USD 36.03 billion
Plastic Waste Management Market Size, Share, Growth Analysis, By Service(Collection, Recycling, Incineration, Landfills.), By Polymer(Polypropylene (PP), Low-density Polyethylene (LDPE), High-density Polyethylene (HDPE), Polyvinyl Chloride (PVC)), By Source(Residential, Commercial, Industrial), By End Use(Packaging, Textile, Consumer Product, Transportation), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20S2006 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
124
|Figures:
77
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).
Growing industrialization, urbanization, and concerns related to the environmental impacts of improper plastic waste management are expected to propel the market during the forecast period. As governments, companies, and end users grow more aware of the environmental issues, minimizing the environmental impact of plastic waste is increasingly important. The demand for sustainable plastic throwaway solutions by plastic packaging manufacturers is fueling the industry. In addition, with the emerging global importance given to circular economy concepts, there is a growing demand for plastic waste management services across the globe. Circular economic models support the reuse and recycling of plastic material, which helps to minimize waste generation and preserve natural resources. Global businesses are adopting circular economic models and investing in advanced recycling technologies to efficiently recycle, sort, and manage plastic wastes. Increased reliance on finite resources and integration of sustainable development goals are forcing a shift towards circular economy, which in turn is leading to the transformation of the sustainable value chain for recyclable plastic. Increasing standards of living in emerging economies have, therefore, increased plastic consumption in packaging. Plastic waste hence poses severe threats to the ecosystem and life among humans and animals. The main cause of plastic pollution is improper disposal of plastic garbage, especially in developing countries. During the forecast period, increased plastic production and an increased awareness regarding treatment of plastic waste are predicted to unlock new avenues for the plastic waste management sector, thus driving the market forward during the forecast period.
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 ($ Bn)
Country Share for North America Region (%)
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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 Service
The landfills segment dominated the market with a market share of 45.2% in 2023. Landfills are the preferred method used by the world to dispose of trash mainly because of the lack of recycling and incinerator facilities. Landfills are built to accommodate all types of waste materials, and some have been strictly designed to manage municipal solid waste, while others are used for the disposal of commercial and institutional garbage. The continued relevance of landfills in waste management methods is further strengthened by their capabilities to manage large quantities of waste as well as their flexibility to deal with varied waste materials. Despite the effects of dump sites to the environment, they will remain a basis in the world's systems for disposal.
The recycling segment is predicted to rise significantly under the projection period owing to strict regulation by the government that promotes sustainability and reduces waste. There is an emerging infrastructure for plastic recycling, which easily transforms trash into useful resources. Several products can be made from recycled plastics, and these range from clothes and carpets to trash bags, films, bottles, and containers. Companies which come along with more environmentally friendly principles are influenced by circular economy initiatives. Business and consumer activity regarding environmental responsibility will provide a robust growth curve for the recycling market in the coming years.
Plastic Waste Management Market Analysis by Source
The residential segment dominates the market, and within the next years, it will grow by 3.5%. These can be achieved by the high growth rate of the population and rapid urbanization that increases the demand for plastic utilization in daily life. Plastics are essential components in most domestic applications-from household goods to packaging, and thus constitute a part of living in the contemporary world. As changing living styles result in increasing populations and growing disposable incomes, this demand by the residential sector is increasing the consumption of plastics, which in turn are leading to vast quantities of plastic waste. This demand accelerates due to the efforts of communities in attempting more sustainable practices for better management of wastes.
The industrial segment will be the largest growing segment as the market continues to grow with a projection compound annual growth rate of over 2.12% in the forecast period. Growth in these classes is basically contributed by rapid industrialization happening in nations such as China, Brazil, Argentina, and India. Expansion of industries stimulate increased production of different plastic materials, for instance, containers, pipes, cables, wires, and packaging foams. This has resulted in a gigantic industrial plastic waste. Growth in the utilization of packaging material due to consumer needs as well as international trade requires immediate forms of waste management that mitigate environmental degradation due to this plastic waste.
Global Plastic Waste Management Market By Source
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Plastic Waste Management Market Regional Insights
North America, with 15.5% of the global market share in 2023, sat at the top. It is expected that this region would witness significant growth in the coming years, considering the growing awareness about plastic waste and the requirement to reduce carbon footprint. The largest market contributors in the region comprise the US that are exporting most of their wastes to other countries for recycling or disposal. Government initiatives and strict laws on the management of the disposal of plastic waste facilitate further market progress in this region. Thus, North America led the plastic waste management market.
