USD 36.03 billion
Global Plastic Waste Management Market Size, Share, Growth Analysis, By Service(Collection, Recycling), By Polymer(Polypropylene (PP), Low-density Polyethylene (LDPE)), By Source(Residential, Commercial), By End Use(Packaging, Textile) - Industry Forecast 2024-2031
Report ID:
SQMIG20S2006 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
124 |
Figures:
77
Global Plastic Waste Management Market Insights
Global Plastic Waste Management Market was valued at USD 36.03 billion in 2022, and is expected to rise from USD 37.26 billion in 2023 to reach a value of USD 48.68 billion by 2031, at a CAGR of more than 3.40% during the forecast period (2024–2031).
Over the projected period, the market is expected to be driven by rapid industrialization, expanding urbanisation, and growing concern over the environmental effects of incorrect plastic waste management. The market for plastic is expanding significantly as a result of its distinct qualities and diverse range of uses. Plastic garbage, which is non-biodegradable and contributes significantly to greenhouse gas emissions that might trigger severe ecological catastrophes, is being produced as a result of increased plastic use. Therefore, it is predicted that throughout the course of the forecast period, the market will be driven by the growing requirement for appropriate management of plastic waste disposal. One of the nations that produces the most plastic waste is the United States. Compared to the total amount of plastic garbage produced in the nation, the recycling rate for plastic is quite low. The majority of the plastic garbage produced in the United States is exported to other nations to be recycled, processed to provide energy, or dumped in landfills.
In order to prevent plastic trash from polluting the environment, it is reprocessed rather than dumped into landfills, waterways, or in any other way left out in the open. Reduced usage of virgin plastic in product manufacturing is the main element encouraging plastic waste management. New opportunities are being created in the market for the management of plastic waste as a result of advanced technologies and frameworks used for the reprocessing, organising, and collection of recyclable plastics. Furthermore, throughout the course of the forecast period, the market is expected to be driven by laws and regulations that are imposed by governments and relevant organisations worldwide for the management of plastic waste disposal.
US Plastic Waste Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Industrial
Growth Rate
more than 3.40% CAGR
Global Plastic Waste Management Market 2024-2031 ($ Bn)
Country Share for North America Region- 2024 (%)
Global Plastic Waste Management Market Size By Source, 2024-2031 ($ Bn)
Global Plastic Waste Management Market Size By Source, 2024-2031 (%)
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Global Plastic Waste Management Market Segmental Analysis
Plastic Waste Management Market is segmented into service, polymer, source, end-use and region. In terms of service, the Plastic Waste Management Market is segmented into collection, recycling, incineration, landfills. In terms of polymer, the Plastic Waste Management Market has been segmented into polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyurethane (PUR), terephthalate (PET). With respect to classification by source, the Plastic Waste Management Market is grouped into residential, commercial, and industrial. Based on end use, the Plastic Waste Management Market is segmented into packaging, textile, consumer product, transportation, building & construction, electrical & electronics. Regionally, the Plastic Waste Management Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Plastic Waste Management Market Analysis by Polymer
The low-density polyethylene (LDPE) segment dominated the market in 2022 and accounted for 17.7% owing to its easy recycling ability. Many flexible and thin items, such as bags, container lids, toys, shrink-wrap and stretch film, and squeezable bottles, are made with LDPE. In addition, recycled LDPE is used to make furniture, panelling, trashcans, compost bins, floor tiling, and garbage can liners.
The polypropylene (PP) segment is the fastest growing segment and anticipated to grow with the fastest CAGR of 3.8% during the forecast period. This is because of its exceptional qualities, which include a high level of chemical resistance, fatigue resistance, and weldability. Because it is readily available, inexpensive, and adaptable to a wide range of manufacturing techniques, polypropylene is an excellent choice for both domestic and industrial applications.
Plastic Waste Management Market Analysis by source
The residential segment dominated the market and is more likely to witness a significant growth of 3.5% in the coming years, owing to the increasing population and rapid urbanization. Plastics are widely employed in domestic applications and are an essential part of daily living. Increased plastics usage in the residential sector as a result of changing lifestyles, rising populations, and rising disposable income produced enormous amounts of waste that needed to be dealt with.
The industrial segment is the fastest growing segment and anticipated to expand at highest a CAGR of over 2.12% over the forecast period. This is due to the rapid industrialization of developing nations such as China, Brazil, Argentina, and India. Containers, pipes, cables, wires, packaging foams, and other industrial items are the most common types of industrial plastic trash. Due to industrialization various types of plastic waste material are out come from industry specially due to packaging material.
Global Plastic Waste Management Market By Source, 2023 (%)
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Global Plastic Waste Management Market Regional Insights
North America dominated the market and accounted for 15.5% of overall market share in 2022. This region is further predicted to experience significant increase in the coming years due to growing awareness of the need to reduce carbon footprint brought on by rising plastic waste. The United States, which exports the majority of its garbage to other nations for recycling or disposal, is one of the largest contributors in the region. The numerous initiatives and stringent regulations imposed by governments on plastic waste disposal management are further projected to aid in future market expansion for this region.
