As plastic pollution continues to threaten our wildlife and our environment, the plastic waste management market is predicted to grow exponentially by 2024.
According to the new market research report “Plastic Waste Management Market by Service (Collection, Recycling), By Polymer Type (PP, LDPE), By Source (Residential, Commercial, Industrial), By End-Use Applications (Packaging, Building & Construction), Region – Global Forecast to 2024”, published by MarketsandMarkets™, the Plastic Waste Management Market size is projected to grow from USD 32.6 billion in 2019 to USD 37.9 billion by 2024, recording a CAGR of 3.1% during the forecast period.
The increasing urban population, rapid industrialisation, growing concern toward the environmental impact of the improper disposal of plastic waste, along with laws & regulations regarding disposal and treatment of plastic waste, have propelled the growth of the global plastic waste management industry.
The polypropylene (PP) segment is projected to grow at the highest CAGR from 2019 to 2024. The PP segment is expected to grow at the highest CAGR during the forecast period, in terms of both value and volume. The growth of this segment is attributed to its excellent chemical resistance and weldability and growing applications in packaging, automotive, industrial, and furniture industry. These factors are expected to drive demand during the forecast period.
In terms of value & volume, the recycling segment is projected to grow at the highest CAGR from 2019 to 2024. The recycling segment of the Plastic Waste Management Market is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. The growth of this segment is attributed to the increase in infrastructural development (in terms of setting up recycling plants) in developing and developed countries, growing concerns about the reduction of landfills, and stringent regulations for plastic recycling are expected to drive the demand during the forecast period.
Asia Pacific is projected to dominate the market during the forecast period. This is attributed to the increasing urbanisation in China and India, the growth in disposable income, and the spreading awareness about the importance of waste management are driving the growth of the Asia Pacific plastic waste management market in these countries. Other factors include the rapid industrialisation and the imposition of strict laws pertaining to waste management, and disposal processes are projected to drive the demand for Plastic Waste Management Market in the region.
Companies such as Veolia Environment S.A. (France), SUEZ Environment Company (France), Waste Management, Inc. (US), Republic Services Inc. (US), and Waste Connections Inc (Canada). Other notable players in the market are Clean Harbors, Inc. (US), Biffa PLC (UK), Covanta Holding Corporation (US), Stericycle Inc. (US), and Remondis SE & Co. KG (Germany) are the key players operating in the plastic waste management market. Expansions, new product & service developments, acquisitions, partnerships, contracts, and joint ventures are some of the major strategies adopted by these key players to enhance their position in the plastic waste management industry.