Plastic Waste Management Market - Forecast(2024 - 2030)
Plastic Waste Management Market Overview
Plastic Waste Management Market size is expected to be valued at US$30.5 billion by the end of the year 2026 and the market is set to grow at a CAGR of 3.05% during the forecast period from 2021-2026. Plastic recycling helps in providing value-added benefits to the plastic by making them less toxic. Recycled plastics can also be used for various sustainable packaging solutions such as bottles, containers, bags, films and other packaging products. The trend of reprocessing waste materials and recovering waste plastics has been on the increase, owing to the many benefits associated such as reduced number of wastes sent to landfills & incinerators, conserving natural resources and preventing environmental pollution. Furthermore, the increase in government initiatives for developing an efficient integrated waste management system for the conservation of natural resources and protecting the soil from contaminants is also one of the significant factors driving the plastic waste management market. The increasing contribution by government and other regulatory bodies towards building an effective waste management infrastructure facility across the globe is giving rise to the creation of an efficient disposal management system. This is further driving the plastic waste management market.
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COVID-19 impact
Amid the Covid-19 pandemic, the plastic waste management market witnessed a major downfall in the growth and demand owing to the various economic and legal restrictions imposed in countries across the world. There were heavy impositions and ban on various trade activities such as imports and exports. These restrictions were in effect for the major part of the year 2020. However, the restrictions were eased out and the bans were lifted during the beginning of the year 2021 when the Covid-19 cases were decreasing. Plastic waste management market may improve by the year end 2021.
Report Coverage
The report: “Plastic Waste Management Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Plastic Waste Management Industry. By Source: Industrial Waste, Municipal Waste, Residential Waste, Commercial Waste and Others. By Polymer Type: Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Polystyrene (PS), Polypropylene (PP), Acrylic, Acrylonitrile butadiene, Styrene, Fiberglass and Others. By Treatment: Collection, Recycling, Disposal and Others. By Equipment: Plastic Granulators (Extruded Plastic Granulators Machine, Wet Plastic Granulators Machine and Others), Plastic Shredders (Single-Shaft Plastic Shredder Machines, Double-Shaft Plastic Shredder Machines, Elastic Plastic Shredder Machines and Others), Plastic Pelletizers, Separators and Others. By End-Use Industry: Packaging Industry, Building & Construction, Automotive Industry, Electrical and Electronics and Others.? By Geography: North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).
Key Takeaways
FIGURE:?Plastic Waste Management Market Revenue, 2020-2026 (US$ Billion)
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Plastic Waste Management Market Segment Analysis – By Source
Industrial waste segment held the largest share of 43% in the plastic waste management market in the year 2020. Industrial waste is the waste and unused items generated by manufacturing or industrial process. The increase in the presence of factories and manufacturing units across the globe is one of the biggest factors contributing to the creation of plastic wastes and other industrial wastes. Industrial wastes also generate plastic waste solution which produces highly toxic contaminants and pollutants into the type of resource, it is released into such as water, air and soil. The increase in the number of plastic production across the world is increasing the plastic waste generated from such manufacturing units. According to UN Environment Programme report, more than 300 million tonnes of plastic waste is produced every year.
Plastic Waste Management Market Segment Analysis – By Polymer Type
Polypropylene segment held the largest share of 32% in the plastic waste management market in the year 2020. Polypropylene is used in a wide range of applications such as plastic packaging, plastic parts for machinery & equipment, fibers and textiles. The increase in the use of such applications is one of the major factors contributing to the production of polypropylene polymer. According to Plastics Europe Market Research Group (PEMRG), the total world production of plastics stood at 368 million tonnes in the year 2019, an increase of 2.5% from the previous year 2018 production of 359 million tonnes. Furthermore, the increase in the production of plastics is also leading to the increase in the presence of plastic waste solution in the environment. The increase in the production of industrial plastic and increase in the need for plastic parts from the automotive industry is one of the major factors driving the polypropylene segment in the plastic waste management market.
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Plastic Waste Management Market Segment Analysis – By Treatment
Collection segment held the largest share of 36% in the plastic waste management market in the year 2020. According to Plastics Europe, in 2018, 9.4 million tonnes of plastic postconsumer waste were collected in Europe. This is driving the segment of collection in the plastic waste management market. The presence of lesser number of recycling plants and incinerators across the globe is one of the major reasons as to why there is no proper disposal management of plastic wastes. According to UN Environment Programme report, only 9% of all plastic waste ever produced is recycled, about 12% of plastic waste has been incinerated and the rest 79% has been accumulated in landfills, dumps or natural environment. This leads to a very less scope for plastic recycling, recovering waste plastic and have a proper waste management infrastructure.
