four segments based on service: collection, recycling, and incineration. Due to strict government policies and significant infrastructure improvements for recycling plastic, the recycling segment will experience the fastest growth rate of 4.9% during the forecast period. There are many uses for recycled plastic, including cloths, carpets, and garbage bags. It can also be used to make films, containers, bottles, and other products.

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The most complex service is the collection. There are many players in the plastic waste management market. They offer residential, commercial, as well as industrial collection services. These services can be contracted for up to five years, or on a subscription basis. The customer then contacts the service providers directly. It is crucial to segregate waste before it can be processed for either recycling or energy generation.

Incineration is the controlled combustion of plastic waste at very high temperatures. This aids in waste management as well as in the generation of energy. It is highly exothermic and aims to ensure safe waste management. It handles non-recyclable wastes from municipal, industrial, and commercial sources.

Due to the lack of recycling and incineration plants, the landfill segment will be the most dominant market for plastic waste management. The primary method for managing the waste disposal is landfill. Landfills can be used to dispose of all types of waste. Some landfills are intended for municipal solid waste management, while others are for commercial and institutional waste management.

Polymer Type Analysis

Based on Polymers, Polyester (PP), is expected to grow at a CAGR of 3.7% during the forecast period. This is due to its exceptional properties, including high chemical resistance and fatigue resistance as well as weldability. Polypropylene can be easily fabricated using a variety of techniques, making it a great choice for both industrial and household applications.

Low-density Polyethylene (LDPE), accounted for 17.8% market share in 2021. This is due to its recycling capabilities. LDPE is widely used for making flexible and thin products such as bags, container lids, shrink-wrap, stretch film, and squeezable bottle. Recycled LDPE can also be used to make floor tiles, garbage can liners, and furniture.

High-density polyethylene (HDPE), is a polymer that is highly valued for its unique properties. These include high low-temperature toughness and chemical resistance, high flexibility, and high impact resistance. HDPE can be used to make a variety of products, including furniture, trash cans, and recycling bins.

PVC (Polyvinyl chloride) is a significant contributor to the market for plastic waste management in end-use industries such as building and construction, electronics, and automotive. It is extremely strong and resistant to abrasion, and moisture, making it suitable for many applications, including pipes, cables, wires and toys, windows and raincoats, curtains, and many other technical products.

Source Analysis

According to the source, there are three segments in the plastic waste management market: residential, commercial, and industrial. Due to the rapid urbanization and increasing population, the residential segment is expected to dominate the market. It will experience a 3.4% increase over the forecast period.
Plastics are an essential part of daily life. They are widely used in household applications. Plastics have become more popular due to changing lifestyles, rising disposable income, and a growing population. This has led to a large amount of trash that must be addressed.

The second-largest source of plastic waste is commercial. The growth of commercial spaces like malls, offices, hospitals, educational institutes, and other office buildings around the world is expected to increase plastic demand, thereby creating a lot of waste.

Due to rapid industrialization in developing countries like Argentina, China, Brazil, and India, the industrial segment is expected to grow at a CAGR exceeding 2.1% during the forecast period. Industrial plastic waste includes containers, pipes, and cables as well as wires, packaging foams, and other industrial products.

End-Use Analysis

Over the forecast period, the packaging end-use segment will be the fastest-growing and largest. This segment represented 44.6% overall market share in 2021. It is due to the increasing demand for plastics to package products that protect, preserve and transport information.

Due to the increasing use of plastics in textile mills to make templates, work surfaces, and looms, as well as tenter frames and other components, the textile market is expected to see significant growth. Plastic bottle waste can also be used to make polyester yarn. This is then used to create green clothes.
Due to plastic's dominance in consumer products around the world, the segment that accounts for a significant market share in 2021 is expected to see a 3.2% CAGR over the forecast period. Recycled plastics are also used in the consumer product industry to make bottles, containers, and lids.

