June 16, 2024
Plastic Waste Management Market

Plastic Waste Management Market Trends Towards Sustainability and Circular Economy

The plastic waste management market has emerged as one of the most important industries in recent times considering the urgent need to reduce plastic pollution. Plastic products have extensive applications across various sectors owing to properties like durability, low production cost and versatility. However, inadequate plastic waste disposal methods have significantly contributed to environmental pollution.

The global plastic waste management market is estimated to be valued at US$ 640.6 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

There is growing awareness about sustainable plastic management which has accelerated the demand for effective plastic waste collection and recycling services. Key players in the plastic waste management market offer advanced waste collection trucks, shredders and cutters to efficiently collect, process and recycle plastic scrap.

Key Takeaways

Key players: 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. These companies offer sustainable Plastic Waste Management Market Trends equipment and services.

They also provide solutions for plastic-to-fuel conversion to generate energy from plastic waste. With rising environmental regulations, new technologies like pyrolysis and gasification are enabling higher recycling rates. The Global plastic waste management market is driven by stringent government policies promoting circular economy principlescoupled with initiatives from brand owners and retailers to use recycled plastics in production.

Growing demand: Rapid urbanization and industrialization have led to huge volumes of plastic waste generation across the world. This has propelled the demand for comprehensive plastic waste collection and recycling solutions from municipal corporations and industries.

Global expansion: Leading plastic waste management companies are expanding their international footprint through acquisition strategies to leverage growth opportunities in developing markets like Asia Pacific and Latin America experiencing higher plastic consumption.

Market key trends

One of the major trends driving growth in the plastic waste management market is the shift towards a circular plastic economy approach. There is a concerted effort from governments, industries and environmental agencies worldwide to establish effective waste management infrastructure to keep plastic materials in use through repeated recycling and reprocessing cycles. This will help reduce plastic leakage into the environment and make optimal utilization of post-consumer plastic scrap.

Porter’s Analysis

Threat of new entrants: The plastic waste management market requires high capital investment for setting up recycling and processing facilities which acts as a barrier for new players.

Bargaining power of buyers: The presence of several established players in the market provides buyers with varied options to choose from. However, the specialized nature of services limits switching effects.

Bargaining power of suppliers: The availability of raw materials from plastic waste collected from various end-use industries enables suppliers to exert moderate influence on prices.

Threat of new substitutes: Though alternative waste management methods exist, regulations promoting recycling and reuse of plastics curb impact of substitutes.

Competitive rivalry: The market comprises numerous international and domestic players competing on service quality, reliability, and pricing with moderate competition.

Geographical Regions

North America dominates the global plastic waste management market with over 35% share in terms of value owing to stringent regulations regarding sustainable waste management practices and increasing recycling activities in the US and Canada.

Asia Pacific exhibits the fastest growth in the plastic waste management market at an estimated CAGR of 12.5% during the forecast period on account of rapid industrialization, developing waste management infrastructure and rising emphasis on reducing environmental pollution in major economies like China and India.

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