Asia Pacific is the fastest growing region at a CAGR of 4.1% during the forecast period. The necessity for this kind of waste management for plastics in Asia Pacific is being fueled by rising per capita plastic trash creation as well as growing urbanisation and industrialisation. With a share of more than 60%, China is the country that contributes the most to the production of plastic waste. During the projected period, India is anticipated to attract significant revenues at the quickest rate in the regional market. Strict environmental regulations and high plastic trash collection rates are propelling the expansion of the plastic waste management market in developed nations such as Japan, South Korea, Australia, and New Zealand. However, inadequate collection and management of waste and the development of a "throw away culture" pose significant obstacles to the market's expansion in Asia Pacific's developing nations.
Global Plastic Waste Management Market By Region, 2024-2031
- Largest
- Fastest
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Global Plastic Waste Management Market Dynamics
Plastic Waste Management Market Driver
Exciting Initiatives by Leading Players
- To stop plastic pollution, a large number of top worldwide businesses operating along the whole plastic value chain have banded together. To stop plastic pollution, particularly trash that ends up in the oceans, international businesses launched a new worldwide "Alliance to End Plastic Waste" in London. Additionally, it has created a comprehensive study I purchased from Fortur and formed a global vision to address this issue. These initiatives focus on four main areas, such as infrastructure development, cutting-edge technologies for managing plastic trash, education & community participation at all levels, and cleaning up already heavily polluted areas with concentrated plastic garbage. To reach the objective of eradicating plastic pollution in the future, such initiatives are promoting the usage of plastic waste management services.
Plastic Waste Management Market Restraint
High Operating Cost of Plastic Waste Management.
- The proper operation of the many activities, such as garbage collection and disposal, demands a large capital investment in the management of plastic waste, which is a complex process. To process the waste, it also takes skilled and highly motivated workers. This further raises operating costs and has an impact on profit margins. The impact of this limitation is anticipated to lessen over the projection period as more people adopt the newest technologies.
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Global Plastic Waste Management Market Competitive Landscape
The Plastic Waste Management Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Plastic Waste Management Market Top Player's Company Profiles
- Veolia Environnement SA
- Waste Management, Inc.
- SUEZ
- Republic Services, Inc.
- Covanta Holding Corporation
- Clean Harbors, Inc.
- REMONDIS SE & Co. KG
- Biffa Group Limited
- TerraCycle
- CarbonLITE Industries LLC
- ECO-Cycle Solutions
- Stericycle, Inc.
- Plasgran Ltd.
- Advanced Environmental Recycling Technologies, Inc.
- KW Plastics Recycling Division
- Recology
- Waste Connections, Inc.
- Pyrowave
- Parley for the Oceans
- Integra Chemical Company
Plastic Waste Management Market Recent Developments
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In March 2024, SIG teamed up with social enterprise Plastic Bank and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH to unveil a project aimed at changing Egypt’s recycling landscape while increasing security for waste collection workers.
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In March 2024, Mura Technology, an innovative provider of advanced plastic recycling solutions, unveiled a significant milestone in the journey towards a circular plastic economy by securing an offtake agreement with Neste. Through this agreement, Neste will undertake the conversion of products generated at Mura's inaugural commercial-scale facility located in Teesside, Northeast England, into fresh plastic feedstock.
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In March 2024, global corrugated packaging manufacturer DS Smith released a packaging alternative for seafood processors. DryPack recyclable seafood containers can be packed with ice and keep fish fresh below 40 degrees for more than 40 hours in cold chain operations, and they are approved for air freight.
Global Plastic Waste Management Key Market Trends
- Big data and machine learning (ML) technologies create new growth prospects in managing plastic trash. These tools can facilitate effective resource planning while also saving time. Thus, the overall cost of operation would go down. Additionally, satellite-based identification of ocean plastic debris could pinpoint the precise position of dense locations. As a result, companies are saving time & money by using such devices to gather plastic waste. New technological innovation is one trending trend in plastic waste management.
Global Plastic Waste Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Plastic Waste Management Market analysis, among regions Asia Pacific is expected to capture higher market share, the growth of the region is attributed to rising per capita plastic trash creation as well as growing urbanisation and industrialisation. China has emerged as a significant contributor to market growth in Asia Pacific. In terms of polymer, the Low-density Polyethylene segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to its recycling ability. In terms of source, the residential segment led the market and is predicted to grow at the fastest rate.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 36.03 billion |
| Market size value in 2031 | USD 48.68 billion |
| Growth Rate | more than 3.40% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Plastic Waste Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Plastic Waste Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Plastic Waste Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Plastic Waste Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Plastic Waste Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Plastic Waste Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Plastic Waste Management Market Report Snapshots
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