What is the global market size of the Plastic Waste Management Market?

Global Plastic Waste Management Market size was valued at USD 32.91 billion in 2021 and is poised to grow from USD 33.93 billion in 2022 to USD 43.32 billion by 2030, growing at a CAGR of 3.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Plastic Waste Management Market?

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'

What is the key driver of the Global Plastic Waste Management Market?

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 global 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.

What is the key market trend for the Global Plastic Waste Management Market?

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.

Which region accounted for the largest share in the Global Plastic Waste Management Market?

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.

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 News

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.
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.
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 Market Report Snapshots

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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).

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. '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 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.

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.

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.

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What is the global market size of Plastic Waste Management Market?

Who are the key vendors in the Plastic Waste Management Market?

What is the key driver of Plastic Waste Management Market?

What is the key market trend for Plastic Waste Management Market?

Which region accounted for the largest share in Plastic Waste Management Market?

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