Plastic Waste Management Market Segment Analysis – By Equipment
Plastic granulator segment held the largest share of 30% in the plastic waste management market in the year 2020. Plastic granulators are recycling equipment widely used in cutting a stream of plastic scrap into small uniform flakes, which is used in plastic recycling. Therefore, the increase in the need and demand for plastic recycling is one of the major factors driving the demand for plastic granulator in the recycling equipment segment. This type of recycling equipment can also be used in recycling wet plastics as well as dry plastics. Therefore, this is one of the significant factors driving the demand for plastic granulators in the recycling equipment segment of the plastic waste management market.
Plastic Waste Management Market Segment Analysis – By End-Use Industry
Packaging segment held the largest share in the plastic waste management market growing at a CAGR of 5.11% during the year 2020. The increase in the use of thermosetting plastics and polypropylene polymer in the packaging industry is highly driving the packaging segment in the plastic waste management market. According to data from a global organization and regulatory body of the packaging industry called World Packaging Organization (WPO), during the year 2019 the annual turnover of the global packaging industry crossed the value of US$500 billion, which served as an important factor driving the demand for packaging segment in the plastic waste management market. Furthermore, according to British Plastics Federation (Plastics and Flexible Packaging Group), 50% of recycled plastic in the world would be used for packaging by the year 2025. This is further driving the demand for recycled plastic in the packaging industry.
Plastic Waste Management Market Analysis – By Geography
Asia-Pacific region held the largest share of 35% in the plastic waste management market in the year 2020. The rapid growth of population in countries like India and China is increasing the number of wastes produced in the region. This is further increasing the demand for integrated waste management in the region. According to United Nations ESCAP, economic and social commission for Asia and the pacific, the Asia-Pacific region produces nearly half of the plastics in the world and consumes 38% of it. According to data from World Bank, only 18%-28% of plastics are recycled, the rest of the plastics are gone as waste, which is giving the raise to the need for plastic waste management in the region. Furthermore, according to WWF Plastic Packaging in Southeast Asia and China, the plastic waste is estimated to increase by 300% in South Asian region by the year 2050. This is one of the major factors driving the need for waste management infrastructure in the Asia Pacific region which in turn is driving the plastic waste management market.
Plastic Waste Management Market Drivers
Increasing initiatives by regulatory bodies and government
United Nations has taken various initiatives to curb the total generation of plastic waste across the world. ‘PLAY IT OUT: A festival against plastic pollution’, ‘GETTING THE HOUSE IN ORDER: Addressing plastic waste at the UN’ are some of the initiatives taken to help raise awareness and beat plastic pollution across the globe. The president of general assembly of UN has partnered with the Governments of Antigua and Barbuda, and Norway, as well as UN Environment, UNOPS, the Krimm Group (TKG), Lonely Whale, and National Geographic to help raise awareness regarding the plastic waste management issue across the world. This is driving the demand for waste management infrastructure and proper policies on integrated waste management which is further driving the plastic waste management market.
Generation of plastic waste
As the infrastructural activities across the globe expands, the generation of plastic waste has also rapidly increased. This is further giving scope for disposal management. The increase in a number of commercial spaces such as hospitals, malls, theatres, educational institutions, restaurants and others is increasing the amount of plastic wastes being generated. This is further giving raise to awareness about plastic recycling, recovering waste plastic and reprocessing waste material. This is one of the significant factors driving the demand for plastic waste management market.
Plastic Waste Management Market Challenges
Fewer treatment plants and less awareness
The presence of a very less or fewer number of treatment plants across the globe is one of the major challenges posing the plastic waste management market. The awareness regarding plastic waste management and waste management infrastructure is very less, and many sources and manufacturing units always tend to dump their plastic waste into water bodies or land sites. There are very fewer effective regulations and frameworks regarding plastic waste management across the globe. This is one of the biggest challenges restricting the growth of the plastic waste management market.
Plastic Waste Management Market Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the?Plastic Waste Management Market. Major players in the Plastic Waste Management Market are Advanced Environmental Recycling Technologies Inc., Custom Polymers Inc., KW Plastic Inc., Clear Path Recycling, Shanghai Pret Composites Co. Ltd., Republic Services Inc., Reprocessed Plastic Inc., Biffa Plc, 4G Recycling Inc., The WasteCare Group and B.Schoenberg & CO., INC. among others.