Building and construction is the fastest-growing segment, with a 3.3% CAGR over the forecast period. This is due to the rapid development of infrastructure in developing countries. Recycled plastics are also used in building and construction to produce roofing tiles, PVC windows, and bricks as well as structural lumbers.

Key Market Segments:

Service

• Collection
• Recycling
• Incineration
• Landfills

Polymer

• Polypropylene (PP)
• Low-density Polyethylene (LDPE)
• High-density Polyethylene (HDPE)
• Polyvinyl Chloride (PVC)
• Polyurethane (PUR)
• Terephthalate (PET)
• Other Polymers

Source

• Residential
• Commercial
• Industrial

End-use

• Packaging
• Textile
• Consumer Product
• Transportation
• Building & Construction
• Electrical & Electronics
• Other End-Uses

Market Dynamics:

Due to its unique properties, and a wide variety of uses, the plastic market has been growing rapidly. Plastic waste is also growing, and it is a major contributor to greenhouse gas emissions. This can cause huge ecological problems. The market will be driven by the increasing need to properly dispose of plastic waste over the forecast period.

The United States is the country that produces the most plastic waste. The country's plastic recycling rate is much lower than the total amount of plastic waste generated in the country. The United States exports the majority of its plastic waste to countries like China, Hong Kong, and Indonesia. This plastic waste is either recycled or used for energy generation or disposed of in landfills.

Plastic waste management is a collection of methods and approaches that are used to reprocess plastic materials instead of dumping them in landfills or waterways or allowing them to pollute the environment. Reduced use of virgin plastic in the manufacture of plastic waste products is the main factor that promotes plastic waste management.

The market for plastic waste management is growing rapidly thanks to the use of advanced technologies and frameworks for reprocessing, arranging, and assorting recyclable plastics. The market will be driven by laws and guidelines that are enforced across countries by government agencies and other related agencies for plastic waste management.

While recycled plastic is relatively inexpensive, the price of virgin plastic is subject to fluctuations due to the performance of the oil industry and the demand across end-use industries for crude oil-based products. This price fluctuation encourages long-term investments into recycling technology and infrastructure.

Regional Analysis:

The Asia Pacific is expected the market to be the largest. This is due to rapid industrialization and strict laws regarding plastic waste management and disposal. The market is driven by the increasing disposable income and the importance of waste management in India, China, Japan, and Japan.
North America was responsible for 15.4% overall market share in 2021. It is projected to experience significant growth due to increasing awareness about reducing carbon footprint from plastic waste. The United States is a major contributor to the region, as it exports the majority of its waste abroad for recycling and disposal.

Europe is expected to be the second-largest market in plastic waste management. This is due to numerous government initiatives and strict regulations regarding plastic waste disposal. The countries that are driving plastic waste management demand in the region include Spain, France, Italy, and the U.K.

Because of poor infrastructure, inadequate planning and lack of awareness, Central and South America, the Middle East, and Africa don't have a significant market share. The key governments of these regions are investing in initiatives to manage plastic waste. This will drive the market over the forecast period.

Key Regions and Countries covered in the rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis:

Veolia Environnement S.A., Waste Management, Inc., Suez Environnement Company, Republic Services, Inc., Clean Harbors, Inc., and Waste Management, Inc. enjoy a good reputation in the market, giving them an advantage over other service providers of plastic waste management services. The municipality will be a strong competitor to the above companies, thanks to its improved government facilities and recycling machinery.

The market's major players position themselves on the basis of the services they offer. This includes their depth of recycling, treatment, and disposal capabilities, the ability to collect and transport waste plastic efficiently, as well as the quality and price of the service. The major market players are keen to expand their leadership positions through innovation and expansion.

Key Market Players:

• Veolia Environnement S.A.
• Waste Management, Inc.
• Suez Environnement Company
• Clean Harbors, Inc.
• Republic Services, Inc.
• Stericycle
• Biffa
• Remondis SE & Co. KG
• Other Key Players

For the Plastic Waste Management Market research study, the following years have been considered to estimate the market size: