April 21, 2024
Plastic Waste Management Market

Plastic Waste Management Market is Expected to be Flourished by Growing Environmental Concerns Towards Plastic Waste

The global plastic waste management market encompasses a wide range of practices implemented by municipal and private organizations to process plastic waste. This includes plastic recycling activities such as collection, sorting, and processing of plastic for reuse. Plastic materials find applications across various end-use industries such as packaging, construction, automotive, electronics, and healthcare. However, the non-biodegradable nature of plastics poses severe threats to the environment. Improper disposal of plastic waste clogs sewers and drains, pollutes water bodies, and harms wildlife. These growing environmental concerns towards plastic pollution are driving the adoption of diverse plastic waste management solutions.

The global Plastic Waste Management Market is estimated to be valued at US$ 42.5 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Stringent government regulations regarding plastic waste management are a key driver boosting the market growth. Several countries and states across the globe have either banned or imposed levy on plastic bags. For instance, more than 60 countries have implemented bans or levies on plastic bags. Moreover, landfill bans on certain plastic polymers are further prompting organizations to develop innovative techniques for plastic recycling. Growing environmental consciousness among individuals is another driver fueling the demand for plastic waste management solutions. Consumers are increasingly preferring sustainable products and are exerting pressure on companies to adopt eco-friendly manufacturing practices.

Segment Analysis

The plastic waste management market is segmented into collection, recycling, and disposal. Among these, the collection segment dominates the market as it is the first step in plastic waste management and gaining prominence due to stringent government regulations regarding plastic waste disposal. Various types of plastic waste such as polyethylene, polypropylene, polyvinyl chloride, polyethylene terephthalate, and polystyrene are collected separately for effective management.

PEST Analysis

Political: Regulations mandating waste segregation at source and banning single-use plastic are driving market growth. However, lack of coordination between authorities slows market development.

Economic: High packaging and construction waste generation coupled with increased spend on plastic recycling infrastructure boost market revenue. But fluctuating recycled plastic prices pose challenges.

Social: Rising awareness about environmental protection and health hazards of improper waste disposal increases demand for plastic recycling. However, low segregation techniques hinder market potential.

Technological: Advanced sorting and processing technologies like automated sorting improve plastic recovery rates. Investments in AI and IoT aid process optimization. But high installation costs limit widespread adoption.

Key Takeaways

The global plastic waste management market is expected to witness high growth. Global Plastic Waste Management Market Size is estimated to be valued at US$ 42.5 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.

Regional analysis comprises – North America dominates with stringent regulations and advanced infrastructure. Europe follows due to focus on circular economy goals. Asia Pacific exhibits fastest growth on the back of growing investments in waste management towards achieving sustainability targets.

Key players operating in the plastic waste management market are Wolfe Heavy Equipment, EZ-Trench, Tesmec, Ditch Witch, Marais, Vermeer, Toro, UNAC, Port Industries, Guntert & Zimmerman, Mastenbroek, Shandong Gaotang trencher, Rongcheng Shenyuan, and Inter-Drain among others. Wolfe Heavy Equipment leads with its robust portfolio of excavation, trenching and wastewater management equipment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it