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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).

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. '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'

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 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.

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.

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.

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Global Plastic Waste Management Market

Product ID: SQMIG20S2006