Plastic Waste Management Market to Expand at a CAGR of ~4%, Size, Revenue, Demand, and Opportunities During 2023-2033

The plastic waste management market is estimated to garner a revenue of ~USD 40 Billion by the end of 2033 by growing at a CAGR of ~4% By 2033

NEW YORK, NEW YORK, UNITED STATE, January 4, 2023 /EINPresswire.com/ — Global Plastic Waste Management Market Key Insights

During the forecast period of 2023-2033, the global plastic waste management market is expected to reach an estimated value of ~USD 40 billion by 2033, by expanding at a CAGR of ~4%. The market further generated a revenue of ~USD 30 billion in the year 2023. Major key factors propelling the growth of plastic waste management market worldwide are the increasing plastic production and higher utilization of plastics.

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Market Definition of Plastic Waste Management

Plastic waste management means to prevent the plastic trash, in order to curb the pollution caused by plastic waste, the plastic waste management enables reprocessing the waste rather than dumping into landfills, waterways, or in any other way left out in the open. Three main processes are used to process plastic waste: incineration, recycling, and others. Plastic is a hazardous and enduring substance. It makes up 5% of municipal solid waste (MSW), which poses a serious environmental risk. Plastics are utilised for many different things in everyday life nowadays, which creates tonnes of plastic garbage in our environment. There are various ways for managing the plastic waste, such as utilizing plastic trash in road construction can significantly lower construction costs and the environmental pollution index.

Global Plastic Waste Management Market: Growth Drivers

The growth of the global plastic waste management market can majorly be attributed to the higher collaboration and acquisition mong the major players of the market. The sole post-consumer plastics recycling facility (PRF) in Scotland has been successfully bought by Biffa plc from Green Circle Polymers Ltd. By 2030, the acquisition will allow the company’s plastic recycling capacity to triple. Moreover, in order to start up a RNG facility at Middle Point Landfill, Republic Services, Inc. and Archaea Energy join forces through their joint venture Lightning Renewables, LLC. The initiative will transform the naturally occurring waste gas into pipeline-quality RNG, which can replace fossil fuels. On the other hand, rise in the plastic waste generation in the world. According to a statistic released in 2022, 300 million tons of plastic garbage are reportedly produced year. Additionally, 9% more plastic waste is being produced each year.

The global plastic waste management market is also estimated to grow majorly on account of the following:

Higher production of plastic

Surging demand of plastic made products

Rise in the waste generated by plastic use

Higher practices of recycling the plastics

Government proactive effort for managing the plastic waste

Global Plastic Waste Management Market: Restraining Factor

The management of plastic waste requires heavy investment, there is lack of proper treatment infrastructure and lack of labour which increases the operating cost. Hence this factor is expected to be the major hindrance for the growth of the global plastic waste management market during the forecast period.

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Global Plastic Waste Management Market Segmentation

By Service (Collection, Recycling, Incineration, Landfills, and others)

By Polymer (Polypropylene, Low-density Polyethylene, High-density Polyethylene, Polyvinyl Chloride, Polyurethane, Terephthalate, and Others)

By Source (Residential, Commercial, and Industrial)

Out of all, the residential segment is to garner maximum revenue by the end of 2033. The segment growth is expected on the back of rise in the number of residential building and propelled demand of housing in the world. Moreover, around 1 billion people, or nearly 330 million households, lack access to safe and affordable housing in urban areas around the world.

By End Use (Packaging, Textile, Consumer Product, Transportation, Building & Construction, Electrical & Electronics, and Others)

By Region

The Asia Pacific plastic waste management market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The market growth in the Asia Pacific is to grow on the account of rise in the plastic waste from various industries including municipal, medical, restaurant and others. By 2025, it is anticipated that Asia Pacific would account for almost 70% of all plastic garbage that has been improperly managed worldwide. India produced about 3.5 million tons of plastic trash per year (TPA) in 2019–20. In addition, surging use of plastic made products in the region is to augment the market growth in the Asia Pacific. A little over 90 million metric tons of plastic were reportedly utilized in China in 2019.

The market research report on global plastic waste management also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Plastic Waste Management Market

Some of the key players of the global plastic waste management market are Republic Services, Inc., Biffa plc, Waste Management, Inc., SUEZ, Covanta Holding Corp., Veolia Environnement SA, CLEAN HARBORS, INC., Hitachi Zosen Corporation, Stericycle Inc., REMONDIS SE & Co. KG, and others.

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