Asia-Pacific is the region that has the fastest rate of growth; based on estimates, its CAGR over the forecast period will be 4.1%. Asia Pacific is gradually in high demand for this kind of plastic waste management as a result of rapid urbanization and industrialization, with an increase in the quantity of plastic trash generated per capita. China generates the highest amount of plastic garbage accounting for around 60%. In the regional market, India is expected to generate substantial revenues at the fastest rate during the estimated period. Strict environmental laws and very high rates of plastic garbage collection are boosting the growth of the plastic waste management industry in industrialized countries such as South Korea, Australia, New Zealand, Japan, and South Korea. However, an emergent "throw away culture" and inadequate garbage collection and management remain an immense challenge to the growth of the market in Asia Pacific's emerging countries.
Global Plastic Waste Management Market By Geography
- Largest
- Fastest
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Plastic Waste Management Market Dynamics
Plastic Waste Management Market Driver
Stringent Environmental regulations
- To enhance sustainable activities and eliminate plastic waste, governments globally are enforcing more stringent regulations. Companies and governments are being forced to implement more effective plastic waste management solutions by laws such as banning single-use plastics and requiring recycling and waste management programs. With such legal frameworks in place, innovations come with a high demand in making recycling and efficient trash disposal easier. This has led to market expansion of plastic waste management.
Rising Public Awareness Toward Sustainability
- Public people become aware of the environmental problems and detriments of consequences created by plastic waste on ecosystems and human health. Customers are asking corporations to take more sustainable approaches to their businesses as consumers become increasingly aware of how much they use in plastic. Due to this change in consumer behavior, green packaging and waste management systems investments are more prominent among companies today. In this trend, the business for plastic waste management is increasing from businesses wanting to witness new life breathed into their CSR programs.
Restraints
High Technology Cost for Recycling
- The high technology recycling methods may have a prohibitive initial cost that is unsuitable for smaller and medium-sized businesses. Businesses will shy away from adequate plastic waste management procedures because of the high costs involved in establishing effective waste management systems that involve sorting, processing, and recycling equipment. This will lead to industry fragmentation, especially in underdeveloped regions with poor infrastructure for waste treatment.
Inefficiencies in Garbage Collection and Sorting
- Probably the biggest roadblock to plastic waste management is society's inefficiencies in gathering and sorting its garbage. Without adequate infrastructure, including sufficient disposal facilities, and little technology, contamination rates of collected materials are high, further degrading the quality and ultimately the value of recyclables. This inefficiency could limit the growth of the industry by lowering the effectiveness of recycling programs and discouraging investment in plastic waste management technologies.
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Plastic Waste Management Market Competitive Landscape
The plastic waste management market is relatively fragmented and highly competitive. Major players in the market are always working on various growth strategies that will help them sustain a competitive edge. In this fiercely competitive industry, these companies rely on innovations, mergers & acquisitions, partnerships, and collaborations to survive. The main market players always look after R&D for the development of the most efficient and cost-effective solutions for the industries.
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
-
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.
Plastic Waste Management Key Market Trends
- Technical Innovation in Recycling: The development and adoption of advanced recycling technologies, such as chemical recycling and bioplastics, represent a trend. They allow for a more imaginative process of dealing with plastic waste through resource reutilization into higher quality products. New technological solutions further innovate and find new ways of dealing with old recycling issues that challenge companies to effectively and sustainably manage plastic waste.
- Growth of Initiatives for a Circular Economy: This notion of a circular economy, where the same material is reused and recycled in place of wasting it, is gaining momentum. Inclusively, more business entities have started applying the principles of the circular economy to inform their business models while focusing on long life and recyclability of their products. Due to this trend, firms, recyclers, and customers collaborate to help develop closed-loop solutions for plastic garbage that advance sustainability initiatives and increase demand for all-inclusive waste management services.
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 by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the plastic waste management market is most predicted to grow, as environment-friendly laws are on the rise and individuals are becoming increasingly concerned about being sustainable. Governments' rules have made it imperative for companies to spend on modern recycling technology so as not to be caught unawares should stricter regulations concerning curbing plastic pollution be enacted. Just when people need quality waste management services that are efficient, non-expensive, and environmentally friendly, innovations in recycling technology and the use of new circular economy initiatives are changing the very face of waste management. The plastic waste management players are going to face a new market as various industries come together and advance sustainable alternatives, hence an arena for creativity and better environmental protection.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 36.03 billion |
| Market size value in 2031 | USD 48.68 billion |
| Growth Rate | more than 3.40% |
| Base year | 2023 |
| 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 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 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 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 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 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 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.
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